Book Review: Muhammad Abdul Mannan: Islamic Perspectives on Market Prices and Allocation Research Series in English, Reviewed By: Abul Hasan M. Sadeq مراجعة علمية لكتاب: محمد عبد المنان: وجهات نظر إسلامية حول سلسلة أبحاث السوق وتخصيصها باللغة الإنجليزية - مراجعة: أبوالحسن محمد صادق

Abul Hasan M. Sadeq ()
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Abul Hasan M. Sadeq: University of Manitoba, Canada

Journal of Research in Islamic Economics, 1984, vol. 2, issue 1, 61-63

Abstract: As the title suggests, the paper deals with Islamic perspectives on market prices and resource allocation. Market prices and allocation are two independent, but related, and important aspects of an economy. It is rightly observed by the author that the production of goods and services, in a free market economy, is guided by price signals. Resource ownership in such an economy is usually highly skewed. The resulting inability of the low-income group to pay for basic needs and the ability of the rich to pay for even luxuries distort demand conditions in a free market economy. Consequently, the production of basic needs turns out to be less profitable than that of luxuries. This phenomena non leads to the production of economically profitable, but socially undesirable or less desirable goods and services. Thus market prices in a free market economy cannot be treated as a true guide to social welfare because of income distribution effects. --

Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:abd:crieja:v:2:y:1984:i:1:no:9:p:61-63

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