Economic theory with regard to islamic ethics

Theoretical bases of economics and management

We discuss the content of the «Islamic economics» which is based on Islamic ethics. An important feature of the economic agents behavior in such economy is its focus on improving not only their own, but also the public welfare. We show how religious beliefs are embedded in quantitative models of standard economic theory. This paper examines producer’s behavior microeconomics models with regard to Islamic ethics. To provide differences between conventional and Islamic frameworks models using particular production function were presented.