History of Islamic Economic Thought
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History of Islamic Economic Thought

Contributions of Muslim Scholars to Economic Thought and Analysis

Abdul Azim Islahi

This unique book highlights the contributions made by Muslim scholars to economic thought throughout history, a topic that has received relatively little attention in mainstream economics. Abdul Azim Islahi discusses various ways in which Muslim ideas reached the European West, influencing scholars and helping to form the foundations of modern economic ideas and theories.
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Chapter 3: The Islamic tradition in economic thought (i): theories of value, market and pricing

Abdul Azim Islahi

Extract

Muslim scholars, at the least the groups of mutakallimūn and hukamā’, benefited from the Greek translations. But before they got these translations during the third century Hijrah and subsequent period, they had already developed a host of economic ideas and policy concerns. The union of these two elements provided impetus to this branch of knowledge. Not only did they improve and develop the Hellenic thought, but they also introduced some new concepts. In this and subsequent chapters, we shall make an attempt to trace evolution of economic concepts in the Islamic tradition. In these chapters we shall give prior attention to concepts than any particular contributor or scholar. This is necessary to show the continuity in the economic thought, though it may involve, to some extent, repetition of personalities, as some writers developed only one specific doctrine while the majority presented their views on many issues within the sphere of political economy. In this study we will try to follow a logical order that we normally find in contemporary texts. Occasionally during our discussion and more particularly in Chapter 7 we shall point out some additions made by the Muslim scholars over their Greek predecessors.

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