This paper takes a critical look on the received paradigm and points out that its fundamental problems are methodological in nature. The epistemological basis of inductivism and the reductionist agenda underlying the psychologistic individualism which form the core of the neoclassical methodology, for instance, do not lend themselves to the achievement of ethical endogeneity. It then presents an ethico‐economic paradigm based on the Islamic principles and argues that such a paradigm not only offers an alternate characterization of the learning process and a richer preference structure but also ensures its ethical endogeneity.
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