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Formation of Social Ordering in an Islamic Welfare Economy

In: Contributions to Islamic Economic Theory

Author

Listed:
  • Masudul Alam Choudhury

    (University College of Cape Breton)

Abstract

Welfare economics is the study of optimal allocation of resources for achieving social welfare. The premisses on which the methodology of social welfare analysis are based are the structure of preferences and tastes of the individuals who comprise a society and the societal preferences of rational alternatives formed by the hedonistic pains and pleasure calculus of the individuals. The philosophical underpinning of welfare economics is therefore beset by the tastes and preferences of two competing economic agents, on the one hand of the individuals who have their pre-modal tastes and preferences, and on the other hand the society’s priorities of ordering its preferences, often conformable in some sense to the collective tastes and preferences of its members.

Suggested Citation

  • Masudul Alam Choudhury, 1986. "Formation of Social Ordering in an Islamic Welfare Economy," Palgrave Macmillan Books, in: Contributions to Islamic Economic Theory, chapter 8, pages 108-120, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07728-1_9
    DOI: 10.1007/978-1-349-07728-1_9
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