The document outlines both conventional and Islamic perspectives on key macroeconomic goals. The conventional perspective focuses on full employment, economic growth, stability of price levels, balanced trade, and equal income distribution. The Islamic perspective prioritizes social justice, universal education, maximizing employment in an efficient manner, and optimum growth that considers both material and spiritual welfare.
The document outlines both conventional and Islamic perspectives on key macroeconomic goals. The conventional perspective focuses on full employment, economic growth, stability of price levels, balanced trade, and equal income distribution. The Islamic perspective prioritizes social justice, universal education, maximizing employment in an efficient manner, and optimum growth that considers both material and spiritual welfare.
The document outlines both conventional and Islamic perspectives on key macroeconomic goals. The conventional perspective focuses on full employment, economic growth, stability of price levels, balanced trade, and equal income distribution. The Islamic perspective prioritizes social justice, universal education, maximizing employment in an efficient manner, and optimum growth that considers both material and spiritual welfare.
The document outlines both conventional and Islamic perspectives on key macroeconomic goals. The conventional perspective focuses on full employment, economic growth, stability of price levels, balanced trade, and equal income distribution. The Islamic perspective prioritizes social justice, universal education, maximizing employment in an efficient manner, and optimum growth that considers both material and spiritual welfare.
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1) Full Employment
Fully utilized and only frictional unemployment exists.
Use all available factor of production efficiency to maximum output. Full employment.
3) Stability of the General Price Level. 2) Economic Growth
Represents Economy overall average experience price level of increase its goods and national income services in over a period time. economy. Measuring by Also represent calculating full rate of inflation production per in economy. capita. CONVENTIONAL If overall price Living standard PERSPECTIVE level increase, measured by total rate of inflation is amount of goods positive. and services that individual in economy enjoy.
5) Balance of payment 4) An equal distribution of
Equilibrium income.
Balance of payment Distribution income is
concern with payment. unequal if higher Refers to the difference income group is to rich between total value of and lower income group good and service is to poor. exported and imported. Will create social A surplus over year can friction and problems. lead to inflation. Country experiencing deficit over few years can lead to debts problem. 2) Universal Education 1) Social Justice
All that exists in the
Universe belong to Allah. Man’s claim’s to superiority Islam insist on a powerful over all creations is based built in income- on this superior knowledge. redistribution mechanism. Every child, irrespective of Social justice is rooted in his birth must receive an Man’s faith. equal opportunity to In Islam, happiness come education. not from the possession of Universal education must material goods but from be subsidized so that contentment and gratitude. education is available to all people.
ISLAMIC PERSPECTIVE
4) Maximizing Employment 3) Optimum rate of Economic
Not to attain full employment Growth. at the cost of economic Growth in an Islamic efficiency economy is comprehensive and include moral, spiritual, and material aspect of man’s life. Man is the centre of all economic activity.
