Abstract
As suggested by its title, this paper looks at the subject of economic welfare from the perspectives of Islam. It starts with the definition of economic welfare, and clarifies how this subject is different from “welfare economics.” It further explains that economic welfare means how well people are doing in the economy. And, the Islamic vision is to have a just socio-economic order for society. Using the Quran and Hadith as its main references, three aspects of economic welfare, namely, Eradication of poverty, Equitable distribution of wealth and Environment, are put forward. On the mainstream positions of economic welfare, the paper deduce that the proportion of a nation’s wealth that goes to labour should be the basis of economic welfare, but, the over emphasis on GDP by mainstream economists is not justified. In conclusion, the paper stressed that it is NOT about how-to-achieve the vision but an elaboration of the Islamic positions regarding the well-being of society.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.