Perception of market and pricing among the sixteenth century Muslim scholars
AbstractThe present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics – has received in the conventional economics. To set a proper perspective it examines the situation in the Islamic tradition in earlier centuries before it studies the understanding of market and pricing among the Muslim scholars of the study period. It also deals with their stand regarding the price regulation. For comparison purpose, it examines the treatment of market and pricing in the work of their contemporary Western scholars. The paper ends with a note on 'just price', one of the most important economic concepts in the medieval period.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18281.
Date of creation: 21 Jun 2007
Date of revision: 15 Oct 2007
Publication status: Published in Thought on Economics 1.18(2008): pp. 31-42
Market; Pricing Mechanism; Economic Thought; Just price. History of Islamic Economic Thought;
Find related papers by JEL classification:
- B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
- D40 - Microeconomics - - Market Structure and Pricing - - - General
- B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
- D49 - Microeconomics - - Market Structure and Pricing - - - Other
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- Islahi, Abdul Azim, 2005. "Contributions of Muslim Scholars to the History of Economic Thought and Analysis upto 15th Century," MPRA Paper 53462, University Library of Munich, Germany.
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