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Market Mechanism in the View of Ibn Taymiyyah

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  • Pancarini, Ans Shinta

Abstract

The advancement of the economy is heavily dependent on market conditions. The market brings together the sellers and buyers, to conduct transactions on goods and services (supply and demand). Balance in supply and demand is needed to maintain economic stability. Market urgency attracts the characters to put forward their theories of both Islamic and western thinkers. Islam is a divine religion that brings the benefit of the afterlife. Islam has different views and thoughts about market mechanisms. This thinking precedes what western thinkers have expressed. Ibn Taymiyya reveals five concepts in the development of market mechanisms, namely fair prices, fair markets, fair profit concepts, the concept of fair wages and aims for society. The essence of Ibn Taimiyyah's thought is about the justice of the ummah. Broadly speaking Ibn Khaldun thought of concept on justice.

Suggested Citation

  • Pancarini, Ans Shinta, 2018. "Market Mechanism in the View of Ibn Taymiyyah," MPRA Paper 87024, University Library of Munich, Germany, revised 2018.
  • Handle: RePEc:pra:mprapa:87024
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    File URL: https://mpra.ub.uni-muenchen.de/87024/1/MPRA_paper_87024.pdf
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    Keywords

    Ibn Taimiyyah; Market Mechanism; History of Islamic Economics;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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