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Wealth as an Indicator of Socio-Economic Welfare: Islamic Views

Author

Listed:
  • Asad Zaman

    (Pakistan Institute of Development Economics, Islamabad)

  • Arif Naveed

    (Cambridge University, UK)

  • Atiq-ur-Rehman

    (International Islamic University, Islamabad)

Abstract

According to western views, wealth is unambiguously good, and so human welfare is positive when wealth is in excess of needs, and negative if it is less. Islam has a substantially more sophisticated view of the relation between wealth and welfare. Excess wealth is a trial, which can bring great rewards if utilized correctly, and also bring great harm if utilized incorrectly. Similarly, poverty is a trail which can bring great rewards if borne with patience and prayer, and also cause great harm if it leads to begging from others. Thus there is no clear and simple relationship between wealth and welfare. This means that Islamic approaches to constructing an index for welfare must be substantially more complicated than those currently in use in the west. It is worth considering the reasons for undertaking the project of measurement and assessing what needs to be measured, and whether measurement itself is necessary, for achieving these goals?

Suggested Citation

  • Asad Zaman & Arif Naveed & Atiq-ur-Rehman, 2014. "Wealth as an Indicator of Socio-Economic Welfare: Islamic Views," PIDE-Working Papers 2014:112, Pakistan Institute of Development Economics.
    • Handle: RePEc:pid:wpaper:2014:112
    as

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    File URL: https://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-112.pdf
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    References listed on IDEAS

    as
    1. Asad Zaman, 2014. "Islam versus economics," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 3, pages iii-iii, Edward Elgar Publishing.
    2. Uzma Bashir, 2017. "Determinants of Corporate Philanthropy: A Case of Karachi Stock Exchange," International Econometric Review (IER), Econometric Research Association, vol. 9(1), pages 21-38, April.
    3. M. Kabir Hassan & Mervyn K. Lewis (ed.), 2014. "Handbook on Islam and Economic Life," Books, Edward Elgar Publishing, number 16009.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Wealth; Welfare; Poverty; Measurement; Index; Shari’a;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems

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