Ibn Taimiyah's concept of market mechanism
AbstractThe concepts of demand and supply are most fundamental in the science of economics. They are the essence of market mechanism. But the idea of classifying all market forces into these two broad categories and of price determination through demand and supply was a very late development in the history of economic thought. The present paper presents Ibn Taimiyah's (d.1328) concept of market mechanism. He had a clear notion of the prices in a free market being determined by the forces we now call demand and supply and the factors that affect them. The paper also compares his ideas on the topic with those of other writes until mid-eighteenth century.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18466.
Date of creation: 27 Jul 1983
Date of revision: 13 Mar 1984
Publication status: Published in Journal of Research in Islamic Economics 2.2(1985): pp. 51-60
Market mechanism; Pricing mechanism; Demand and Supply; Ibn Taimiyah; Pre-Smithian Economic Thought.;
Find related papers by JEL classification:
- B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
- D4 - Microeconomics - - Market Structure and Pricing
- B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
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- Islahi, Abdul Azim & Ghazanfar, Shaikh Mohammad, 1998. "Economic Thought of al-Ghazali," MPRA Paper 53465, University Library of Munich, Germany, revised 2011.
- 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.
- Hasan, Zubair, 2008. "Markets and the role of government in an economy from Islamic perspective," MPRA Paper 12233, University Library of Munich, Germany.
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