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Ibn Khaldun was cognizant of these ideas, including the one relating relationship between moral expounded in his citation and discussion who ruled Khurasan with his descendants until A.D. 1 From the rudimentary thoughts of T ahir 2 theory of taxation which has affected modern economic elsewhere.

This paper attempts to give Ibn Khaldun his for gotten and long history of substance and depth. Centuries of the seventeenth century-Sir William 1772-1823), Thomas R. Malthus (A.D. 1766-1834), Karl Marx 1883-1946), to Labor Theory of Value, Economics of Labor , Labor Accumulation With the exception of Joseph A. Schumpeter , who discovered death, 3 4 and Charles Issawi, major Western and David Ricardo 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 2/9 Adam Smith and as further developed used in its production. On the basis of this production of labour" 5 and introduced his surplus value signifying the unjusti capitalists, who exploit the ef forts of the labor market economy, who According to Ibn Khaldun, labor is the source of value. He gave presenting it presented 6 Ibn Khaldun's contribution was later Political Discourses, published purchased by labour ." 7 with goods is purchased by labour , as indeed save us this toil. They contain the value of at the time to contain the value of an equal quantity . The value possesses it, and quantity of labour which exchangeable value of all commodities." 8 work, is carefully analyzed, one can Prolegomena (The Muqaddimah). According to Ibn Khaldun, labor is the source of value. It is necessary for all case (capital) acquired." 9 Ibn Khaldun divided all earnings into two categories, ribh kasb (earning a living). Ribh is when a man works for himself and sells his objects to others; natural Kasb is earned when a man works for himself. common mistake in ribh. Ribh may either mean context. In this ribh means gross earning because the cost of in the sale price Whether ribh or kasb, all earnings are value realized though the value of objects includes the cost of other inputs and an opposite known as cities, Whereas labor may be interpreted from Ibn Khaldun's ideas as both and pro exchange through barter or through and pro Long before David Ricardo published his signi The Principles of Political Ibn Khaldun gave the original explanation labor earnings. They and the extent to which the ruler precious, that is, if the demand for it High earnings in one craft attract others to it, a dynamic phenomenon available supply of long-term adjustments within was attacked by John Maynard Keynes in his famous Khaldun's analysis has not only proved to be historically economists. 10 Ibn Khaldun succinctly observed, explained, and analyzed how earnings even for the same 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 3/9 town's degree of af and the crystallization of productive them in England and in Bengal 11 compared earnings in Fez with those of Tlemcen. 1 2 contribution and exchange of products decline in productivity could lead civilization yields lar ge pro [pro 13 It was also Ibn Khaldun, long before Adam Smith, who made a strong choice.

Among the most oppressive measures, and the ones For labour is a commodity , as we have no source or made to do forced work in their own occupation, they of their income. 14 T o maximize both earnings and levels of satisfaction, skilled abilities dictate. Through natural talents and acquired and, Demand, Supply , Prices, and Pro In addition to his original contribution to the economics interplay of several tools of economic analysis, such is demand, Demand for an object is based on the utility of acquiring it and motive therefore planted the Robert Malthus, Alfred Marshall, John Hicks, and others.

spending, sales fall and Demand for a certain commodity also depends upon the extent to his ruling concept known in modern economic for their products increases." 15 marketplace.

As is commonly known, modern price theory states that cost is the price of foodstuf fs in the cost of production.

[In] the coastal and hilly regions, whose soil is those production, prices ....The position is just the reverse in the land agriculture; hence in that country 16 Besides individual and state demand and cost of production, price of the wealthy , and relationship between income and consumption consumption 17 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 4/9 Ibn Khaldun also made an original contribution in his concept reward in 1921. 18 it was Ibn Khaldun, not Frank merchandise and goods, storing them, and waiting of (these goods). This is called pr o ." 19 In another context, Ibn Khaldun stated again the same idea: and experienced people in the cities know that pro 20 Pro face of future uncertainties, a risk-bearer result of speculation which is carried out by introduced a gospel for traders, "Buy cheap and sell dear ," 21 translation of Muqaddimah of Ibn Khaldun, Franz Rosenthal stated in Fischer appeared, Buy LowSell High: Guidance for the General Reader T rade T echniques ." 22 If Ibn Khaldun's gospel is applied to cost analysis, it becomes price of at a discount or , foreign trade. Nevertheless, Ibn disruptive to markets. It is therefore advisable methods of market intervention. Such policies are economically from the affected. Ibn Khaldun the high-priced goods sell less in the disrupts the formulation increase in demand, restrictions the components of a total cost. After his growing Khaldun stated the following:

