Islahi, Abdul Azim (1991): Market and pricing mechanism in pre-classical literature.
Download (175Kb) | Preview
Western literature on the history of economic thought seldom pays attention to the contribution of scholars from the other regions on different economic issues, as if they have nothing to offer on the subject. The same happened when Schumpeter remarked "as regards the theory of the mechanism of pricing, there is very little to report before the middle of the eighteenth century". The fact is that considerable ideas on market and pricing mechanism existed long before this period. The paper analyzes the concept of market and pricing mechanism in pre-classical period as developed by the scholars of the West Asian region. In this connection the following thinkers have been chosen to discuss their ideas: Abu Yusuf (731-798 AD) , Abu Hamid al-Ghazali (l058-1111 AD), Ibn Taimiyah (1263-1328 AD), and Ibn Khaldun (1332-1404 AD). It also compares their ideas with those of Western writers of that period. Views of the writers cited in this paper show that they had a clear notion of the working of the market. They were trying to grapple with other related issues also. This warrants reconsideration of Schumpeter's statement about the mechanism of pricing before the middle of the eighteenth century. Especially, the contribution of the East, Middle East, Far East and other regions to economic thought has to be rehabilitated in the science of economics for the sake of doctrinal continuity as well as objectivity.
|Item Type:||MPRA Paper|
|Original Title:||Market and pricing mechanism in pre-classical literature|
|English Title:||Market and pricing mechanism in pre-classical literature|
|Keywords:||Pricing mechanism; market; demand; supply; preclassical economic thought; pre-Smithian economic ideas; Pricing mechanism in Islamic tradition.|
|Subjects:||D - Microeconomics > D4 - Market Structure and Pricing > D46 - Value Theory
D - Microeconomics > D4 - Market Structure and Pricing > D40 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General > B00 - General
|Depositing User:||Abdul Azim Islahi|
|Date Deposited:||20. May 2010 07:07|
|Last Modified:||13. Feb 2013 11:34|
Abu Yusuf (1979), Kitab al-Kharaj (The Book of Taxation), Beirut: Dar al-Ma'rifah.
Boulakia. J. David (1971), “Ibn Khaldun: A Fourteenth Century Economist”, Journal of Political Economy, Vol. 39. No. 5.
al-Ghazali, Abu Hamid (n.d.), Ihya' Ulum al-Din, Beirut: Dar al-Nadwah, Vol., 3.
Gordon, Barry (1975), Economic Analysis Before Adam Smith. London: The Macmillan.
Gray, S. A. & Thompson, A. (1982), The Development of Economic Doctrine. New York: Longman Inc., 2nd ed.
Haney, Lewis. H. (1949), History of Economic Thought, New York, Macmillan & Co., 4th Ed.
Ibn Taimiyah (1381 AH), Majmu' Fatawa Shaykh al-Islam Ahmad Ibn Taimiyah, Riyadh: al-Riyadh Press.
Ibn Taimiyah (1976). Al-Hisbah fi'l-Islam. Cairo: Dar al-Sha'b.
Islahi, A. A. (1988), Economic Concepts of Ibn Taimiyah. Leicester. U.K.
Mai, Ludwig H. (n.d.) A Primer on Development of Economic Thought, San Antonio, Texas: St. Mary’s University.
Meyers. Eugene A. (1964), Arabic Thought and the Western World. New York. World Frederick Ungar Publishing Co.
Rosenthal, Franz (tr.) (1967) The Muqaddimah of Ibn Khaldun. New York: Princeton University Press.
Schumpeter. A.J. (1972), History of Economic Analysis. London: George Allen and Unwin.
Spiegel, H.W. (1971), The Growth of Economic Thought, New Jersey: Prentice Hall Inc.
Whittaker, Edmund (1961), Schools and Streams of Economic Thought, Chicago: Rand Mc. Nally & Co.