Islamic banking finance economy
by islamicbankingfinanceeconomy.blogspot.com
Microeconomics Islamic
Microeconomics
is the application of economic science in individual behavior as
consumers, producers and as workers, as well as the implications of
government policy to influence the behavior. While Macroeconomics is the part of economics that studies the mechanism of operation of the overall economy (aggregate).One
of the drawbacks of conventional economics is the absence of a clear
relationship between the objectives of macroeconomic and microeconomic. Islamic Economics is also trying to overcome this weakness by building a foundation for macroeconomic micro. But
these efforts have not been fully met, the Islamic microeconomics is
still groping in the new surface and discuss a number of key concepts,
such as about self-interest, social interests, individual ownership,
individual preferences, the market mechanism, competition, profit,
utility and rationality. These concepts in a language similar to that of conventional economic
dikemukan tend to give the impression there is no difference, but in
fact the foundation philosophy of Islamic worldview has a different
meaning and significance.On the theoretical ground, there are some basic microeconomics that
has to be studied from the standpoint of Islamic economics, which are:1. Assumptions Rationality in Islamic Economy - Expansion of the
concept of rationality through transitivity requirements and the effect
of donations (alms) to the utility.- Expansion of the spectrum of utility by the Islamic values of halal and haram
- Easing the terms of continuity, ie the demand of illicit goods when a state of emergency.
- Expanding the time horizon (the reverse concept of time value of money)
2. Demand Theory Islami- Increased utility between lawful and unlawful goods.- Corner Solution for halal-haram choice.- The demand of illicit goods in case of emergency (not optimal)3. Islamic Consumption Theory- Consumption of Islamic Interporal- Usury inverse relationship with alms- Inverse relationship with the savings ratio of final consumption- Investment Savings4. Production Theory Islami- Comparison of the effects of interest and the results of the cost of production, income, and production efficiency.5. Theory Islami Offers- Comparison of the effect of the sales tax and zakat commerce to producer surplus.- Internalization of External Cost.- Implementation of Cost Compensation, the size limit, or recycled.6. Islamic Market Mechanism- The market mechanism according to Abu Yusuf al-Ghazaly, Ibn Taymiyyah, Ibn Khaldun.- The market mechanism Islami and Islami price intervention.- Intervention prices were fair and the unjust (version Ibn Taymiyyah).7. Market distortions Islamic perspective- Distortion Demand and supply (Ba'i Najasy, Ikhtikar) - tadlis / fraud and Taghrir / uncertainty (quantity, quality, price, time)8. Efficiency of Allocation and Distribution of Income- Infak and utility maximization- Superiority of Islamic economic systemDiscourse of microeconomics is still fundamentally flawed because it is often adopted from the model used in conventional economics that do not necessarily correspond with the assumption paradigmatiknya. Moreover, empirical testing of these models is not possible now because of the absence of an economy that is truly Islamic or approach, and also the unavailability of data necessary for the test. Very few studies that show how the Muslim economic activity operates in ancient times. In fact, empirical studies of the modern Muslim society in Muslim countries and non-Muslims from the Islamic perspective is also very rare.However, this does not mean reducing the interest and passion we develop the science of Islamic Economics. Hypothesis that has terintis framework can serve as a useful purpose in providing a theoretical structure for the science of Islamic Economics and identify the strengths and weaknesses of an Islamic economy, when later it was already practiced in some countries. Only by developing appropriate microeconomic paradigm that will strengthen Islam Islamic Economics unique identity. Therefore, "Construction of microeconomic theory under Islamic restrictions is the most challenging task in front of the science of Islamic Economics".
- Easing the terms of continuity, ie the demand of illicit goods when a state of emergency.
- Expanding the time horizon (the reverse concept of time value of money)
2. Demand Theory Islami- Increased utility between lawful and unlawful goods.- Corner Solution for halal-haram choice.- The demand of illicit goods in case of emergency (not optimal)3. Islamic Consumption Theory- Consumption of Islamic Interporal- Usury inverse relationship with alms- Inverse relationship with the savings ratio of final consumption- Investment Savings4. Production Theory Islami- Comparison of the effects of interest and the results of the cost of production, income, and production efficiency.5. Theory Islami Offers- Comparison of the effect of the sales tax and zakat commerce to producer surplus.- Internalization of External Cost.- Implementation of Cost Compensation, the size limit, or recycled.6. Islamic Market Mechanism- The market mechanism according to Abu Yusuf al-Ghazaly, Ibn Taymiyyah, Ibn Khaldun.- The market mechanism Islami and Islami price intervention.- Intervention prices were fair and the unjust (version Ibn Taymiyyah).7. Market distortions Islamic perspective- Distortion Demand and supply (Ba'i Najasy, Ikhtikar) - tadlis / fraud and Taghrir / uncertainty (quantity, quality, price, time)8. Efficiency of Allocation and Distribution of Income- Infak and utility maximization- Superiority of Islamic economic systemDiscourse of microeconomics is still fundamentally flawed because it is often adopted from the model used in conventional economics that do not necessarily correspond with the assumption paradigmatiknya. Moreover, empirical testing of these models is not possible now because of the absence of an economy that is truly Islamic or approach, and also the unavailability of data necessary for the test. Very few studies that show how the Muslim economic activity operates in ancient times. In fact, empirical studies of the modern Muslim society in Muslim countries and non-Muslims from the Islamic perspective is also very rare.However, this does not mean reducing the interest and passion we develop the science of Islamic Economics. Hypothesis that has terintis framework can serve as a useful purpose in providing a theoretical structure for the science of Islamic Economics and identify the strengths and weaknesses of an Islamic economy, when later it was already practiced in some countries. Only by developing appropriate microeconomic paradigm that will strengthen Islam Islamic Economics unique identity. Therefore, "Construction of microeconomic theory under Islamic restrictions is the most challenging task in front of the science of Islamic Economics".
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