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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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    References listed on IDEAS

    1. Kenneth Spong, 2000. "Banking regulation : its purposes, implementation, and effects," Monograph, Federal Reserve Bank of Kansas City, number 2000bria.
    2. Posen, Adam, 1998. "Central Bank Independence and Disinflationary Credibility: A Missing Link?," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 335-359, July.
    3. John H. Boyd & Mark Gertler, 1993. "U.S. Commercial Banking: Trends, Cycles, and Policy," NBER Chapters,in: NBER Macroeconomics Annual 1993, Volume 8, pages 319-377 National Bureau of Economic Research, Inc.
    4. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    5. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    6. AfDB AfDB, . "AfDB Group Annual Report 2006," Annual Report, African Development Bank, number 62 edited by Koua Louis Kouakou.
    7. Thomas M. Hoenig, 1997. "Bank regulation: asking the right questions," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 5-10.
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    Cited by:

    1. 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.
    2. 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.

    More about this item


    Obsolescence; Islam; Social policy; Economic theory;


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