Formation of Social Ordering in an Islamic Welfare Economy
Welfare economics is the study of optimal allocation of resources for achieving social welfare. The premisses on which the methodology of social welfare analysis are based are the structure of preferences and tastes of the individuals who comprise a society and the societal preferences of rational alternatives formed by the hedonistic pains and pleasure calculus of the individuals. The philosophical underpinning of welfare economics is therefore beset by the tastes and preferences of two competing economic agents, on the one hand of the individuals who have their pre-modal tastes and preferences, and on the other hand the society’s priorities of ordering its preferences, often conformable in some sense to the collective tastes and preferences of its members.
KeywordsClay Income Assimilation
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