Tag Archives: Consumer Behavior

Economics and Pro-Social Behaviour

Salman Ahmed Shaikh A great number of empirical studies now challenge the position of conceptualising human behaviour only in the framework of a rational, utility-maximizing homo-economicus. Yet, this framework is used for the purpose of simplicity and tractability in situations … Continue reading

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Towards an Integrative Framework for Understanding Muslim Consumption Behaviour

In a new paper recently published in Humanomics (Vol 33, Issue 2), an attempt is made to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour. First, the paper gives an account of the … Continue reading

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Limitations of Mainstream Consumer Theory in Economics

Salman Ahmed Shaikh Mathematical tractability has restricted economic analysis of consumer behavior within a confined boundary of certain axioms. Often, these axioms are found to be empirically false. Even more importantly, these axioms and the analytical framework based on them … 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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Islamic Economics and Behavioral Studies of Religious Agents

Salman Ahmed Shaikh There are two basic contents of religion, the beliefs and the other is practices. For the belief part, commonly shared history, archeology and science also provides sufficient hints for one to rationally decide and keep the belief … Continue reading

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Welfare Function in Islam

Salman Ahmed Shaikh Human welfare in Islam encompasses economic welfare, but comprises much more than that. The achievement of human welfare is sought in both aspects of human life, i.e. worldly life and eternal life hereafter. Hence, the human welfare … Continue reading

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Consumption Smoothing – An Islamic Economics Perspective

Salman Ahmed Shaikh It is an empirical observation that people desire to have smooth consumption throughout their lifetimes. Lifecycle consumption hypothesis (LCH) and permanent income hypothesis (PIH) try to explain that in micro-founded framework. Both negate the Keynes assertion that … Continue reading

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Islamic Economics and Consumer Behavior

Salman Ahmed Shaikh Purpose behind human existence is one the basic questions in philosophy. Centuries ago, pioneer philosophers used to study and discuss ‘why we exist’, but after renaissance in Europe and revolt against Church, social philosophers came to the … Continue reading

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Balancing Market Mechanism and Divine Injunctions in Islamic Economic Framework

Salman Ahmed Shaikh Neoclassical growth theories and models help us to explain the differences in per capita incomes across countries. The main conclusion of these theories is that countries with high savings and investment rates, countries having people spending more … Continue reading

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