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MACROECONOMIC OBJECTIVES FROM ISLAMIC PERSPECTIVE - Coggle Diagram
MACROECONOMIC OBJECTIVES FROM ISLAMIC PERSPECTIVE
UNIVERSAL EDUCATION
every child, irrespective of his birth must be given an equal opportunity to education
in islamic economic, goverment must subsidize or provide free education to ensure that education is available to all, regardless of one's financial standing and possession of properties
acquisition of knowledge is obligatory in islam
SOCIAL JUSTICE
based on principle that all existence in the universe belong to allah
man, god's vicegerent on earth, has been granted to ownership.
aim to achieve spiritual salvation to human happiness
use whatever is given to him as trustee & not as an absolute owner
EQUITABLE DISTRIBUTION OF INCOME
neverthless some income inequality is allowed since it promotes individual initiative
income redistribution, voluntary or compulsory is not only an economic necessity but also spiritual salvation
Islam insists on powerful built-in income redistribution mechanism.
happiness is not derived from possession of material goods but from contentment and gratitude
OPTIMAL RATE OF OF ECONOMIC GROWTH
capital formation: includes human capital and material capital
man is central to all economic activities. this consideration influence the composition of investment
growth in islamic economy is comprehensive and includes the moral, spiritual and material aspects of a man's life
expenditure on education is regarded as an investment
MAXIMIZATION OF EMPLOYMENT GENERATION
however, not to attain full employment at the cost of economic efficiency
employment in long run must be generated in technically efficient manner with suitable technology
must ensure that economic growth results in maximum contribution to the creation of new employment opportunities
ensuring sufficient employment also includes the need to provide educational and trainning opportunities in the specific fileds