Because of the demand for (luxury articles), they addition, the city , and the conveniences become and because the government labor thus civilization city). A great deal of money is spent. Under these circumstances, great deal of money for expenditures, to of life for themselves and their families, 21 As to the impact of restricted supply on the price level, Ibn their prices go up." 2 4 By carefully reading the above two passages, it becomes obvious cost-push and systematically identi Macr oeconomics, Gr owth, Taxes, Role of Governments, In macroeconomics, Ibn Khaldun laid the foundations demand," 25 population increases, there taxes. The upward civilization from them increases, and, as a result, multiplied in the town. Production there than before. And so it goes with the second and thir d increase." 26 People's "wealth, grow , The customs and ways multiply , and all the various kinds of crafts them." 27 The concept Maynard Keynes. However , it 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 5/9 Modern national income accounts were also developed and expanded Expenditures of was the equality between them. 28 expenditure is lar ge, and vice versa.

favourably situated, and the city grows." 29 Ibn Khaldun introduced the pioneering theory of growth based on (Man) obtains (some pro these things are only contributory .

if they correspond 30 Ibn Khaldun gave his account of the stages of economic development, "cooperation in economic skilled labor congregates and long as there is an extra ef fort turn, combined production and the development of crafts efforts, whereas with less human ef fort there may people's standard of living.

Governments play an important role in growth and in the country's goods and services environment of incentives for defeating. Even though Ibn Khaldun regards them of what is contemporarily known as cost through their big purchases. Government expenditures stimulate hiked through the economic activities 31 program for the poor , the widows, the government should spend its tax revenue wisely preserve them from harm." 32 Ibn Khaldun was the several Reagan. "Our true other . An economy stilled by will never produce enough jobs or enough tax decrease, a cut in tax rates of Ibn Khaldun, a Muslim philosopher back in dynasty taxation yields lar ge revenues from small assessments.

from large yes, would reduce 33 According to Ibn Khaldun, tax revenues of the ruling dynasty increase with easy , not rate of taxation, a Arthur Laf fer and others. The developed by Ibn Khaldun in the fourteenth 34 "When tax assessments and imposts upon the subjects are low , Cultural enterprises number of individual imposts and individual assessments, increases"; 35 resulting, in the attempt to con 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 6/9 in loss of incentives, government because it is a form of oppression, In macroeconomics Ibn Khaldun also contributed to the theory of of wealth but measure of value, a value for all capital other things are acquired, it 36 The real form of wealth is not money , capital accumulation in real terms. It was, wealth, even though he reali7ed that the latter may he acquired role than goods or of services, the Foreign T rade Ibn Khaldun also contributed to the analytical mind, he to Ibn Khaldun, people's satisfaction, The merchant who knows his business will travel only (General need) makes for a lar ge demand for be able to take advantage more valuable when merchants transport it from one country to another . 37 The italicized word, valuable, indicates Ibn valuable by being transported from country A to country B and all other costs are taken into account, then it is (1) cheaper quality , serve to economize competition to other low-cost products.

produce other goods or may add another layer of capital positively better quality than purchase it. In the meantime, internal attempt to improve their production or accept a reduction the quality of internal products or a diversion as in the trade increase in quantity existing one. Furthermore, producers, if it is feasible, to produce Ibn Khaldun was conscious of what was later termed the "opportunity valuable labor to improving poor soils should be put to the best provides further incentives Ibn Khaldun's originality in his perceptive observations and analysis particular , since the publication of Political Discourses by David Hume in 1752. But the subject was planted by Ibn Khaldun four centuries 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 7/9 Ibn Khaldun and Adam Smith In spite of Ibn Khaldun's overall contribution to the the "father of economics." Schumpeter's view of Smith's 38 "Personally , not share such a view , for I still consider Adam Smith one to presented these ideas more original than Adam Smith, laid down before him, such as Plato's account Husayn's treatment of government's role. Still, it was Ibn numerous areas economic thought.

Despite Ibn Khaldun's contributions, some economic ideas as well choice, as presented Khaldun. "Smith's great economic freedom for all individuals." 39 Khaldun and of Adam Smith, it must be left to the economic two great thinkers who were four centuries apart. However , I would contact. Even there were several channels through thought.

