Criticism of the Indifference Circles Approach

Due to the weaknesses of the capitalist system, academic studies on the Islamic economic system are increasing. Different researchers have proposed theoretical approaches to establishing the Islamic economy. Dilek et al. (2018) also proposed developing the consumer theory in the Islamic economic system. In this model, the authors use indifference circles with a central bliss point and claim that people try to reach this bliss point. This circle successfully explains the concept of waste, but various aspects can be criticized in terms of Islamic economics. This study aims to reveal the faulty aspects of Dilek et al. (2018) and to contribute to the attempts to establish the consumer theory within the framework of Islamic economics. At the end of my study, it was revealed that Dilek et al. (2018)'s theory has various deficiencies.