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7 General Equilibrium Analysis in the Islamic Economy

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Index

aggregate demand 70, 77, 97, 205, 278, 295, 302,

314 supply 77

aggregation xviii, 12, 18, 21, 271-4, 277, 282-3

'ahadith' xx 'akhira' xvii, xx, 10, 24-6, 37-8 'al-hisbah' xx, 42-3, 65, 248, 253

'bait al-ma!' xx, 49, 83, 87, 101, 156 Banach

algebras xvii-xviii, 16-17, 38, 45--6, 58,62-3,85,144-5

spaces xvii, 16-17,30-1,37--8, 62, 85, 145, 197

basic needs 55, 66, 68-9, 71, 77, 83, 85, 122-3, 128, 152, 166-8, 170, 204, 207,209,212,214-18,220--6,229, 232-5,238,241-2,249-51,259, 265--6

Carlyle, T. 244-5 complete space 30

'dawah' xx, 10, 49, 316 deficit financing 109, 125, 132, 186, 190 Descartes, R. 7 'dhimmis' xx, 50, 168 discounting 56, 69, 75, 140, 158-9,

221, 231-2 distributive equity (principle of) xvii, 1-3,

6,13-14,16-17,19-20,22,34-40, 43,45-7,50-2,54-5,59,63,68-70, 77, 80, 84, 86-7, 94, 101, 117, 120, 130-1, 133, 135--6, 143, 165--6, 171-3,185,188,202,206,216,220, 226,244

diversification (economic, portfolio, risk) 74, 156, 166, 184, 195--6, 207, 305,314-15

economic cooperation xx, 17, 21-2, 53, 62, 103, 131, 145, 147, 177, 182, 192, 281, 318

ewnomic efficiency 1, 13-14, 17, 22, 39-40,70, 77,80,94, 101,117,131, 133, 136, 143, 164-5, 171-3, 184, 188,202-3,206,208,216,220,226, 244,256,266,305,314

elasticity (capital, output, labour, price) 80, 110, 173, 175, 212, 214-15,236

entitlement xvii, 6, 17, 40,42-5, 50-3, 55, 71,84-5,87,92,94-5,102,117, 131, 133, 136, 143-4, 166--8, 171, 175,181-3,185,188,200,202-3, 208-11,214r216,226,244,249-52, 256-9,265

equilibrium ethico-economic xviii, 15, 18, 30, 59,

199,270 general 12, 43, 56-7, 59--60, 84, 116,

184,199,206,218,252,253--83 passim, 289-90, 298, 316

market 45, 88 equity capital (participation) 69, 83, 148,

156, 166, 182, 185--6, 188, 190, 193, 306

equity-efficiency 54, 168, 267, 306 see also principle of simultaneity

ethical endogeneity 15, 252 ethico-economics xviii, 1, 7, 9, 11,

13-15,22-3,29,34,37,39,45,47-8, 56, 59, 61-4, 101-2, 107, 131, 162, 167--8, 170, 172, 184, 199, 212, 218, 220,227,246,263,265,270,277

falsificationism 61 'fard ayn' xx, 50 'fard kifaya' xx, 50 felicity (principle of, and felicity as social

welfare) xvii, 5-7, 16, 21, 24-7, 31-2, 38, 45, 47, 101, 144, 197, 199

'fidth' XX, 101 fixed point ~0. 246 full employment 40, 43, 45, 77, 84, 87,

93, 136, 182-3, 261, 266, 285--6, 294, 297,299,301-2,317-18

'hajj' XX, 2 homomorphism (of mappings) 58

Ibn Khaldun 41 Ibn Taimiyyah 42 identification problem 117-18, 280 'ijma' xx-xxi, 228, 247 'ijtehad' xx, 3-7, 34, 37-8, 40, 54, 59,

61,63-4,146,208,228,247

333

334 Index

'ilm' 'al-deen' xx, 7, 42 'al-muamalat' xx, 7, 42

Imam ai-Shatibi 42, 55, 224 institutionalists 13 interest rate

compound 17, 131, 144 expected 17 nominal 17, 120, 124, 127, 131-2, 144,

267 real 17, 120, 124-6, 129, 131, 144 simple 17, 131, 144

Islamic community 3--4, 91 Law xxi, 1-5, 15-16 (see also

'shariah') polity 4, 10 (see also 'shura')

Islamisation 8, 304 'israf' xvii, xx, 2, 6, 16--17, 54-7, 86,

197, 201-52 passim, 256--9, 265, 315

'jahiJiyyah' XX, 31, 48, 245 'jizya' xx, 49-50, 64, 101, 125, 168 JOint venture 100, 147, 156, 167, 175,

