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Fundamental Axioms Of An Islamic Economy

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Chapter Summary

This chapter talks about fundamental axioms of an Islamic economy. To be somewhat more specific, since the Pareto criterion in principle can be invoked only when the benefits and costs associated with different economic outcomes are assumed to be measurable, the chapter pays special attention to what the value system of Islam has to say about such a procedure. It begins by posing an elementary question: what are the fundamental value axioms of an Islamic economy, indeed of any Islamic social system? It is interesting to note that a vast majority of writers on Islamic economics do not concern themselves, at least directly, with this question. Instead they focus on what seems to them to be the right question, and that is: what are the objectives of an Islamic economic system? And their answer is surprisingly simple, indeed simplistic.

Keywords: fundamental axioms; Islamic economy; Islamic social system; Pareto criterion



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