Scarcity of Resources and Islamic Economics
1/23/2012 1:31:51 PM
Salman Ahmed Shaikh
The phrase ‘resources are scarce, but wants are unlimited’ is regarded as a fundamental economic fact in Neoclassical Economics.
If scarcity of resources also includes physical and natural limitations and not just income/resource constraints, this notion of scarcity of resources is in line with Islamic ideology. There are aspirations in us like to live forever, to have no physical constraints, to have no regrets, to have no stress, illness etc. Wants like these can only be achieved in life hereafter. We will not die in Heaven; we will not have physical constraints in Heaven, will always be young and will have no regrets of the past and no concern for the future in life after death in Heaven. 'La khaufun alaihim wala hum yahzanoon' (Al Baqarah: 38).
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