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Asymmetry and lack of information on commodity markets (The need to teach the fundamentals of Islamic economy)
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Abstract: (10271 Views) |
| Abstract Normal economy is facing with a lack information. With the development of the principle of "self-interest" in the real world and the lack of emphasis on ethics, adverb selection, moral hazard and Employer -agency problem Occur. Followed by the efficiency and productivity of the economy will be in trouble. In the real world, economy flights with low uncertainties and economic factors. This uncertainties leads to risk and economic hazard factors in the decision. As a result, led to the decision to be incorrect. Information rise, one way to reduce the risk of problems of lack and asymmetry of information, for it must be to build and strengthen legal institutions, including those in the legal rules and ethical rules is particularly important. In this study the issue specifically in the Islamic economy in the commodity market will be checked. In this study, using meta-analysis effect commercial legal provisions such as: (1) avoidance of speculation (2) avoidance of betrayal (fainting, product makeup, false propaganda and exaggerated expression of quality products, low sales, usury), (3) indecent acts (conspiracy to overcharging, as Rukban, intermediary unhelpful, greed, greed and unwarranted competition, (4) the use of harmful practices (measurement, the third entry, praise and blame their goods other commodities, oath the transactions complained of limited income)) will be discussed. The results show that all Islamic law lead to equality and elimination of defects and misuse of the information asymmetry. Since the results of ethical behavior for Muslim businessmen to be institutionalized and become part of the culture there is less need to control and monitor the government. To make the above provisions, guidelines such as "public education", "strengthening the foundations of the faith" and "market surveillance" to be raised. According to the results of this meta-analysis training to Muslim merchants in priority cases and grounds for reducing the risk of misuse of asymmetry of information. |
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| Keywords: Ethics, information economy, asymmetric information, risk, Meta-analysis, the foundations of Islamic economics |
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Full-Text [PDF 268 kb]
(1335 Downloads)
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Article type: Research |
Subject:
General
Received: 2015/11/30 | Accepted: 2015/11/30 | Published: 2015/11/30
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