A.

Pemikiran para tokoh ekonomi islam tentang mekanisme pasar

1. Ibnu Taymiyah "Rise and fall in prices is not always due to injustice (zuln) of some
people. Sometimes its reason is deficiency in production or decline in Import of the
goods in demand. Thus if the desires for the good increase while its availability
decreases, its price rises. On the other hand if availability of the good increases and
the desires for it decrease, the price comes down. This scarcity or abundance may not
be caused by the action of any people; it may be due to a cause not involving any
injustice or, sometimes, it may have a cause that invovies injustice. It is Allah the
Almighty who creates desires in the hearts of people1.
2. Abu Yusuf, the Islamic economic system follows the market mechanism by
providing optimal freedom for the actors, namely producers and consumers.
However, monopolies, hoarding, other corrupt actions, or unnatural unilateral actions
of producers, efforts to achieve and provide general problems (al-mashlahah al’-
ammah) in the market cannot be realized2.
3. Al-Ghazali also argued in detail about the process of the formation of the "market"
naturally. The market formed by the drive to each other's needs. Al-Ghazali uses the
term blacksmith, carpenter, and farmers to exchange ownership in order to meet their
individual needs. Naturally will form a place called "the market" to exchange if the
needs of each different. Al-Ghazali later found on the grounds of trade (exchange)
there will be a movement of goods from one place to another. The main motive
behind this activity is to raise capital and profits3.
4. According to Idris, the Islamic system pays attention to the perfection of the market
mechanism. Perfect market mechanism is the resultant of forces that are mass and
impersonal, which is a natural phenomenon. Perfectly competitive markets can
produce fair prices for sellers or buyers. Because if the market mechanism is
disrupted, a fair price will not be achieved. Fair prices will encourage market
participants to compete perfectly. The Islamic system strongly encourages the
concept of prices that are fair, open and in accordance with a perfect market
mechanism4.
5. For Ibn Khaldun, the value of an item is determined by the number of work activities
and all the accumulated costs incurred to produce the goods. Because with the work,
will produce the production of goods. So between the quantity of work and
production, there is a reciprocal relationship. If the quantity of labor decreases, then
the production will decrease, and vice versa, if the number of workers increases, then
the production will increase as well. To determine the unit of value of a good
produced can be determined by price. Therefore, the price provides an assessment

1
Ibn, Taimiyah, Majmu' Fatawa Shaikh al Islam al Riyadh Press, vol. 8, 1381
2
Yusuf, Abu. Al-Kharaj, Beirut: Darul Ma’rifat, 1979. H 65
3
Scientific Journal of PPI-UKM ISSN No. 2356 - 2536
4
Parakkasi i, “Price Analysis and Market Mechanism in Islamic Perspective”, pp. 111-114
 standard of an item formed from a combination of the amount of work and all costs
incurred to produce a certain item5.
6. That market mechanisms can work well and provide mutual goodwill for the people,
if we enforce Islamic values of absolute morality. Particularly morality such as
healthy competition (fair play), honesty, transparency and justice. To ensure the
implementation of those Islamic values, Prophet Muhammad SAW used to supervise
and monitor the market. He banned the various business models that were contrary to
Islam. Even he himself inspected the prices of the goods, accuracy of the scales, the
honesty of the seller and warned the traders who cheated. Rasulullah SAW’s role as a
market inspector or al-muhtasib later was continued by his successors, his
companions into an institution called al-hisbah6
7. An important feature which is a consequence of the profit-and-loss sharing principle
is the participatorynature of economic and business activity through participatory
financing. Through profit-and-loss sharing, Islamic financial instruments, capital and
labor merge to establish partnerships through their individual contributions. The
shuratic (consultative) method of governing business is, thus, a natural outcome of
this process, which is expected to lead to democratic processes in political
governance as well7
8. From Anas Ibn Malik ra. Said: Commodity prices went up in the days of the
Messenger of Allah, then the Companions complained to him while saying: O
Messenger of Allah, the price of goods is expensive, then set a benchmark price for
us. Then the Messenger of Allah answered: Surely Allah has set the price that holds
back and who distributes rizki, and in fact I hope that I can meet Allah SWT in the
condition that none of you sue me for tyranny which causes bloodshed and wealth8.
9. Imam Shafi'i and Ahmad ibn Hanbal argued that the government did not have the
right to set prices on the grounds that: the Prophet never set the price even though the
population wanted it. Pricing is an injustice (dzulm) which is prohibited, because this
issue involves someone's property, while everyone has the right to sell their trading
commodities at any price based on an agreement between the seller and the buyer9.
10. the Caliph Umar Ibn al-Khattab argued that in protecting the rights of buyers
and sellers, Islam obliged the government to intervene in prices, if price increases
were caused by distortions in supply and demand. Umar Ibn al-Khattab once rebuked