182,285,304-5,314,317

Kant, I. 7 Keynesian (economics, system, etc.) xviii,

13, 43, 68, 75, 84, 105, 107, 115, 119, 125, 132, 134-5, 205-6, 216, 244-5, 266--7,285-7,297,302

'kharaj' xx, 101, 125

labour market (dual, segmented) 82 Lagrangian 143, 213, 219, 222, 225,

232-3,237,271 Lebesgue integrable 30, 47 libertarianism 12

marginal cost 191, 225 efficiency 105, 278-9, 296--7, 299, 305 productivity 88, 105, 134, 137, 139, 176,

185,191-2,218,225,244,280,301 propensity: to consume 75, 77, 140,

205, 279, 300; to invest 115, 279; to save 75, 77, 117, 276; to spend 75, 77, 126

revenue 88, 191-2 Marxian (Marx, Marxist system) 13, 209,

244 measurability (measure, measurable

function) 31, 47, 105, 252, 255, 260, 264,271

money demand 112, 115, 117-18, 120, 124,126,266--7,276--7,286--7,289, 296, 316

precautionary 112, 267, 285 transaction 112, 267, 285, 296 speculative 112, 267, 285

money supply 111-12, 115, 117-18, 120--1, 124, 126, 128-9, 133, 265-6, 276--7,281,285-7,289,292,295-6, 316,318

'mudarabah' xvii, xx, 16--18, 52--4, 56--7, 64-6,69,74,82--4,86,89-91,97, 132-3, 147-200 passim, 207-9, 215, 224,229,241-2,244,246,251, 257-9,261,263,280--2,284-6,288, 295, 304-6, 314-15, 317-18

'muhajir' xxi, 35-6 multiplier 73, 75-7, 79, 84-5, 87, 89,

95-7, 100, 103, 112, 133, 135-6, 144, 153,205,208,261,276,278,287

'murabaha' xxi, 316

neoclassical (economics, system, theory) 13, 19, 21-2, 43, 54, 66, 87-9, 107, 133, 139--40, 142-3, 152, 164-5, 170, 172, 175-7, 181-2, 188, 190--3,203--4,206,216,225,228, 237-8,240,243--4

New Economic Policy (NEP) 303-6 'nisab' xxi, 49, 64-9, 71-5, 82-3, 94,

101, 160, 165 normed (space, variable) 30, 38, 85, 145 Nozick, R. 44-5, 203

opportunity cost 69, 116, 134, 140--1, 143, 148, 151, 155, 158, 187, 213, 221,240,286

optimisation (maximisation) xviii, 17-18, 140--2, 145, 151, 212, 215, 218-20, 222,224-5,229-33,237--40,252, 263--4,270,277,283

paradigm 9 Phillips Curve 43, 165, 266 policy

ethical xvii-xviii, 13, 15, 102, 146, 165, 170, 245, 253, 268

fiscal 43, 108, 266--7, 281, 299, 314-17

instruments 1, 13, 16--18, 48-9, 52, 56--7,59,62,245,247-51,257,263, 315

monetary 43, 108, 266--7, 281, 316 shuratic xvii, 18, 27-8, 30, 48, 59, 85,

Index 335

102, 145-6, 172, 197, 199, 246, 253, 255,260,263,281-2

variables 18, 26-9, 31-2, 38-9, 57, 84, 197,199,227-8,238,246, 251-2,255,257-9,261,263-5,268, 270,272,274-5,280-1

polity-economy xvii, 11, 38, 252, 260, 282-3, 315

polity-market xvii, 14-16, 25, 37-8, 56-7,59, 61,63, 263

population 93-4, 195, 199, 215 principle of simultaneity 17, 131, 168,

175, 182, 199 see also equity-efficiency

Principle of Work and Productivity xvii, 16,45,47,51-2,54, 59, 86,101,208

probability distribution 152 process

learning-by-doing 4-5, 15, 25, 182 'shariatic' 4, 7, 15, 42, 85 'shuratic' xvii-xviii, 4-5, 9, 15-16, 25,

29, 31, 40-1, 50, 54, 61, 63, 65, 102, 131, 133, 143, 145-6, 160, 165, 168, 170, 173, 188,208,211,226-9,244, 248-9,255,259,263,283

production function 22, 39, 80-1, 87-9, 109, 169, 173-5, 184, 190, 193, 239, 268,287,289

production possibility fuzzy 140-1 surface 138-40, 143, 186, 211, 223

productivity 43, 55, 68, 73, 82, 85, 89-90, 93, lll, 123, 125, 127-30, 132, 134, 137, 166, 172, 208, 263, 303, 306

profit maximisation II, 13, 20, 192, 217, 224,225

profit-sharing 17, 53, 74, 79, 95, 103, 116, 120, 128, 131, 133, 145-52, 154-6, 162, 169, 172, 175, 188, 191, 194, 196, 242, 244, 257, 261, 267, 274, 278, 314, 316

