Revisiting the theory of income and wealth distribution: A comparative study in western and Islamic economic theories

Mohd Mazlan, Ain Nur Nadhirah and Akbar, Mohamed Aslam (2021) Revisiting the theory of income and wealth distribution: A comparative study in western and Islamic economic theories. In: 5th International Workshop in Islamic Economic Theory (IWIET), Virtual. (Unpublished)

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Abstract

The theory of distribution has undergone a long series of formation and reformation since the classical economics era until the modern development of Islamic economics. It is one of the crucial concepts in economics as it deals with determining the nation's level of inequality and poverty. Classical and neoclassical economists have contributed to the mainstream concept of distribution today. Scholars like Alfred Marshall, John Bates Clark, and John Rawl will come into pictures describing the 'extended version' of the theory of marginal productivity by Adam Smith and David Ricardo. In the realm of Islamic economic thought, scholars like Baqir al-Sadr, Monzer Kahf and Shafinah Rahim attempt to bridge the knowledge with the Islamic approach with references to Shariah ruling. Some Islamic critique to the conventional theory of distribution was presented to search for the loopholes and enable room for improvement. The most recent development on the model of distributive justice and the accentuation role of al-Hisbah was proposed to develop a more conducive economic environment with a better distribution system.

Item Type:	Conference or Workshop Item (Slide Presentation)
Uncontrolled Keywords:	wealth, distribution, income, Islam, western
Subjects:	H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics H Social Sciences > HB Economic Theory > HB238 Competition. Production. Wealth H Social Sciences > HB Economic Theory > HB522 Income. Factor shares.Interest.Profit.Entrepreneurship
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics Kulliyyah of Economics and Management Sciences
Depositing User:	Dr Mohamed Aslam Akbar
Date Deposited:	01 Sep 2021 09:44
Last Modified:	01 Sep 2021 09:44
URI:	http://irep.iium.edu.my/id/eprint/91490

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