Abstract
Economics is traditionally defined as a study of scarcity of resources and of the problems created by scarcity. Under such a definition if goods and services were to be abundantly available, then there would be no need for economics to study the production, distribution and consumption of economic resources. Thus, economic goods are treated as those goods which are scarce. By the same definition therefore, goods which are abundantly available would be referred to as ‘non-economic’ or ‘free goods’.
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Notes and References
M. Ariff, ‘Islamic Ethics and Economics’, Proceedings of the Seventh Annual Convention (Indianapolis, Ind.: June 1979). Association of Muslim Social Scientists of the United States.
M. A. Zarqa, ‘Economics of Project Evaluation in Islamic Perspective’, Proceedings of the International Seminar on Monetary and Fiscal Economics of Islam (Islamabad, Jan 1983).
S. M. Ahmad, Economics of Islam (Lahore: Sh. Muhammad Ashraf Press, 1968).
P. A. Samuelson, Foundations of Economic Analysis (New York: Atheneum, 1970).
J. M. Hendersen, and R. E. Quandt, Micro-economic Theory 2nd ed. (New York: McGraw-Hill Inc., 1971).
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© 1986 Masudul Alam Choudhury
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Choudhury, M.A. (1986). First-order Efficiency Conditions of the Firm in an Islamic Economy. In: Contributions to Islamic Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07728-1_4
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DOI: https://doi.org/10.1007/978-1-349-07728-1_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-07730-4
Online ISBN: 978-1-349-07728-1
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