دراسات اقتصادية
Volume 8, Numéro 1, Pages 266-285
2021-06-30
The Price Mechanism And Islamic Concept Of Price Determination
Authors : Rahman M Yahya Naeem .
Abstract
The price theory in any economic system is the most fundamental economic phenomenon which determines the prices of all services and commodities and the economic activities are based on these prices. The allocation of resources is also related with price theory. The different economic systems have various techniques for price determination. The price mechanism in the capitalistic system is very common and more compatible but still has some drawbacks and the fair prices are not achieved. The Islamic economic system endorses the market forces, in the context of price determination, and have some advantages in terms of moral aspects and government intervention. The article is based on qualitative research method, critical analysis and comparative study and it shows how the Islamic system can improve the market situation realising the achievement of fair prices rather market prices. The author concludes that fair price system can be achieved in Islamic economics based on Prophetic guidance which acknowledges both phenomena; the open market system and legitimate restricted state intervention.
Keywords
Market Equilibrium ; Price Mechanism ; Perfect Competition ; Islamic Economic System ; Incomplete Markets
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