political fragmentation and cultural diversity 259despite the theory of the “law of one price”, have been acknowl-
edged in Western literature as one of the limiting factors to the the-
ory of price parity. Was al-Dìmashqìpreempting modern thinking?
Probably.
When investigating the market’s demand for goods, we find al-
Dìmashqìrecognising the state where the demand for goods increases
when their prices increase. Luxury, or prestigious, goods, which are
acquired by a class of consumer for purposes other than physiolog-
ical or intellectual benefits can be highly demanded by the affluent,
and the higher the price of these goods the higher the demand for
them. Social pride, or showing off, is usually the main drive for buy-
ing these products, and the demand for these goods in relation to
their prices is an exception to general rule. The opposite is also true;
the quantity demanded may come down as a result of a reduction
in their prices. In that al-Dìmashqì emphasised, “Precious stones
may be demanded by kings and flulňns for their exorbitant prices
and may be demanded by others for showing off”.
Profit satisfaction and business objectives
The concept of profit satisfaction rather than profit maximisation
seemed to have been what al-Dìmashqì advocated as an objective
of the business. Tolerance and benevolence should be the basis upon
which business transactions are conducted. Tolerance and benevo-
lence are major factors for earning a livelihood and the promotion
of business in al-Dìmashqì’s views, “do not say ‘I should have tried
harder to charge the customer more as he seemed to have accepted
the price easily’, because this would lead to the buyers going else-
where”. The effect of tolerance on business was particularly empha-
sised in al-Dìmashqìwhen he said, “a profit of one dinar could be
viewed as one half of it being generated from tolerance and benev-
olence in weighing, charging the price, gratis, or a discount if the
customer asked for a discount as the customer may be thinking of
all that”. Moreover, honesty and fairness to the customer, and the
business, are fundamental principles in conducting the business. In
a nutshell, “going to the extreme in seeking financial benefits may
lead to a shortage of goods and the excessive efforts in maximising
profit resulting in the loss of profit” (p. 66).
In contrast to al-Ghazàlì, therefore, al-Dìmashqìwas in favour of
riches. In a complete diversion from the flùfìthinking, he suggested