This paper attempts a broad appraisal of the literature on macro consumption function in Islamic economics. It starts with a brief look at the microelements of the concept and clears several cobwebs concerning wants and needs, scarcity of resources, the basket of goods, and the efficacy of...

This paper is a potpourri of numerous diverse, vague and the author generated unrecognized ideas; there is no literature review in the paper. It lacks focus and direction; it is marred by long irrelevant digressions. The paper mixes up the issues of methods with those of methodology and is...

In his article "Macro Consumption Function in an Islamic Framework" Professor M. Fahim Khan has demonstrated that consumption in an Islamic economy is likely to he lower and savings larger than if the same economy were operating on a secular basis. He, therefore, finds no room for the...

Muslim economists have of late shown much interest in formulating a consumption function for explaining the process of income determination or distribution in an economy regulated by Islamic values and injunctions. Munawar Iqbal presents in his note a critical review of some of the writings in...

Khan and Mirakhor have imposed on their model a structure and constraints which lend a tautological character to their exercise (13). The indiscreet replacement of the rate of interest in the secular model by a profit rate makes their conclusions tentative and questionable. Formulation...