A Comparative Study of the Epistemology of Islamic Economics and the New Institutionalism Economics

The epistemological study of economic schools reveals the points of difference and similarity between them. It can help recognize goals, strategies and policies and the way they confront the economic challenge .The present study considers the epistemological principles of Islamic economics and new institutional economics with a comparative approach. The results show that reason as a means of achieving knowledge in both Islamic economics and institutional economics, is limited. Rational information is imperfect and asymmetric. Sense and experience and history are other sources of knowledge that Islamic economics and institutional economics apply them. But the revelation is dedicated to Islamic economics. Acceptance of revelation as a source of knowledge in Islamic economics raise elements such as God ownership, God pleasing , heavenly utility and cause significant differences between content of Islamic economics and other schools of economic. Education of Revelation following the Islamic concept and are unerring, irrefutable and immortal.