5
Boulakia, J.D.C. (1971). Ibnu Khaldun: A fourteenth century economist. Journal of Political Economiy,
79 (5), 1105-1118,
6
Sabahuddin Azmi, Islamic Economics: Public Finance in Early Islamic Thought, (New Delhi: Good
word Books, 2002), 30-36.
7
Murat Cizakca, “Democracy, Economic Development and Maqasid Al-Shari’ah,” Review of Islamic
Economics 11, no. 1 (2007): 101-118.
8
Abdul Azim Islahi, “Ibn Taimiyah's Concept of Market Mechanism," pp. 5-7.
9
Islahi, Abdul Azim. Contributions of Muslim Scholars to Economic Thought and Analysis: (11-905
AH/632-1500 AD). Jeddah: Scientific Publishing Centre, King Abdulaziz University, 2005.
 a merchant named Habib ibn Abi Balta'ah for selling dry wine at below market prices
while saying, "increase the price (your merchandise) or you leave our market10
B. Pemikiran para tokoh ekonomi konvensional tentang mekanisme pasar
1. Irving Fisher : The economic system contains innumerable variables-quantities of
"goods" (physical wealth, property rights, and services), the prices of these goods,
and their values (the quantities multiplied by the prices). Changes in any or all of this
vast array of variables may be due to many causes. Only in imagination can all of
these variables re- main constant and be kept in equilibrium by the balanced forces of
human desires, as manifested through "supply and demand."11
2. Karl Gunnar Myrdal : Myrdal advocates state intervention, that is, policies that will
be able to integrate the interests of different groups and regions, and generate a
harmony of individual interests. According to him, the market forces, if left to
themselves, would have led to disharmony, and not to the harmony of natural law
and economic equilibrium, as neoclassicists considered12
3. John Maynard Keynes In his famous work, Keynes proves that the free market
mechanism does not spontaneously establish an economic equilibrium, and that it
does not lead to full employment of the factors of production, but, on the contrary, it
leads to disequilibrium that is manifested in high unemployment, in crises and
economic cycles. Keynes argues that the cause is the disturbed relationship between
savings and investment. According to him, in conditions of an unregulated market,
savings tend to grow, and investment tends to fall13
4. John Stuart Mill: Why laissez-faire economics finally culminating in what was then
called the "steady-state economy," State of economic stagnation reached by society
The physical limits of economic growth simply replicate Wealth through exchange of
consumables, preservation of capital stock, and Careful use of non-renewable
resources14
5. Jean-Baptiste Say : Like almost all his contemporaries Say saw demand as the sole
motive for production. He dealt explicitly with both consumption and production, but
his main concern was the latter. In his view, wealth is created only as matter is
transformed into something with more utility. People are capable of creating new
"utilities" but no new matter. In an almost physiocratic statement he claimed that all
that man can do is to re-produce existing materials in another form which may

10
Ibid
11
Irving Fisher, Econometrica , Oct., 1933, Vol. 1, No. 4 (Oct., 1933), pp. 337-357
12
Panico, C. & Rizza, M. O. Myrdal, growth processes and equilibrium theories. In Geography,
structural change and economic development: theory and empirics. Cheltenham, Elgar, 183-202.
13
Milaković, N. (2013). Finansijsko-ekonomska kriza zahtijeva temeljno preispitivanje ekonomije i kao
nauke i kao prakse [Financial-economic crises requires questioning the economics as a science as well as
a practice]. Financing, 01/2013.
14
Mickael buckley, Humanistic Ethics in the Age of Globality pp 137–147
 endow them with a utility they did not possess before or to increase the utility they
already hold15
6. Karl Marx holds that human and animal production activities are essentially
different: animal production activities only for themselves (or blood individuals)
directly, and the production of human activities are to meet basic human needs of the
self conscious of the objective world in the creation of the person itself, the purpose
and ideas presented in vector form of human products, and this is the generalized
form of material culture16
7. Adam Smith theorized that the mechanism for achieving a certain degree of
prosperity could be achieved through invisible manual forces, i.e. without
government intervention. Market mechanisms can be efficient tools for allocating
resources17.
8. David Ricardo Happened Trade depends both domestically and internationally
Comparative advantage more effective and efficient than absolute advantage Or there
is an absolute advantage because each country tends to sell the goods, more efficient
service18
9. Thomas Robert Malthus Scarcity is an imbalance between supply and availability
Demand for the need for goods, i.e. goods with required quantity more than delivery
quantity19.
10. Edmun S Phleps This high rate of inflation provides wages is also higher than
expected. Unemployed Job Seekers Will See Wrong Wages think really high and
accept this wage job is faster than vice versa20

15
Jean-Baptiste Say. A Treatise on Political Economy or the Production, Distribution and Consumption
of Wealth., 1880, reprint by Augustus M. Kelley Publishers, New York, 1964, pp.62
16
Hongxia Sun, Advances in Computer Science Research, volume 83
17
Akiyama, T. et al. 2003. Commodity market reform in Africa: some recent experience. Economic
Systems 27(1), pp. 83-115.
18
Sraffa, P., Ed., The Works and Correspondence of David Ricardo, Vol. 1, Cambridge University Press,
Cambridge, 1951.
19
Wood, John C. (ed) 1986. Thomas Robert Malthus: Critical Assesments. Vol II. Croom Helm, London.
20
Edmund S. Phelps, Recent Developments in Macroeconomics, Aldershot: Edward Elgar Pub., 1991