ভূমিকা

Shiavault - a Vault of Shia Islamic Books Towards An Islamic Economy Pure Economics and The Socioeconomic Policy -Making Process (Pure economists emphasize a theoretical and objective approach to the existing conditions of an economy.

In Islamic socioeconomic practice, the existing conditions are not taken for granted and radical measures, consistent with Islamic ideology, can be expected-Ed.) Both Islamic formulators of socioeconomic policy and non-Islamic economists may be interested in a supply-demand -price situation. For instance, a book on Arithmetic is priced at five Tomans in a market governed by free competition. Subsequently, it is selected and prescribed as, a text-book by the competent authorities.

Then, its price goes up simultaneously with an increase in the demand. This may be viewed differently by the pure economists and Islamic policy-makers. In the above case, pure economists tend to take it for granted that prices under free competition are not susceptible to any control or official measures for their stabilization. On this assumption, they would proceed to investigate the relationship between the price and demand increases and fluctuations in supply and demand.

Yet, in all probability, their scientific and objective assessments will not basically alter the economic situation indicated in the above example. On the other hand, formulators of an Islamic socioeconomic policy are likely to evaluate any free market pricing, in terms of its social 'costs' or impact and social benefits. They may seek a just and equitable solution to any problem created by any undue price increases.

They may take into consideration the relevant factors, such as supply and demand, without necessarily determining their inter-relationship, with their terms of reference often broader in scope than those of the theoretical economists. The question as to whether or not any concepts of justice and equity can be reflected in a freely competitive market may be extraneous to the realism of the knowledgeable economists. However, it is crucial to formulators of Islamic economic policy.

For they are bound by Islamic principles to so regulate economic activities as to identify and uphold all that is just and equitable for the transacting parties without accepting any status quo in this regard.