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Fundamental Axioms Of Economics

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Chapter Summary

This chapter focuses on what those Islamic economists have to say about Pareto criterion, and critical assessment of what is offered as its replacement in the new paradigm. It provides a clearer picture of the relevant issues and a better understanding of what the new paradigm offers as an alternative. The interdependence of the utility functions implies that gains would necessarily be accompanied by losses. Economics, quite fruitfully, split the concept of efficiency into two distinct categories: technical efficiency, and allocative efficiency. The law of demand is predicated on the law of diminishing marginal utility. Dr. Umer Chapra's disregard of what economics has to say about the conflict between efficiency and equity requires a little more attention. The evidence from the Western democracies over the past century paints a picture that could hardly be identified with his assertion about the status quo.

Keywords: allocative efficiency; Dr. Umer Chapra; Islamic economics; Pareto criterion; western democracies



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