Islahi, Abdul Azim (1983): Ibn Taimiyah's concept of market mechanism. Published in: Journal of Research in Islamic Economics , Vol. 2, No. 2 (1985): pp. 51-60.
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The concepts of demand and supply are most fundamental in the science of economics. They are the essence of market mechanism. But the idea of classifying all market forces into these two broad categories and of price determination through demand and supply was a very late development in the history of economic thought. The present paper presents Ibn Taimiyah's (d.1328) concept of market mechanism. He had a clear notion of the prices in a free market being determined by the forces we now call demand and supply and the factors that affect them. The paper also compares his ideas on the topic with those of other writes until mid-eighteenth century.
|Item Type:||MPRA Paper|
|Original Title:||Ibn Taimiyah's concept of market mechanism|
|English Title:||Ibn Taimiyah's concept of market mechanism|
|Keywords:||Market mechanism; Pricing mechanism; Demand and Supply, Ibn Taimiyah, Pre-Smithian Economic Thought.|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
D - Microeconomics > D4 - Market Structure, Pricing, and Design
B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B15 - Historical ; Institutional ; Evolutionary
|Depositing User:||Abdul Azim Islahi|
|Date Deposited:||09. Nov 2009 01:48|
|Last Modified:||16. Feb 2013 13:20|
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