"Scarcity: East and West" Journal of Islamic Economics, Banking and Finance: JIEBF, Volume - 6, Number - 1, January - March 2010. p. 87-104 Link to published PDF on journal website.
ABSTRACT
While the wrong Western diagnosis that lack of wealth is the source of ‘scarcity’ leads them to pursue the wrong remedies, the Quran offers us the correct solution to the problem. Instead of striving for more wealth, the Quran teaches us to restrict our idle desires, strive to lead simple lifestyles, and to spend on others less fortunate than us. It also teaches us to be content with what we have, and not envy those who have more material wealth. We should also have compassion for others, and not seek to make them envious of our consumption, if we have more. In particular, ‘conspicuous consumption’ is not permitted in Islam. If we return to these simple formulae of Islam, Islamic societies would enjoy much more satisfaction with much fewer consumption goods than currently.
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