Economic Thought of Ibn Khaldun: Labor, Wealth, and Social Cohesion in the Muqaddimah.

Abstract

This article examines Ibn Khaldun’s economic thought, particularly the theories presented in his Muqaddimah. Special attention is given to his labor theory of value, concepts of taxation, market price formation, consumption, and surplus production. Ibn Khaldun regarded labor as the foundation of all wealth and development, emphasizing the indispensable role of human effort in production. He analyzed prices in relation to wages, profit, and taxation, and demonstrated how urbanization, population density, and the rise of economic institutions influence economic life. Furthermore, Ibn Khaldun criticized excessive taxation and tariffs that weaken trade and economic activity, while stressing the significance of division of labor and professional specialization for social and economic progress. The study highlights that Ibn Khaldun’s insights remain relevant in the context of globalization and continue to serve as a valuable methodological framework for contemporary economic analysis