In the Islamic framework, there is an emphasis on conservation, preservation and responsible use of resources. There is a discouragement for excessiveness, extravagance, lavishness and wastefulness in the use of resources. These norms are especially needed in the present times to foster a healthy, livable and sustainable ecosystem. In 2019 alone, humans have used up resources for the whole year within 7 months according to World Economic Forum.
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 because wants are innumerable, but the resources for satisfying those wants are limited. Nonetheless, the empirical evidence does not support that resources are scarce for legitimate and compulsory economic needs.
