BENEVOLENT ECONOMICS
Humane aspects of economics
Shortcomings of modern economic systems
Modern economic systems may be grouped into traditional economies, market (or capitalist economies), command (or centrally planned economies) and mixed economies. We elaborate here the shortcomings of these systems.
From nomadic to organized life
This episode discusses the change in man’s economic activities from individual and family units of ancient times, to bigger groups, societies & communities. Also, trade grew in volume accompanied by evolution of money.
Adam Smith and modern economics
Mercantilism was soon followed by Adam Smith’s theory with its renowned doctrines of self-interest, invisible hand of competition, division of labor and freedom of trade.
Introduction to Benevolent Economics (3/3)
Wants are necessary for survival, but the means used to fulfill wants must be ethically sound and socially just.
Introduction to Benevolent Economics (1/3)
Islamic Economics presents a unique, socially appropriate, morally just and contemporary economic system. It is based on man’s relationship with Allah, His Universe and His people. It rests on Tawheed or the oneness of Allah. The core principles of ..