The Axioms of the Consumers Behavior in Islamic and Conventional Economics: a Theoretical Comparative Analysis
Authors
Abstract
In this paper the concept and the definition of the social and economic justice are
evaluated considering the views of western and Islamic thinkers and theorist and the
focus is on the rationality. There lies a rationale beyond the all behaviors of human
beings. In addition, in all economic systems, there are some special goals for the
explanation of the behaviors of the economic agents. It is exactly true in the case of
the consumers. In the traditional capitalist system, the satisfaction of the all wills of
consumers (correct or incorrect) is considered as the only goal of consumers. In
Islam however, some divine and non-worldly goals are defined in addition to
satisfaction of rational needs and wants. So unlike conventional economics, in
Islamic economics it is not correct to define the goals of consumers solely to
maximize their material welfare and to minimize their pain in this world and hence
entirely forget the results of the behaviors in the hereafter. As a matter of fact, in
Islamic view, the bliss happens for the people when they maximize the sum of their
pleasures in this worlds and in the hereafter and the Muslim consumer considers the
sum of the welfare he gets from consumption in both worlds. In other words, He
does compare the temporary pleasures of this world with the permanent pleasures of
the hereafter and finds the best combination that brings about the highest level of
satisfaction. On the contrary, the consumer in the capitalist economics, always tries
to maximize his worldly needs and wills and hence undermines his humanity.
Considering all this, it seems that the axioms of the behavior of consumers in
Islamic economics is different from the axioms of conventional theories. Taking a
comparative approach, in this paper, the assumptions of the behavior of consumers
in Islamic and conventional economics are analyzed. The results show that the
axioms of consumers behaviors in Islamic economics is different from the same in
conventional economics.
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