The critique of unemployment: Common criticisms of islamic and heterodox economics against mainstream economics

This chapter delves into the realm of economic inquiry, where the critique of unemployment is examined through the distinct lenses of Islamic and heterodox economics, challenging the prevailing mainstream perspective. As Islamic economics introduces an ethical paradigm, emphasizing distributive justice and societal well-being, and heterodox economics probes into the systemic dimensions often disregarded, the limitations of the neoclassical mainstream approach are illuminated. The dialogue between these perspectives and the mainstream prompts a reevaluation of policy formulation to address structural inequalities, promote inclusivity, and confront discrimination. While acknowledging the contributions of mainstream economics, this chapter highlights the necessity of incorporating ethical and institutional dimensions for a more holistic understanding of unemployment. Moreover, it underscores the rich potential for future exploration, emphasizing the transformative impact of integrating diverse economic viewpoints into policy discourse.