Profit Theory: the Islamic viewpoint
AbstractIn view of a unique relationship of unity and divergence between Islam and capitalism, the paper takes a hurried look at the current state of profit theory in the mainstream economics. Here it identifies a few issues which include the concept of profit, its source and its relationship with the notion of entrepreneurship. It argues that profit theory with reference to these issues has run into confusion and controversy with the rise into prominence of the modern corporations. Profit as a surplus over costs arises because of dynamic change and is institutional in its appropriation going largely to the block of shareholders that controls the corporation.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 3012.
Date of creation: 1983
Date of revision:
Publication status: Published in Journal of Islamic Economics 1.1(1983): pp. 3-14
Profit; Interest; wages; entrepreneur; profit sharing model;
Find related papers by JEL classification:
- D33 - Microeconomics - - Distribution - - - Factor Income Distribution
- D3 - Microeconomics - - Distribution
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- Hasan, Zubair, 2008. "Theory of profit from Islamic perspective," MPRA Paper 8129, University Library of Munich, Germany.
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