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Factors And Factor Rewards

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Chapter Summary

The issue of factor rewards is one of the most complicated subjects in economics, and manifestly the one which is the source of most of the dissatisfaction felt by Islamic economists with regard to conventional economics. Specific attention will focus on the authenticity of the profit-sharing as the true Islamic perspective as per the original sources of Islamic imperatives as well as the analytical integrity of what are offered as new perspectives on the distributional issues. The author now turns to what the Islamic economists have to say on the issue of factors and their rewards in light of what they perceive as Islamic imperatives. In Siddiqi (1992), author observes the conventional classification of the factors of production with the difference that financial capital is separately treated. The difference between conventional and Islamic economists' treatment of capital is crucially related to the treatment of circulating capital.

Keywords: conventional analysis; factor rewards; Islamic economists; profit-sharing



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