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Economic inequality is one of the pivotal issues for most of economic andsocial policy makers across the world to insure the sustainable economic growthand justice. In the mainstream school of economics, namely neoclassicaltheories, economic issues are dealt with in a mechanistic manner. Such amainstream framework is majorly focused on investigating a socio-economicsystem based on an axiomatic scheme where reductionism approach plays a vitalrole. The major limitations of such theories include unbounded rationality ofeconomic agents, reducing the economic aggregates to a set of predictablefactors and lack of attention to adaptability and the evolutionary nature ofeconomic agents. In tackling deficiencies of conventional economic models, inthe past two decades, some new approaches have been recruited. One of thosenovel approaches is the Complex adaptive systems (CAS) framework which hasshown a very promising performance in action. In contrast to mainstream school,under this framework, the economic phenomena are studied in an organic mannerwhere the economic agents are supposed to be both boundedly rational andadaptive. According to it, the economic aggregates emerge out of the waysagents of a system decide and interact. As a powerful way of modeling CASs,Agent-based models (ABMs) has found a growing application among academiciansand practitioners. ABMs show that how simple behavioral rules of agents andlocal interactions among them at micro-scale can generate surprisingly complexpatterns at macro-scale. In this paper, ABMs have been used to show (1) how aneconomic inequality emerges in a system and to explain (2) how sadaqah as anIslamic charity rule can majorly help alleviating the inequality and howresource allocation strategies taken by charity entities can accelerate thisalleviation.

Economic inequality and Islamic Charity: An exploratory agent-based modeling approach