This study, based on the time-series data covering the period
from 1956 to 1986, estimates production function in the agricultural
sector of Pakistan. The strategy for agricultural development in the
country has been based on greater utilization of "high pay-off' low-cost
technology. The government advanced loans through financial institutions
to make it possible for the farmers to acquire this technology. Despite
the infusion of seed-fertilizer technology, per acre yield of major
crops like wheat, rice, cereal and sugar-cane in Pakistan is lower than
in most LDCs in the region. Therefore, it is concluded that the use of
present technology has reached a plateau and it is time to look for
additional inputs for improvement in productivity.
Since the end of World War II most colonial and semi-colonial
countries have regained their political independence. These countries
are now in the process of reorganising and restructuring their economic
systems based on their religious, historical and cultural values. Today,
there are approximately 50 countries with roughly one billion
inhabitants that profess Islam as their religion. During the past two
decades an attempt has been made, in varying degrees, in many of these
countries to reconstruct the economic structure within the framework of
an Islamic system. The economic system, in an Islamic society, is not
significantly different than a welfare state in a capitalist system.
Such an economic system is based on the principle of justice (AI Adl) in
which the means of production are privately owned, freedom of domestic
and international trade is emphasised and one is required to part with
2.5 percent of savings each year to support the needy. The Islamic
system differs from the modern capitalist system in a significant way in
that borrowing and lending money, based on a predetermined interest
rate, is strictly prohibited in Islam, while interest rates have played
a major role in the development of the modern banking system and the
development of other financial intermediaries.
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