Having aforesaid deficiencies in the conventional economic theories...

Having aforesaid deficiencies in the conventional economic theories, most of the world economies are not running along the steady state path and are facing very serious economic problems like hyper inflation, serious level of unemployment, depression and poverty, exploitation etc. Economists worked on many aspects of human behavior in the different scenario, such as social, religious, political, psychological etc.

The eminent works in this regard were made by Barro and Mc Cleary (2003), Azzi and Eherenberg (1975), Iannaconne (1990, 1992, 1998 & 2000), Hamdani (2004) and Shah (2007). Understanding of human being is rather a complex phenomenon which can better be studied in holistic framework, so only conventional economic interpretation of individual seems incomplete reflection of human being [Lucas 1988, Romer 1986, Coleman 1990, and Schmid 2003]. 2.2 Non Conventional Economic Approach.

Deficiencies in the conventional economic theories have been noted and attempted to be made up by a number of economists. Deaton (1980) observes "the results found of conventional economic theories do not speak of real world situation". George (1980) formulated a system for capitalism based on biblical morality and concluded that in the present age continuing economic crisis, moral and religious principles must be infused into the economic system.

Non conventional economics is viewed in different perspectives such as social, psychological and religious. Human history shows that religion has remained dominant factor in the social, economic and other activities of human being. Many studies show that different religious profiles may have different life style from each other [Pencavel, 1986; Azzi and Ehrenberg, 1975, Hamdani 2004, Shah 2007].

The conventional economists ignored the religious effect of the behavior of economic agent in the decision making that is why according to some economists, the world economies are not running along the steady state path and are facing very serious economic problems.. Human beings have been deeply involved in or following any of the divine religion in either way.

The history of human beings shows that individuals were getting guidance from divine religion and developed their beliefs in diversified manner. The faith based economics have been discussed by different economists according to religious beliefs and practices The Christians, Jews and followers of other divine religions follow sources of their divine religions.