Organization of the Study This study is an attempt to...

Organization of the Study This study is an attempt to highlight the importance of economics of future in faith based and Mahdavi perspective. In the introduction its importance and objectives have been discussed. The brief sketch of Economics in different perspectives pertaining conventional, non conventional, Islamic and divine economics have been elaborated. The scope of Islamic economics is wider than conventional economics while divine economics has wider scope than Islamic economics.

Most of the drawbacks of conventional economics are solved in divine economics. The economics of future in faith based framework has been presented in the third section 2. Economics in Different Perspectives Economics has been discussed by a certain economists in different ways. Different points of views are given about interpretation of economics. Major views on economics such as conventional and non conventional; including Islamic economics and divine economics are described below.

2.1 Conventional Economics The evolution of conventional economics started with the definition by Adam Smith as science of wealth, Marshal defined economics as a science of welfare while Robbins defined economics as a science of scarcity. Later on two broad definitions of economics one associated with JM Keynes & Schumpeter that "economics is a set of tools, a way of approaching practical problems and seeking a solution to them".

And the 2nd associated with Hayek & Samuelson that "economics as a source of answers to every human and social problem" this later definition is known as a rational approach. Many theories of decision making of economic agent have been presented by conventional economists in the economic literature familiar with the rational choices. The latest are the robust econometric models like AIDS, Rotterdam, Stone's estimation, Leontiff, Tran- slog etc.

In the real world countless variables interact each other which are kept in the basket of ceteris paribus that causes many deficiencies in the conventional economics such as: i. Conventional theories are quasi representative of the real world. ii. Non Walrasian equilibrium exists in these theories regarding general equilibrium of the economy. iii. These theories do not provide optimal resource allocation to the economic agent for decision making.