ISLAMIC ECONOMIC THOUGHT IN MEDIEVAL PERIOD

The paper investigates contributions of renowned Islamic scholars to the economic thought in the period between eighth and fourteenth century. While analysed contributions of Islamic scholars do not systematically address economic thought nor do they provide general framework for economic analysis, significant contributions to the history of economic thought can be found within them. The research particularly addresses contributions of Abu Yusuf to the field of taxation and public expenditure, the Al-Farabi concept of hierarchical ideal society, contributions of Ibn Sina Avicenna to fields of labour division, mergers, state organization, and public goods, Al Ghazali’s considerations of the welfare function, exchange and development of the market, production activities, money and the role of state, and public finance, Ibn Rushd Averroes theory on value standards, money functions, terms of efficient exchange and liquidity and contributions of Ibn Taymiyyah to supply, demand, market mechanisms and government intervention and regulation in the economy.