Wage Differential in an Islamic Framework
The establishment of an Islamic society can itself remove many social and economic evils. Although differences between the poor and the rich generate a 'balanced economic society', they do not affect the glory of man. The departure of the Islamic economic agents from non-Islamic economic agents is due to the motivation behind economic decisions. The utility function of an Islamic employee consists of Divine will, Master pleasure, Wages and Effort level. The degree of Aman matters in worship and economic decisions and leads to wage differential in the labour market.
|Date of creation:||Jan 2006|
|Date of revision:|
|Publication status:||Published in Thoughts on Economics, The Quarterly Journal of Islamic Economics Research Bureau 1.16(2006): pp. 47-53|
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