Contributions to Islamic Economic Theory: A Study in Social - download pdf or read online

By Masudul Alam Choudhury

ISBN-10: 0312168810

ISBN-13: 9780312168810

ISBN-10: 1349077283

ISBN-13: 9781349077281

ISBN-10: 1349077305

ISBN-13: 9781349077304

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Such a definition of a resource in the Islamic economy is therefore at variant with the traditional economic concept based on the presumption of scarcity. 33 34 Microeconomics THE BASIS OF A COMPETITIVE-CO-OPERATIVE CONDITION FOR THE FIRM IN THE ISLAMIC ECONOMY The principle stated above also contradicts the role of competition and the principle of profit maximisation as the core of economic analysis. The strong implication of co-operation in the Islamic principle, while at the same time encouraging a market economy signifies that the first-order efficiency conditions of an Islamic economy must be based on a balance between competition and co-operation in all market transactions.

Their functional significance is indicated by the fact that an individual in a pure Islamic society will consume a higher quantity as a sum total of the pure

By the word 'principle' we have meant the fundamental philosophy of this system of economics. This, therefore, does not include the specific assumptions, or structure, or an exhaustive coverage of the instruments of policy that would characterise the functioning of the different sectors of the Islamic economy based on the abovementioned principles. The principles of Islamic economics would playa major role in the Principles of Islamic Economics 19 shaping of a new development programme for Muslim nations if they are accepted as the new value system of economics.

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Contributions to Islamic Economic Theory: A Study in Social Economics by Masudul Alam Choudhury

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