Online from: 2008
Subject Area: Accounting and Finance
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|Title:||Price behaviour, vintage capital and Islamic economy|
|Author(s):||Toseef Azid, (Bahauddin Zakariya University, Multan, Pakistan Markfield Institute of Higher Education, Markfield, UK), Mehmet Asutay, (School of Government and International Affairs, Durham University, Durham, UK), Muhammad Junaid Khawaja, (UAE University, Al-Ain, United Arab Emirates)|
|Citation:||Toseef Azid, Mehmet Asutay, Muhammad Junaid Khawaja, (2008) "Price behaviour, vintage capital and Islamic economy", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1 Iss: 1, pp.52 - 68|
|Keywords:||Economic theory, Islam, Obsolescence, Social policy|
|Article type:||Conceptual paper|
|DOI:||10.1108/17538390810864250 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – To find out the behaviour of firms with objectives of Islamic
Design/methodology/approach – This is a theoretical paper based on the modified model of layers of techniques which was initially developed by Professors W. Leontief and P. N. Mathur and tries to evaluate the impact of entrance of new techniques on obsolescence in the ethical-moral cum economic framework of Islamic political economy system.
Findings – This study suggests wastage of the resources because of their economic obsolescence and on the cost of future generation is not allowed in the system of Islam and ultimately decrease the social welfare level.
Research limitations/implications – A dynamic cum marginal input-output table can be constructed on the basis of this framework and formulate the socio-economic policy.
Originality/value – This research is beneficial to the researchers, policy makers and social scientists for the enhancement of the level of social welfare through this model.
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