چکیده:
In standard discussions (capitalistic economy), business firms and the income distribution property of production factors are dealt with in a manner in which they are independent from each other. and there is no interaction as such between them. Furthermore, no role whatsoever is assumed for externalities. If we accept that there is interaction between production factors, and these 1actors, because of the existence of externalities affects each other, it is only natural to come to the conclusion that both the definition of business firm and the share of production factors should he changed. The proposal developed in this paper is based on this very important consideration.
The profits of Mudareb (in Mudarabah contract) has been used in this paper to cover more general issues, such as labors income share in an Islamic system. The Mudareb’s relative share might he justified on the grounds that he has the appropriate expertise, profession, so to speak. This justification can be extended to he applied to labor” in general, he it in industry, services, and other economic activities. It seems that, it is not only the degree of expertise and skill which determine the labor’s share. hut also the interaction with other expertises which makes one qualified to share part of the profit This interaction provides better results than the same of individual skills.
The application of the proposal not only Increases output and hence the total revenue of a firm, but also help. keep the production cost at Its lowest possible level. Furthermore, It leads one to look at a firm as an interacting body of different
Increase In efficiency together with low production costs are to the mutual benefits of both the workers and the firm. Furthermore, there would not only be zero monitoring cost, but also elimination of shirking while increasing the effort of the workers to the maximum level.
خلاصه ماشینی:
It has to he noted that the proposed model in this article is primarily designed and developed to augment the profits of productive firms, taking in to account the fact that hanks finance the bulk or the major part of the capital needed by firms, it is propsed that to safeguard the interests of society in general and depositors in particular in place, legal participation contracts he also conducted and carried out within the framework of the same model.
The possibility of accepting one way or another is not ruled nut, hut what is important and has to be taken into account in any proposal of this type is the crucial role of the rate of profit yield or a firm, which is produced as a result of interaction of all factors of production; not just "capital".
Since the main theme of the present paper is to discuss and provide a mechanism capable of enhancing the productivity or labour and as a corollary to that, the augmentation of profits by means of encouraging the worker to engage themselves in more efforts ( of course against higher level of earning), it is therefore advisable to first, have a cursory look at some of the theories, which have more or less devoted themselves to the same theme.
While no one can deny the fact that payments Lo workers as suggested by him, would improve the distribution pattern of income and wealth and the results gained would increase the aggregate demand and to some extent would lower the level of unemployment, we should not lose sight of the fact that the money market and interest rate which arc present in his proposal are detrimental to proper fuctioning of capital.