Nominalism in Epistemology of Economic Knowledge and Islamic Economics

Some economists have argued that economics is only based on the idea of ​​ Nominalism and the current form of this thought is a hypothetical-deductive method of explanation. According to this analysis, there is no possibility of the formation of the knowledge of Islamic economics and the use of the hypothetical- deductive method of explanation in the Islamic intellectual space, which is based on the essence. The paper examines this claim using an analytical method.
This claim for the mere focus of Plato’s essentialism which postulates the existence of the object for generality has gone wrong in the definition and efficiency of essentialism.
This statement holds while general concepts used in economics, are abstract and contractual. Based on this, the argument between essentialism and nominalism, doesn’t create a problem and rift for economics as a science. Moreover, since ontological essentialism doesn’t contradict methodological nominalism, the method of hypothetical inferential reasoning in Islamic Economics can be used based on essentialism.