Price Control System in Islam: A Brief Study

Essay from the year 2009 in the subject Economics - Finance, language: English, abstract: This paper is written about that topic on which most scholars have not the similar views. So, it may be said that this topic presents some brief discussion about the dilemma of price control. Actually, prices of goods affect not only consumers but producers also. Similarly, prices of factors of production also affect the supply and demand of different factors of production. Therefore, stable prices of goods and services show stable circumstances of the economy and vice versa. Anyhow, in this article, types of price control, types of wage rate and some scholars’ views are presented in brief manner. But brief discussion does not mean that this does not have important aspects about price control. While discussing the price control, scholars’ views about price control are presented in favor of both sides, to producers and to consumers. Anyhow, price control is a mandatory policy for consumers and for the development of economy in fair dealings. Therefore, no section of society could feel oppressed by the other. In the end of discussion, some advantages and some disadvantages of price control policy are briefly discussed.