Industrial Economics

Monopoly in Islamic Perspective

Business & Finance
Cover of the book Industrial Economics by Prof. Dr. Wan  Sulaiman Bin Wan Yusoff, Xlibris AU
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Author: Prof. Dr. Wan Sulaiman Bin Wan Yusoff ISBN: 9781493133901
Publisher: Xlibris AU Publication: March 3, 2014
Imprint: Xlibris AU Language: English
Author: Prof. Dr. Wan Sulaiman Bin Wan Yusoff
ISBN: 9781493133901
Publisher: Xlibris AU
Publication: March 3, 2014
Imprint: Xlibris AU
Language: English

Monopoly is one of the topics under market structure in microeconomic theory. Comparatively, based on conventional economics, monopoly is the third best solution in economics because under its operational theories it can create Dead Weight Loss (DWL) to the society in term of increasing price and reduce quantity of product in order to increase monopoly profit and reduce the consumer surplus. However in my book of Industrial Economics: Monopoly in Islamic Perspective shown that monopoly power under control of Islamic man it will create more social benefit rather DWL. For example ZAM-ZAM water in Mecca Saudi Arabia is a natural monopoly the only one in the world, but King of Saudi Arabia he is an Islamic Man in this regard he can freely supply ZAM-ZAM water to the people all over the world. Nonetheless, if he is an economic man (Characters of selfish and opportunist and main motive of profit maximization) he can put the price of the only natural monopoly to the people based on his own greediness and monopoly power. To see the Islamic Ethic, Morality and Altruism as well as characters of Islamic Man, under monopoly power, although he/she is a monopolist it still could give benefit to society at large. In this regard, please refer to the above book for your additional knowledge in the field of discipline.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Monopoly is one of the topics under market structure in microeconomic theory. Comparatively, based on conventional economics, monopoly is the third best solution in economics because under its operational theories it can create Dead Weight Loss (DWL) to the society in term of increasing price and reduce quantity of product in order to increase monopoly profit and reduce the consumer surplus. However in my book of Industrial Economics: Monopoly in Islamic Perspective shown that monopoly power under control of Islamic man it will create more social benefit rather DWL. For example ZAM-ZAM water in Mecca Saudi Arabia is a natural monopoly the only one in the world, but King of Saudi Arabia he is an Islamic Man in this regard he can freely supply ZAM-ZAM water to the people all over the world. Nonetheless, if he is an economic man (Characters of selfish and opportunist and main motive of profit maximization) he can put the price of the only natural monopoly to the people based on his own greediness and monopoly power. To see the Islamic Ethic, Morality and Altruism as well as characters of Islamic Man, under monopoly power, although he/she is a monopolist it still could give benefit to society at large. In this regard, please refer to the above book for your additional knowledge in the field of discipline.

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