Author : Prof. Dr. Wan Sulaiman Bin Wan Yusoff
Publisher : Xlibris Corporation
ISBN 13 : 149313390X
Total Pages : 125 pages
Book Rating : 4.4/5 (931 download)
Book Synopsis Industrial Economics by : Prof. Dr. Wan Sulaiman Bin Wan Yusoff
Download or read book Industrial Economics written by Prof. Dr. Wan Sulaiman Bin Wan Yusoff and published by Xlibris Corporation. This book was released on 2014-03-03 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monopoly is one of the topics under market structure in microeconomic theory. Comparatively, based on conventional economics, monopoly is the third best solution in economics because under its operational theories it can create Dead Weight Loss (DWL) to the society in term of increasing price and reduce quantity of product in order to increase monopoly profit and reduce the consumer surplus. However in my book of Industrial Economics: Monopoly in Islamic Perspective shown that monopoly power under control of Islamic man it will create more social benefit rather DWL. For example ZAM-ZAM water in Mecca Saudi Arabia is a natural monopoly the only one in the world, but King of Saudi Arabia he is an Islamic Man in this regard he can freely supply ZAM-ZAM water to the people all over the world. Nonetheless, if he is an economic man (Characters of selfish and opportunist and main motive of profit maximization) he can put the price of the only natural monopoly to the people based on his own greediness and monopoly power. To see the Islamic Ethic, Morality and Altruism as well as characters of Islamic Man, under monopoly power, although he/she is a monopolist it still could give benefit to society at large. In this regard, please refer to the above book for your additional knowledge in the field of discipline.