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Ibn Taimiyah's concept of market mechanism

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  • Islahi, Abdul Azim

Abstract

The concepts of demand and supply are most fundamental in the science of economics. They are the essence of market mechanism. But the idea of classifying all market forces into these two broad categories and of price determination through demand and supply was a very late development in the history of economic thought. The present paper presents Ibn Taimiyah's (d.1328) concept of market mechanism. He had a clear notion of the prices in a free market being determined by the forces we now call demand and supply and the factors that affect them. The paper also compares his ideas on the topic with those of other writes until mid-eighteenth century.

Suggested Citation

  • Islahi, Abdul Azim, 1983. "Ibn Taimiyah's concept of market mechanism," MPRA Paper 18466, University Library of Munich, Germany, revised 13 Mar 1984.
  • Handle: RePEc:pra:mprapa:18466
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    File URL: https://mpra.ub.uni-muenchen.de/18466/1/MPRA_paper_18466.pdf
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    Cited by:

    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.
    2. Hasan, Zubair, 2008. "Markets and the role of government in an economy from Islamic perspective," MPRA Paper 12233, University Library of Munich, Germany.
    3. 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.
    4. Abdul Azim Islahi, 2014. "History of Islamic Economic Thought," Books, Edward Elgar Publishing, number 16105.
    5. 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.
    6. Islahi, Abdul Azim & Ghazanfar, Shaikh Mohammad, 1998. "Economic Thought of al-Ghazali," MPRA Paper 53465, University Library of Munich, Germany, revised 2011.

    More about this item

    Keywords

    Market mechanism; Pricing mechanism; Demand and Supply; Ibn Taimiyah; Pre-Smithian Economic Thought.;

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary

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