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.
Table of Contents
Introduction
Price
Concept of Just price
Type of price (according to Islamic point of view)
Halal price
Haram price
Price Control in Islam
Price control policy
Type of price control policy
Price control in goods
Price control of Laborers
Types of Wage Rate
a) Wages regarding time.
b) Wages regarding work.
1st type of views about price control
2nd type of views about price control
Advantages of price control
Suppression of inflation
Balanced terms of exchange
Control rates of monopolistic profit
Control on Hoarding & Black marketing
Equitable distribution of benefit
Attraction for the foreign investors
Disadvantages of price control
References
- Quote paper
- Tariq Mahmood (Author), 2009, Price Control System in Islam, Munich, GRIN Verlag, https://www.grin.com/document/375812
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