The Concept of Scarcity and its Implication on Human Behaviour: Searching the Qur’anic Perspective

Wahabalbari Ahmed (Corresponding / Lead Author)

    Research output: Contribution to journalArticlepeer-review

    Abstract

    This paper explains how the concept of scarcity functions as the central
    pillar of conventional economics and indeed is central to its definition. Islamic
    economists have attempted to define Islamic economics from the same conventional
    economics perspective and consequently they too rely heavily on the concept of
    scarcity. However, the concept of scarcity thus stems from a non-religious basis.
    It has been shown by psychological studies that the so-called scarcity mentality
    (the perception of lack) results in competitive aggression, fear, anxiety and social
    conflict. By contrast, the concept of God Power from which is derived the abundance
    mentality, and which is advocated by all religions, results in cooperativeness, trust,
    security, love and reciprocated generous behavior, which in turn encourages social
    cohesion. This paper presents verses from the Qur’an pertaining to the concept of
    God Power and Divine rule, and it suggests a definition and conceptual framework
    for Islamic Economics based on the concept of God Power and fulfilment of the
    Divine rule.
    Original languageEnglish
    Pages (from-to)147–171
    JournalReview of Islamic Economics
    Volume14
    Publication statusPublished (VoR) - 2010

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