Tag Archives: Capitalism

Islamic View on Scarcity of Resources

Maher Kababji Socialists claim that economic problems arise from the extraction of surplus value by the Capitalists in the production process. On the other hand, Capitalists urge that scarcity of resources is the basic economic problem which restricts output growth … Continue reading

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Importance of Worldview in Shaping Economic Choices

Salman Ahmed Shaikh Famine, death from hunger and debt enslavement is the fact of life for the half of the people on earth not because that overall, the societies have scarce resources, but because the distribution of resources is inequitable … Continue reading

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Difference between Islamic Economics and Islamic Law

Salman Ahmed Shaikh Islamic law is derived from holy Quran and teachings of Prophet Muhamad (pbuh). Analogical deduction of specific juristic applications based on core principles is part of Fiqh. But, to be meritorious as a separate field of inquiry, … Continue reading

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Ethics and Economics

Salman Ahmed Shaikh As much as people can be selfish, they can be altruist as well. They have free will and they can be as much responsible as they can be reckless. What we need is a conditioning mechanism that … Continue reading

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Critical Questions on Marxian Economics

Salman Ahmed Shaikh Marx said that labor creates surplus value in production process which the capitalists extract in exchange. The surplus accumulates and this is exploitation of labor by capitalists. However, we note few observations below. First, the payoffs to … Continue reading

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Critical Analysis of Arguments in Favor of Interest

Salman Ahmed Shaikh In this article, we briefly analyze the logical arguments that are usually presented in the defense of interest as a price of money capital in loans. Interest is the price of risk It is not correct to … Continue reading

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Concept of Wealth in Islamic Economics

Omar Javaid Islamic economics enables a Muslim society to achieve certain ends. It is not so difficult to understand that material resources are required in order to achieve the objectives or Maqasid of Shariah namely “preservation and protection” of Deen, … Continue reading

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Universal Ethics and Islam

Salman Ahmed Shaikh It is often asked that the ethical side of Islam that Muslims explain is also present in other religions and doctrines. Then, what is so special in quoting universal ethics in defense of Islam’s uniqueness? One must … Continue reading

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Some Observations on User Cost of Capital

Salman Ahmed Shaikh Mainstream economics defines physical capital stock as things that are ‘produced means of production’. Examples of physical capital stock include machinery, tools, equipment, buildings, fixtures, infrastructure, installations and production plants, for instance. In a market economy, physical … Continue reading

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Distribution of Resources in Islamic Economic Framework

Salman Ahmed Shaikh Scarcity of resources is the basic premise on which the theories of classical and neoclassical economics are based upon. It implies that resources are scarce relatively as compared to the wants that are unlimited. But, this premise … Continue reading

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