PASAR PERSAINGAN SEMPURNA DALAM PERSPEKTIF EKONOMI ISLAM

Abstract

Market is the important entity in economic activities. Market is a place where the demand and supply meet. This is a kind of distribution in economic. As Adam Smith said that there is invisible hand that orders demand and supply in it’s order. But now, that theory disappeared  when there is a market power in the market. So, how it can be. Is it Adam’s theory was wrong or is there another system that could create what Adam’s theory stated. The writer, in this article, discussed about the characteristics of the perfect competition market; the structure of the Islamic market; the Islamic’s view related to the perfect competition market. More than the writer also compared about the conventional concept and Islamic concept related to the perfect competition market. Invisible hand can be seem when the structure of the market is a perfectly competitive market. The characteristics of that market are homogeneous product, perfect knowledge, small relatively output, price taker and free entry and exit. Thus characteristics cold be found in Islamic market, because in Islam, market has rules how the demand and supply influence each other. Monopolistic is forbidden, and many things that could create market power are forbidden. Ibnu Taimiyah said, that  Islamic market is like perfectly competitive market. That fact shows us that Islam is the best way in every single life.