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Price behaviour, vintage capital and Islamic economy


  • Toseef Azid
  • Mehmet Asutay
  • Muhammad Junaid Khawaja


Purpose - To find out the behaviour of firms with objectives of Islamic Design/methodology/approach - This is a theoretical paper based on the modified model of layers of techniques which was initially developed by Professors W. Leontief and P. N. Mathur and tries to evaluate the impact of entrance of new techniques on obsolescence in the ethical-moral cum economic framework of Islamic political economy system. Findings - This study suggests wastage of the resources because of their economic obsolescence and on the cost of future generation is not allowed in the system of Islam and ultimately decrease the social welfare level. Research limitations/implications - A dynamic cum marginal input-output table can be constructed on the basis of this framework and formulate the socio-economic policy. Originality/value - This research is beneficial to the researchers, policy makers and social scientists for the enhancement of the level of social welfare through this model.

Suggested Citation

  • Toseef Azid & Mehmet Asutay & Muhammad Junaid Khawaja, 2008. "Price behaviour, vintage capital and Islamic economy," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 1(1), pages 52-68, April.
  • Handle: RePEc:eme:imefpp:v:1:y:2008:i:1:p:52-68

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    Cited by:

    1. Tarik AKIN & Abbas MIRAKHOR, 2016. "Efficiency with Rule-Compliance: A Contribution to the Theory of the Firm in Islamic Economics," Journal of Economics and Political Economy, KSP Journals, vol. 3(3), pages 560-574, September.
    2. Azid, Toseef & Asutay, Mehmet & Burki, Umar, 2007. "Theory Of The Firm, Management And Stakeholders: An Islamic Perspective," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 15, pages 1-30.

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    Obsolescence; Islam; Social policy; Economic theory;


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