Mohammed Hamid Abdallah in Journal of King Abdual Aziz University
The author brought in historical background and also made comparison to earlier thinking on economic matters from the Greeks,etc
Main ideas of Ibn Taimiyyah-
Market Mechanism-
"Just price" - price of an equivalent good taking into account the subjective value to buyer and the seller
"market mechanism" - determined by supply and demand
"Price regulation" - policy of price control by government - just and unjust price regulation.
just - done at times of emergency such as famine or war and also at times of market imperfections
unjust - creation of a price thru manipulative means to increase or decrease supply or demand
Property Rights - all property belongs to Allah but all (individual, society or govt) can claim property rights and shld use it on behalf of Allah. Ibn Taimiyah not in favour of poverty as it would lead to a distraction from religious duties.
Money and Interest - money should not be traded as a commodity
State- its role in economic life, al hisbah, etc
Public Finance - from zakah, ghainimah, fai, kharaj and gizyah. there should also be financial obligations on the individual other than zakah
Taxation - shld not be heavy expecially if spent on luxuries by rulers rather than as benefit for the poor.
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