Tag Archives: Economic Systems

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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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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Development from Islamic Economics Perspective

Salman Ahmed Shaikh In neoclassical growth theories, the emphasis is on increasing savings and technological progress which brings about increase in capital per worker and eventually output per worker. In ‘endogenous growth theory’ models, more sophisticated work has been done … Continue reading

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Physiological and Psychological Dimensions of Scarcity

Salman Ahmed Shaikh Resources are scarce as compared to unlimited wants. But, the economics of non-rival ideas creation has proved that resources are ample and that physical resources could be used in ways that keeps fulfilling the basic needs of … Continue reading

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Islamic Economic Framework and Systematic Life

Nida Shoaib The religion of Islam and the individual’s way of life should not be considered as two separate things. Islam is a way of life than just being a set of commandments and it allows the individuals of the … Continue reading

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