The price mechanism and Islamic concept of price determination
Other Title(s)
آلية السعر التقليدي و المفهوم الإسلامي لتحديد الأسعار
Author
Source
Issue
Vol. 8, Issue 1 (30 Jun. 2021), pp.266-285, 20 p.
Publisher
Publication Date
2021-06-30
Country of Publication
Algeria
No. of Pages
20
Main Subjects
Topics
Abstract EN
The price theory in any economic system is the most fundamental economic phenomenon which determines the prices of all services and commodities and the economic activities are based on these prices.
The allocation of resources is also related with price theory.
The different economic systems have various techniques for price determination.
The price mechanism in the capitalistic system is very common and more compatible but still has some drawbacks and the fair prices are not achieved.
The Islamic economic system endorses the market forces, in the context of price determination, and have some advantages in terms of moral aspects and government intervention.
The article is based on qualitative research method, critical analysis and comparative study and it shows how the Islamic system can improve the market situation realising the achievement of fair prices rather market prices.
The author concludes that fair price system can be achieved in Islamic economics based on Prophetic guidance which acknowledges both phenomena; the open market system and legitimate restricted state intervention.
American Psychological Association (APA)
Yahya, Naim Rahman Muhammad. 2021. The price mechanism and Islamic concept of price determination. Revue Dirassat Iqtissadiya،Vol. 8, no. 1, pp.266-285.
https://search.emarefa.net/detail/BIM-1246415
Modern Language Association (MLA)
Yahya, Naim Rahman Muhammad. The price mechanism and Islamic concept of price determination. Revue Dirassat Iqtissadiya Vol. 8, no. 1 (Jun. 2021), pp.266-285.
https://search.emarefa.net/detail/BIM-1246415
American Medical Association (AMA)
Yahya, Naim Rahman Muhammad. The price mechanism and Islamic concept of price determination. Revue Dirassat Iqtissadiya. 2021. Vol. 8, no. 1, pp.266-285.
https://search.emarefa.net/detail/BIM-1246415
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 284-285
Record ID
BIM-1246415