An Islamic approach to consumption theory
Joint Authors
Dilek, Serkan
Kucuk, Orhan
Isik, Sefa
Cakmak, Fatih
Source
International Journal of Islamic Economics and Finance Studies
Issue
Vol. 4, Issue 2 (31 Jul. 2018), pp.33-42, 10 p.
Publisher
Centre of Political Economical and Social Research
Publication Date
2018-07-31
Country of Publication
Turkey
No. of Pages
10
Main Subjects
Abstract EN
Western originated economic theory suggests that homo economicus individuals have unlimited needs and they are insatiable.
In ordinal utility theorem as human consume more they will capture higher total utility.
There is no limit in consuming goods or services for rational individuals except their budgets.
However, in reality if individuals consume more than optimal level they will suffer.
Holy Quran and Islamic rules advises households to use only necessary amount of goods.
Indıvıduals should spend for necessary amount of goods.
The rest of their budget should be spent in the way of ALLAH.
Indıfference curve approach can’t explain the situation in which individuals consume excess amount of goods.
Zakat and institution alms are not located in western originated economic theory.
In this study we use new tools to explain individuals will suffer from excess amount of consumption.
Bliss point and indifference circles are used in our approach and by the help of these tools we can explain Zakat and institution alms.
So this will contribute to develop Islamic economic theory.
American Psychological Association (APA)
Dilek, Serkan& Kucuk, Orhan& Isik, Sefa& Cakmak, Fatih. 2018. An Islamic approach to consumption theory. International Journal of Islamic Economics and Finance Studies،Vol. 4, no. 2, pp.33-42.
https://search.emarefa.net/detail/BIM-832847
Modern Language Association (MLA)
Dilek, Serkan…[et al.]. An Islamic approach to consumption theory. International Journal of Islamic Economics and Finance Studies Vol. 4, no. 2 (Jul. 2018), pp.33-42.
https://search.emarefa.net/detail/BIM-832847
American Medical Association (AMA)
Dilek, Serkan& Kucuk, Orhan& Isik, Sefa& Cakmak, Fatih. An Islamic approach to consumption theory. International Journal of Islamic Economics and Finance Studies. 2018. Vol. 4, no. 2, pp.33-42.
https://search.emarefa.net/detail/BIM-832847
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 42
Record ID
BIM-832847