Tag Archives: Utility Maximization

Early Analytical Studies on Consumption in Islamic Framework

Salman Ahmed Shaikh Muslim economists have employed the mainstream economics tools to explicate consumption in the Islamic framework. Kahf (1980) uses indifference curves and budget lines. Ahmed (2002) uses utility framework to incorporate Islamic injunctions in the model assumptions as … Continue reading

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Methodological Framework for Studying Consumption in Islamic Economics

Salman Ahmed Shaikh There is considerable debate in Islamic economics literature on what shall be the correct response and attitude towards mainstream economics methodology. There are three varied responses among Islamic economists regarding the issue. The first response is to … Continue reading

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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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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, archaeology and science also provides sufficient hints for one to rationally decide and keep the belief … Continue reading

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