Munich Personal RePEc Archive

Inflation: islam and conventional economic systems

Putra, Adhitya (2019): Inflation: islam and conventional economic systems.

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Abstract

Abstract A country is seen as successful or not, in solving the economic problems of its own country can be seen from the country's macro and micro-economy. Macroeconomics is a study of activities that discuss the economy of a country. One of the macroeconomic indicators used to see/measure a country's economic stability is inflation. Changes in this indicator will have an impact on the dynamics of economic growth. In an economic perspective, inflation is a monetary phenomenon in a country where inflation fluctuations tend to result in economic turmoil. Inflation is a phenomenon where the general price level increases continuously. The price increase of just one or two items cannot be said to be inflation unless the increase extends or results in an increase in prices for other goods. Both the conventional economic system and the Islamic economic system, the roles of both demand and supply are emphasized in pricing. In fact, Islamic scholars are aware of centuries that the importance of demand and supply caused inflation. From the problems above this study uses qualitative methods to describe the related problems and is reinforced with secondary data in the form of journals, books, and related articles.

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