This paper provides an analytical and comparative examination of microfoundations within the two theoretical traditions of economics and Islamic economics. Keynesian macroeconomic models and theories revolved around the proposition that economic equilibrium is merely one among infinitely many possible states; consequently, macroeconomic theory can maintain an autonomous and indispensable role. Within this context, it was Lucas who, through introducing the concept of the microfoundations of aggregate macroeconomics, challenged both propositions: first, that the economy, understood as the exchange-based interaction of economic agents, naturally tends toward equilibrium; and second, that macroeconomic policy interventions are ineffective.
Islamic economics differs from conventional microeconomics and macroeconomics both in its conception of equilibrium and in its understanding of the nature and effectiveness of economic policymaking. For this reason, the terms microeconomic thought and macroeconomic thought are employed rather than the conventional disciplinary categories. The central argument of this paper is that, although Islamic macroeconomic thought is not methodologically dependent exclusively on the microfoundations of macroeconomics, it nevertheless pays considerable attention to them in the context of policymaking.
The study adopts a documentary review approach and employs descriptive-comparative analysis based on primary theoretical and religious sources. In the discussion of Islamic economics, particular emphasis is placed on the views of Muhammad Baqir al-Sadr.