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.
KeywordsSocial Preference Social Welfare Function Social Choice Function Individual Utility Islamic State
Unable to display preview. Download preview PDF.
Notes and References
- 1.K. J. Arrow, Social Choice and Individual Values (New Haven, Conn., & London: Yale University Press, 1976).Google Scholar
- 4.P. A. Samuelson, Foundations of Economic Analysis (New York: Atheneum, 1965).Google Scholar
- 5.G. Debreu, Theory of Value, Cowles Foundation (New York: Wiley & Sons, 1965).Google Scholar
- 6.J. M. Henderson, and R. E. Quandt, Microeconomic Theory (New York: McGraw-Hill, 1971).Google Scholar
- 9.S. H. Nasr, Ideals and Realities of Islam, 2nd ed. (London: Allen & Unwin, 1975).Google Scholar
- 13.M. Muslehuddin, Insurance and Islamic Law (Lahore: Islamic Publications Ltd, 1969).Google Scholar
- 15.M. A. Choudhury ‘The Rate of Capitalization in Valuation Models in an Islamic Economy’, Fiscal Policy and Resource Allocation in Islam, eds Z. Ahmed et al. (International Centre for Research in Islamic Economics, Jeddah, and Institute of Policy Studies, Islamabad, Pakistan, 1983).Google Scholar
- 16.J. A. Schumpeter, History of Economic Analysis (New York: Oxford University Press, 1968).Google Scholar
- 18.A. Azim, ‘Economic Views of Ibn Taimiyyah’, doctoral dissertation (unpublished) (Aligarh University, India, 1981).Google Scholar