Economic Rationalism and Consumption : Islamic Perspective
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Date
2014-12
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Centre for Research on Islamic Management and Business
Abstract
This paper presents a comparative view of Islamic economic rationalism and
consumption framework to its counterpart’s conventional capitalist and socialist
economic system. In conventional economic system, only self-interest and rationality
of the consumer is the main principle to maximize utility whereas moral, religious,
national, historical, cultural and social values are absent here. Consequently, the
consumers enjoy sovereignty with little or no intervention of regulatory authority to
maximize the utility. On the contrary, Islamic economic system designs its rationality
and consumption principle in moderation that is far away from extremism where
freedom and regulation is moderately recognized. Therefore, Islamic rationality
encourages the consumers to maximize his utility by insuring religious, national,
historical, cultural and social values. Besides, conventional economics have no
treatment to immoral activities of consumer while Islamic economics derived from
the Holy Quran and Hadith offers rewards and punishments for moral and immoral
activities in worldly and hereafter life.
Description
Keywords
Rationalism, Consumption, Islamic Economics, Consumer Sovereignty, Moral and Social Values
Citation
Vol. 2, No. 2, December 2014, Page 21-36