Waqf-Based Educational Endowment as a Complementary Mechanism for Sustainable Economic Stability: A Critique of the Keynesian Multiplier Framework
DOI:
https://doi.org/10.61159/m85gnh50Keywords:
Multiplier Effect; Keynesian Economics; Educational Waqf, Endowment Fund, Economic StabilityAbstract
The dominance of the Keynesian Multiplier Effect framework in global fiscal policy has contributed to chronic monetary instability in many economies. This paper critically examines the Keynesian model's fundamental limitations, particularly its excessive reliance on consumption-driven stimulus through a high Marginal Propensity to Consume (MPC). This study argues that, rather than fostering sustainable long-term economic growth, persistent dependence on a high MPC tends to generate inflationary pressures and investment inefficiencies because interest-based financial mechanisms leak economic value. This study uses a qualitative research design, drawing on a critical literature review and a case study approach. Data were collected by synthesizing contemporary Islamic economic thought and observations of the protective business model implemented by Pondok Modern Darussalam Gontor to develop a direct comparative analysis with the Keynesian macroeconomic framework. The findings indicate that a genuine multiplier mechanism can be generated through the paradigm of Educational Waqf as a self-sustaining economic engine. By implementing protective economic principles and waqf-based independent business units at Pondok Modern Darussalam Gontor, the institution systematically reinvests business surpluses into the real sectors of education and community empowerment, without relying on debt financing or state fiscal intervention. This study contributes to the discourse on Islamic economics by proposing a protective waqf-based economic model as a viable institutional framework for achieving economic self-reliance and macroeconomic stability amid the structural distortions of the contemporary global capitalist system.
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