By Masudul Alam Choudhury

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Extra info for Contributions to Islamic Economic Theory: A Study in Social Economics

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E. by the demand curve. It will therefore be shown now that, for the general case of a firm in the Islamic economy, the first-order conditions of efficiency of the firm in the Islamic economy are given by, P = AR = ATe. This is a result we shall now derive analytically. Special cases of this result in relation to the first-order conditions of efficiency of the conventional firm in theory will follow. An analogue of the above condition is also explained by Samuelson. 4 Islamic economic principle says that a firm cannot be allowed to earn First-order Efficiency Conditions of the Firm 35 inordinate amount of profits through monopolistic competition and must restrain from wasteful production as well as from excessive capital consumption.

03)! = 38707. The income statement for the firm X when situated in an Islamic economy is now constructed as follows: Microeconomics 46 INCOME STATEMENT I COMPANY X 1 July-31 December 1983 $ 1. Revenue from sales 400000 $ 2. Less: administrative expenses = 30000 depreciation charges = 30000 direct labour cost 70000 factory overhead cost 35000 =115000 materials purchases Total operating cost =280000 280000 3. Equals: net operating income 4. Less: service charge and debt payments 120000 38707 5. Equals: pre-dividend income 6.

An example of this type of resource is zakah or capital tax of an Islamic state. Zakah constitutes an organised form of social assistance. The readiness to pay it on the part of the individual stems from his strength of Islamic belief and not from the coercive action of the state in the first place. However, the imperative attached to the mandatory payment of zakah in an Islamic state is so great, that in the event of default, an organised Islamic state can realise the payment of zakah by force from the evaders.

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