Poverty Reduction and Muslim World

Abstract

As a social science economics studies unlimited desires and basic needs of individuals and society. Throughout human history institutions and companies made variety of choices on allocating limited and insufficient resources to satisfy the wants of individual. It has been observed that economics is one of the strongest spheres of human life. Self-interest is very powerful motive behind any economic activity. Individuals and firms both have their targets to maximize the output of production therefore competitive markets are the ultimate result. This competition leads towards difference of social classes in society based on income group. As a social science distribution, including poverty and allocation are exclusively discussed. Numerous studies focused on the issue of poverty particularly after industrial revolution in seventeenth century. Adam Smith (1723-1790) particularly discussed the causes of poverty and exclusively presented his suggestions on this important issue.