This lead to legitimization of the existing inequality of income and it

This lead to legitimization of the existing

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This lead to legitimization of the existing inequality of income and it continuity. For those with higher economic power have a larger numbers of votes
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Continu… In the market and can direct resources to the production of their requirement which may not be socially desirable. It also disregard externality of production and consumption. Demand for the production of alcohol or musical instrument or gambling gadget may be economically desirable but not socially so. In the Islamic economy resource allocation is determined primarily by market forces. But is modified by social and moral considerations if such allocation is in conflict with the goal of the society.
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Continu… This is due to two factors. First the preferences revealed in the Islamic economy have internalized the social and moral goals of Islam. Therefore, consumers may not vote for socially undesirable things. Second , the primary objects of resource is not maximization of utility but fulfilment of need. The society geared toward catering the basic need of the entire population. In capitalist economy the basic needs of a segment of society which
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Continu… is too poor to express it demand in the market, since it has no purchasing power, are simply not communicated by the market mechanism. Since the main concern of Islamic economy is fulfilment of the basic need, therefore, resource allocation should primarily be devoted to the production of necessities, and only surplus resources should be devoted to the production of the “comforts” and “luxuries” Since such reallocation cannot emerge through market mechanism the government has to take this responsibility by a proper planning. Furthermore, the opportunity cost of different choice in the Islamic
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Continu… economy involve a non-market moral element. For example, the time resource spent by a Muslim on Hajj may seems to be “irrational” for involving a high ‘opportunity’ cost in the materialistic sense. But from Islamic point of view, such an activity is not only rational but also profitable in term of the Akhirah. Therefore, Muslim consumers when expressing their preference would always incorporate moral considerations
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Continu… Muslims consumers behaviors in Islamic economy is shaped by the following beliefs and values: 1- belief in the day of judgement extend the time horizon of one’s decisions, as the immediate utility of a product is replaced by consideration of reward in the akhirah. Therefore, the alternative uses of resources include those which may not have any utility for oneself immediately. but may bring a reward in akhirah . i.e. infaq , caring for others, looking after orphans etc.
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Continu… 2-the concept of successful life in Islam does not mean the acquisition of more and more materials goods .
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