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Perception of market and pricing among the sixteenth century Muslim scholars

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  • Islahi, Abdul Azim

Abstract

The present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics – has received in the conventional economics. To set a proper perspective it examines the situation in the Islamic tradition in earlier centuries before it studies the understanding of market and pricing among the Muslim scholars of the study period. It also deals with their stand regarding the price regulation. For comparison purpose, it examines the treatment of market and pricing in the work of their contemporary Western scholars. The paper ends with a note on 'just price', one of the most important economic concepts in the medieval period.

Suggested Citation

  • Islahi, Abdul Azim, 2007. "Perception of market and pricing among the sixteenth century Muslim scholars," MPRA Paper 18281, University Library of Munich, Germany, revised 15 Oct 2007.
  • Handle: RePEc:pra:mprapa:18281
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    File URL: https://mpra.ub.uni-muenchen.de/18281/1/MPRA_paper_18281.pdf
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    References listed on IDEAS

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    1. 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.
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    More about this item

    Keywords

    Market; Pricing Mechanism; Economic Thought; Just price. History of Islamic Economic Thought;

    JEL classification:

    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other

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