Hasan, Zubair (2007): Labor as a source of value and capital formation:Ibn Khaldun, Ricardo and Marx – A Comparison. Published in: JKAU: Islamic Economics , Vol. 20, No. 2 (2007): pp. 39-50.
Download (102kB) | Preview
Exclusive writings on the contribution of Ibn Khaldun to economics in the English language have not been many, the references to his work also remain scanty and far between. Even in what little is available mostly authors talk about his views on professions, markets and the cloud he castes on merchants.
The present paper avoids treading the familiar tracks. It sees close similarities between the views of Ibn Khaldun (1332 – 1406), David Ricardo (1772 – 1823) and Karl Marx (1818 -I823) in regarding labour as the measure of value and source of capital formation in the course of economics maturing to an academic discipline. The three intellectuals agree, directly or indirectly, that labour creates economic surplus which it does not receive. Even so, the policy implications each derives from this conclusion are interestingly much different.
Ibn Khaldun did not -- indeed imbued with Islamic faith he could not – think of workers’ predicament becoming a source of social turmoil. Ricardo implicitly saw labour exploitation in a free enterprise system of organizing production but himself being a great capitalist he could not swallow the pill and once tended to regard cost of production – wages plus profit – as the measure of value. Marx regarded exploitation of labour as the intrinsic vice of capitalism that revolution alone could obliterate.
|Item Type:||MPRA Paper|
|Original Title:||Labor as a source of value and capital formation:Ibn Khaldun, Ricardo and Marx – A Comparison|
|Keywords:||Labor; Capital formation; Value,Ibn Khaldun,Ricardo; Narx|
|Subjects:||D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory|
|Depositing User:||Zubair Hasan|
|Date Deposited:||28 Nov 2007 08:15|
|Last Modified:||26 Mar 2017 07:42|
Gide, Charles and Rist Charles, Translator Richards, R.(1953, Second English Edition, Translated from French): History of Economic Doctrines, George, G. Harrap & Co. London.
Gray, Alexander (1980): The Development of Economic Doctrine, 2nd edition, Longman, London.
Ekelund Jr, Robert B. and Hebert, Robert F (1997): A History of Economic Theory and Method, (Fourth Edition), McGraw Hill, New York.
Hasan, Zubair (1975): Theory of Profit, Vikas Publishing House, New Delhi
Hasan, Zubair (1983): “Profit Theory: The Islamic Viewpoint”, Journal of Research in Islamic Economics, Jeddah, Vol. 1, No. 1, 1983 pp. 1-17.
Hasan, Zubair (1988): Distributional Equity in Islam, in Munawar Iqbal (Ed.) Distributive Justice and Need Fulfillment in an Islamic Economy, Islamic Foundation,. Leicester, UK, pp. 35-62.
Hasan, Zubair (2006): Introduction to MICROECONOMICS: An Islamic Perspective, Pearson, Malaysia, Kuala Lumpur.
Ibn Khaldun (1967): Muqaddimah – An Introduction to History, translated from Arabic by Franz Rozenthal, Bollingen Series XLIII, 1980 print, Vol. II, Princeton University Press.
Landreth H. and Colander, David C. (1994): History of Economic Thought, Haughton Miffin Company, Boston, USA.
Ricardo, David (1953): On the Principles of Political Economy and Taxation, in The Works and correspondence of David Ricardo, Vol. I Eds. P. Sraffa, and M. Dobb, Cambridge: The University Press.
Robinson, Joan and Eatwell, John (1973): an introduction: to modern economics, MacGraw Hill, UK.
Rodinson, Maxime (1974): Islam and Capitalism, English translation by Brun Peace, Allen Lane: A Penguin subsidiary.
Smith, Adam (1937): An Inquiry into the Nature and Causes of the Wealth of Nations. (Edited by Edwin Cannan ) New York, Modern Library.