The theory of consumer behavior (3)

The first chapter focuses on the “rationality in economics” to clarify the difference worldview between Islamic and conventional economics.

Then the paper briefly explains the concept of consumer behaviour.

After these, conventional methodologies of positive and normative are discussed side by side with the Islamic methodologies.

Finally, the paper gives details account of consumer behaviour base on Islamic perspective according to renowned Muslim economic scholars.

Rationality in Economics

Rationality is derived from the word “rational”.

“Rational” means “based on or in accordance with reason or logic, able to think sensibly or logically and having the capacity to reason”.

(Oxford Dictionary: 1193).

to be continued...

Source: Islamic Science University of Malaysia