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1. social justice
- based on the principle that all the exists in the Universe belongs to Allah. Man, being God's vicegerent on earth have been granted the ownership of this bounties. He must therefore use whatever is given to him as a trustee and not as an absolute owner.
- Islam insist on a powerful built-in income-redistribution mechanism; nevertheless some income inequality is allowed since it promotes individual initiative.
- social justice in Islam is rooted in Man's faith. A man of faith automatically has a duty to do justice. Income redistribution, voluntary or compulsory, is not only an economic necessity,but also a means to spiritual salvation.
- the concepts rests on its value of maximizing human happiness. In Islam, happiness not come so much from the possession of material goods but from contentment and gratitude.
2. Universal Education
- acquisition o knowledge is compulsory. Man's claim to superiority over all creations is based on this superior knowledge.
- every child, irrespective of his birth, must receive an equal opportunity to education.
- universal education must be subsidized (or free of charge) so that education is available to equalize man who are endowed differently in terms of wealth and property.
3. Optimal Rate of Economic Growth
- growth in an Islamic economy is comprehensive and include moral, spiritual and material aspects of man's life. In terms of capital formation, it include human capital and material capital.
- man is the centre of all economic activity. This consideration should influence the composition of investment because the expenditure on education is considered an investment.
4. Maximizing Employment
- economic growth make 'maximum' contribution to the creation of new employment opportunities. The objective is however not to attain full-employment at the cost of economic efficiency. Additional employment in the long run must be generated in a technically efficient fashion.
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Explain macroeconomics objectives from the conventional perspective?
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