Tag Archives: Fundamental Economic Problem

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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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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Demystifying Economic Behavior: Islamic Perspective

Salman Ahmed Shaikh Humans are much more than utility maximizing machines. They are capable of using both material rationality and moral rationality to differentiate right from wrong and need reinforcement to adopt virtues influenced by an inner urge other than … Continue reading

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Scarcity of Resources and Islamic Economics

Salman Ahmed Shaikh The phrase ‘resources are scarce, but wants are unlimited’ is regarded as a fundamental economic fact in neoclassical economics. If scarcity of resources also includes physical and natural limitations and not just income/resource constraints, then this notion … Continue reading

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