ABSTRACT
This chapter adds several structure to author decision-making framework specifically in the context of an Islamic consumer. Khan, probably more sensibly, argued that mathematics as a tool of economic analysis is irrelevant for analyzing Islamic consumer behavior in light of the existence of a hierarchy of needs. The dynamic demand functions derived reveal that accumulated experience has implications for price elasticities, where percentage changes in the current price of a commodity's inputs is positively related to whether the experience itself is beneficial or harmful. This means that if experience facilitates (hinders) productivity, then the price elasticity increases (decreases) with the amount of experience accumulated. Ideally, Iannaccone's methods and analyses could be used to analyze, monitor, and make predictions concerning the needs of the Islamic community in light of prevailing Islamic religious practices. In Islamic economics or any applicable religious economics, God-consciousness can require the modeling of God as an economic agent who “interacts” with other economic agents.