'qiyas' xxi, 34, 37-8, 40, 45, 54, 59, 61, 63, 67, 146

Quran xvii-xviii, xx-xxi, 2-7, 9, 17, 19, 21-7, 32-41,48-55, 59-61, 104, 116-17, 144, 171,201-2,215,236-8, 253-6,259,319

rate of return effective 99-100 internal 159-60 private 91 social 91, 155, 160, 221 total 91-2, 100, 109, 164, 223, 233

rational expectations 43, 105, 126, 266-7 rationality 10-11, 271 Rawls, J. 53-4, 203 redistribution 45, 49, 51, 95, 100, 164,

209-10, 281 'riba' xvii, xxi, 10, 16-17, 53, 86, 103-46

passim, 197, 199, 251, 257-8, 265, 280,315

'risalah' xxi, 5, 254

'salat' xxi, 6, 63 Sen, A. 44, 202 'sharee' xxi, 9 'shariah' xvii, xxi, 1-11, 15-16, 20-1,

24-5,34-8,40,42-3,45,54,59, 61-3, 66, 69, 108, 131, 168, 208, 227, 228,247,253-4

see also Islamic Law 'shura' xx-xxi, 4-5, 10, 15, 20, 25, 32,

38,40-1,48,51-2,54,59,61-3, 84, 101-2, 104, 131, 145-6, 162, 166-7, 176,197,208,227-9,246-8,251-4, 259-61,263,269-74

shuratic (model) 7, 32, 37, 45 social

consensus xvii, 5, 14-15, 57, 102, 146, 229,247-8,252-3,272

decision 3-5, 9, 12, 15 good 20, 65, 71, 152, 160, 167-9, 202,

217 justice 1-3, 6, 10, 31, 34-7, 40, 63, 84,

125, 131, 143, 202-3, 205, 208, 210, 244,254,256,266-7,318

order 7, 9-10, 24, 33, 103, 199, 319 ordering 18 policy 14, 84 preference 21-2, 35-6, 271 security 65, 90,92, 94,210,299,302 welfare xvii, 10, 17-18, 44, 51, 55, 66,

100, 102, 205-6, 209-12, 214-17, 220-1,226-34,237-8,240-3,251-2, 255,257,260-1,263-6,269,271-4, 279,282,301

stabilisation 68-70, 83, 108, 116, 121-2, 125-6, 129, 188, 263, 287

state variable 18, 26-7, 29, 31-2, 38-9, 84, 144-6, 172-3, 199, 228-9, 238, 245-6,249,252,255,258-61,264, 268-70,272,275,280-1

substitution 19-22, 53, 62, 88-9, 144, 154, 173, 177, 181, 185-6,211-12, 214,218,244,305

'sunnah' xvii-xviii, xx-xxi, 2-7, 19, 38, 59

336 Index

'suwam' xxi, 2

'taqwa' xxi, 4, 9-10, 17, 26-32, 34--5, 37-9,45,50,57-9,63, 71,101-2, 143-5,168,172,197,245,257

'tariqah' xxi, 8 Tawhid (Principle of) xvii, xxi, 1-2,

5-10,17,22-4,29-31,34--8,45,47, 50,52,53,58-60,63,85, 101,145, 254,256

topology xviii, 17 transformation (productive, structural) 9,

16, 18,25,36,49-50,65, 77, 79, 81-2,87,93,100,104,143-4,152-3, 156, 159, 166-8, 172, 179, 182, 188, 208,224,251,253-7,270,272, 278-9,290,302-6,314--15,318-19

'ulema' xxi, 260-l

'ummah' xxi, 5, 22, 33, 40, 48, 176, 228, 260-1,315

utilitarianism 12, 45 utility 11-12, 21, 155, 217-18, 220, 237,

241,244,252,271-2

Walrasian (general equilibrium) 265, 275 'waqf' xxi, 101 Wicksellian (monetary system) 115, 121,

295

'zakat' xvii, 2, 6, 10, 16-18, 34, 48-50, 52, 54, 56-7, 63-102 passim, 103, 120, 125-6, 131-3, 136, 143-6, 152-6, 158-62, 164--79, 181, 195, 197,199,208-10,229,246,251, 257-9, 261, 263, 274, 278, 280-1, 284--5,288,290,298,299-304,306, 314--18