This lecture is the continuity of the previous lecture related to Islamic Economics. In the previous lecture, we have established the difference between process and outcome, and in this lecture, we have discussed in more detail about other aspects of Islamic Economics like Islamic Microeconomics (Individuals), Islamic Meso-economics, Islamic Macroeconomics and how it is opposite of current conventional economic theory. Secondly, we have discussed the criticism made by the west on Islamic economics like West criticizes that Islamic economics is normative, and just describes ideals that have no implication in real life. In this lecture, we have provided answers to these criticisms. Thirdly we have discussed the concept of knowledge in the west and in Islam and the contrast between the two, the application of Logical Positivism in Economic theory, and prove how it is wrong.