Ibn Khaldun's Economic Thought Revisited

Abstract

The aim of this study is to analyze Ibn Khaldun's economic theory. Ibn Khaldun, though recognized as a father of sociologist, gets little attention to his contribution in the economic field. His economic thought laid the very foundation for modern economics. He first, scientifically examined economic activities. Moreover, his systematic thinking has given the instinct to formulate the demand and supply rules and value of labor theory. He focused on the state's role in the economy and its consequences when the state intervened in economic activities. He also dealt with taxation policy, emphasizing justice as a benchmark to flourish the economy.