Adam Smith graduated from Glasgow University, where he was in in turn affected by 40 known as Lord Shaftesbury in eighteenth century , and been directly or indirectly af fected by Ibn research at Oxford University's library , where he may having been aware of the author's name. It was not uncommon in delivered lasted from the eleventh Muslim scholars through a multiplicity name of a Muslim author. The protracted war waged by the Crusaders created a strong antagonistic immune and which lasted for centuries, probably Smith may have been directly or indirectly exposed to Ibn Khaldun's Europe. During this tour may have been in Adam Smith could also have been exposed to the economic contributions in boundaries at its peak in the sixteenth century Africa-a new bridge was erected linking intellectuals in the Continent the empire, revising manuscripts then transmitted from one generation In prosperity, and power , Sultan Selim 1, after having successfully took back a case of a "transfer The impact of Ibn Khaldun was extensive and profound, not only among intellectuals interest in his works, his 41 exactly forty-six years before the publication of Adam Smith's The W ealth of Nations. Concluding Remarks 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 8/9 Even if Adam Smith was not directly exposed to Ibn original seeds of classical economics and even modern economic established as the following passage from Arnold In his chosen Universal History he created 42 Through his great sense and knowledge of history , together with places, Ibn Khaldun left a wealth of contributions for depth in his coverage of value and its relationship to the rise and fall of dynasties; his perceptions treatment subjects. His unprecedented of economics.

Notes 1. Charles Issawi, An Arab Philosophy of History, Selections 1406) (London: 2. Ibid., p. 89. The letter appears in the third chapter , section Prolegomena. See Ibn Khaldun, The Muqaddimah, tr. by Franz Rosenthal, 3 vols., Foundation by Princeton University The Muqaddimah. 3. Joseph A. Schumpeter , History of Economic Analysis, edited published after 4. Joseph J. Spengler, "Economic Thought in Islam: Ibn Khaldun," Comparative Studies in Society and History , vol. no. 3 (April 1964).

5. Karl Marx, Zur Kritik der Politischen Ökonomie, p. A History of Economic Thought, 4th ed. (London: Faber and Faber , 1978), p. 266.

6. The Muqaddimah , 2:311ff. 7. David Hume, Political Discourses (Edinbur g: Printed A. Kincaid, 1752), p. 12.

8. Adam Smith, An Inquiry into the Natur e and Causes of the ed. by Edwin Cannan (New Y ork: Random House, 9. The Muqaddimah, 2:313. 10. Iohn Maynard Kevnes, General Theory of Employment, Inter est (New York: Harcourt, Brace and Co., 1936), pp.

11. Adam Smith, An Inquiry , pp. 67-73. 12. The Muqaddimah, 2:273-274. 13. Ibid., p. 282.

14. Ibn Khaldun, An Arab Philosophy of History , (Issawi's 9/5/22, 12:38 PM "Ibn Khaldun, the Father of Economics" https://faculty.georgetown.edu/imo3/ibn.htm 9/9 15. Ibid., p. 72.

16. Ibid., pp. 73-74.

17. Cf. Milton Friedman, A Theory of Consumption Function (Princeton: 1 8. Frank H. Knight, Risk, Uncertainty , and Pro (New 19. The Muqaddimah, 2:340. 20. Ibid., 2:339.

21. Ibid., 2:337.

22. Ibid., 2:337 (see footnote 52).

23. Ibid., 2:279-280.

24. Ibid., 2:338.

25. Keynes, General Theory , pp. 23-34, 113-131, 52-61. 26. 7he Muqaddimah, 2:273. 27. Ibid., 2:297.

28. Ibid., 2:274.

29. Ibid., 2:275.

30. Ibid., 2:31 1-12.

31. The Muqaddimah , 2:92. 32. Ibn Khaldun was mostly in Arab Philosophy , p. 89. See also The Muqaddimah, 2:140-141. 33. President Reagan quoted Ibn Khaldun twice, on September 2, Public Papers of (Washington 1981), pp. 745, 871.

34. Arthur B. Laf fer and Marc A. Miles, International Economics (New York and London: Scott, Foresman 35. The Muqaddimah, 2:89-90. 36. Ibid., 2:313.

37. Ibid., 2:337-338.

38. Joseph A. Schumpeter , History . pp. 185-94, 474. 39. Overton H. Taylor, A History of Economic Thought (New 40. Antony Ashley Cooper (3rd Earl of Shaftesbury), Characteristics vol. 2, Inquiry Concerning 6th ed. (London: J. Purser , 1737). 1. Spengler, "Economic Thought," p. 305. 2. Arnold J. T oynbee, A Study of History (London: Oxford 1. Back to biography