A Study of the Fundamental and Applied Methodology of Islamic Economics in Comparison with the Methodological Nominalism of Conventional Economic

This article examines epistemological nominalism and its effects on conventional economics. Nominalism has influenced on the applied method of economics that includes hypothetical thinking and methodological individualism.  This applied method in turn has led to some effects in analysis, like the formation of civil society theory, the meaning changing of distributive justice, and the theory of utility and focus on microeconomics. On the contrary, the practical wisdom of Islamic economic can  achieve a self-applied method by applying the fundamental method of Islamic wisdom.  The islamic wisdom, especially Transcendent Wisdom regards the universe as truth and indication from the outside by a critique of nominalism. The applied method of Islamic economic is based on the ontology of the issues and in each subject depends on the type of being that subject. Therefore, it only uses the empirical methods and exceptional deduction in material matters that are capable of experience and other methods apply to other topics. On the other hand, the narrated proofs have a special place in the applied method of Islamic economic. This applied method has effects that recognition of human essence and its relation to economic action are among them. This paper examines nominalism and its effects on mainstream economics through a critical analytical and library method and suggests an applied alternative method to the practical wisdom of Islamic economics.