Comparative Economic Theory Occidental and Islamic Perspectives
Comparative Economic Theory: Occidental and Islamic Perspectives seeks first to elucidate the nature and methodology of Islamic political economy as a process-oriented social economy guided by its cardinal epistemology of Oneness of God (Divine Unity). Fr
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COMPARATIVE ECONOMIC THEORY OCCIDENTAL AND ISLAMIC PERSPECTIVES
by
Masudul Alam Choudhury
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SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataioging-in-Publication Data Choudhury, Masudul Alam, 1948Comparative economic theory : Occidental and Islamic Perspectives / by Masudul Alam Choudhury. P. cm. Includes bibliographical references and index. ISBN 978-1-4419-5097-0 ISBN 978-1-4757-4814-7 (eBook) DOl 10.1007/978-1-4757-4814-7
l. Economics-Islamic countries. 2. Economics--Religious aspects-Islam. 3. Comparative economics. I. Title. HB 126.4.C488 1999 330' .091T671--dc21 99-37132 CIP
Copyright CCl 1999 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1999 Softcover reprint of the hardcover 18t edition 1999 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
This book is dedicated to my youngest son, Naba Choudhury, who at the present age of nine is a self-educated computer wiz in our family.
TABLE OF CONTENTS ACKNOWLEDGMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. xiii INTRODUCTION ................................••.......... xv
I COMPARATIVE POLITICAL ECONOMY: METHODOLOGICAL QUESTIONS CHAPTER 1:
NEW VISIONS:THE FUTURE GLOBAL ORDER ..... 3
CHAPTER 2:
THE PROCESS CENTRED WORLD VIEW ......... 21
CHAPTER 3:
GLOBALLY INTERACTIVE SYSTEMS ............ 27
CHAPTER 4:
FROM ECONOMICS TO POLITICAL ECONOMY: A STUDY OF METHODS ......................... 55
II MICROECONOMIC PERSPECTIVES WITH POSTSCRIPTS CHAPTER 5:
CONSUMER DEMAND ......................... 81
CHAPTER 6:
CONSUMER UTILITY FUNCTION .•............. 101
CHAPTER 7:
PRICING THEORY OF THE FIRM IN PERFECT COMPETITION .............................. 115
CHAPTER 8:
PRODUCTION FUNCTION ..................... 129
CHAPTER 9:
MONOPOLY AND IMPERFECT COMPETITION .... 145
CHAPTER 10:
MARKET FAILURE DUE TO PUBLIC GOODS AND EXTERNALITIES ............................ 161
Table of Contents
viii
III MACROECONOMIC PERSPECTIVES WITH POSTSCRIPTS CHAPTER 11:
MACROECONOMICS AND ECONOMIC EQUILIBRIUM ...................•.........•. 175
CHAPTER 12:
DISTRIBUTION OF INCOME ................... 195
CHAPTER 13:
GENERATION OF NATIONAL OUTPUT ....•..... 211
CHAPTER 14:
ECONOMIC GROWTH .......••.•.•........... 225
CHAPTER 15:
SAVING AND CONSUMPTION FUNCTIONS •...•. 235
CHAPTER 16:
INVESTMENT FUNCTION •.•.......•..•....... 253
CHAPTER 17:
DIFFERENT FORMS OF MACROECONOMIC EQUILIBRIUM ............................... 265
CHAPTER 18:
THE COMPLETE GENERAL EQUILIBRIUM MODEL •••.•...........................•... 277
CHAPTER 19:
MONEY AND MACROECONOMICS •.•.........• 293
IV POSTSCRIPT CHAPTER 20:
REFUTATION OF MARX'S DIALECTICAL PROBLEM ...........•...•.......•.......... 317
CHAPTER 21:
METHODOLOGICAL CONCLUSION •.......
