Comparative Study Of Market Mechanism In The View Of Islamic Economics And Conventional Economics

DOI: https://doi.org/10.33650/ijed.v1i2.5827

Authors (s)


(1) * Uzlan Uzlan   (Universitas Ibrahimy Sukorjo)  
        Indonesia
(2)  Rizky Abdul Haq   (Universitas Nurul jadid)  
        Indonesia
(3)  Rifqoh Maulidah Nurul   (Universitas Nurul jadid)  
        Indonesia
(*) Corresponding Author

Abstract


The market is a place for economic activity where economic activity takes place naturally so that the rules of the game also occur naturally. So according to Islamic economics the market mechanism can occur naturally from the supply and demand side as it should. Furthermore, in terms of market mechanisms, the perspective of Islamic economics in principle rejects the existence of a price intervention if price changes occur due to a fair market mechanism. However, the market here requires morality, including: fair competition, honesty, transparency and justice. If these values have been upheld, then there is no reason to refuse market prices. And if deviations occur, it is the duty of the state to regulate them for the benefit of the people.



Keywords

Market Mechanism, Islamic Economics, Conventional Economics



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10.33650/ijed.v1i2.5827


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Copyright (c) 2023 Uzlan Uzlan, Rizky Abdul Haq, Rifqoh Maulidah Nurul

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IJED: International Journal of Economy Development Research
Published by Islamic Faculty of Nurul Jadid University, Probolinggo, East Java, Indonesia.