The Contribution of Ibnu Khaldun’s Economic Thoughts

Abstract

This article examines Ibnu Khaldun’s economic thought in his literature ‎ entitled Muqaddimah. Discussing this idea is crucial due to his great contribution to ‎ the future development of Islamic economy. In addition, Ibn u Khaldun’s thought has ‎ contributed further to an economic science until becoming a prominent theory in 18th ‎ and 19th century far before many experts such as Adam Smith, David Ricardo, Leon ‎ Walras, Karl Marx, and the others established their theories. Ibnu Khaldun’s thought ‎ is considered fundamental, not only due to the fact that he precedes any Western ‎ economists but he is also an expert of extensive sciences besides Economics so he ‎ possess an outstanding ability to to write his Economics in a complete perspective. ‎ Among his contributions to both macro and micro Economics, Ibnu Khaldun ‎ occassionally proposed his Economics in 14th century when Europe was still in pre- ‎ modern era. This study concludes that, historically, Ibnu Khaldun’s Economics have ‎ existed far before modern Western scholars defined their ideas. It is not exaggerating ‎ therefore to call Ibnu Khaldun as Father of Economics in the case of his ideas of ‎ taxes, international trades, political and civilization developments are all crucial to ‎ be taken into account in current context for prosperity in society and state. ‎