Extended lectures are held by IIBI to honour Ibn Khaldun whose ideas laid the foundation for modern economic theory.
Ibn Khaldun was born in1332 C.E. in Tunis and spent some time in Granada, Spain. He is considered as one of the greatest Muslim scholars. His contributions to the development of economic thought have gone largely unnoticed in the academic realm of Western nations. The extent to which Ibn Khaldun's writing may not directly relate to economics should not detract from the value of his contributions to the development of modern economic theory. He reached economic conclusions and "organised them into an extremely coherent model."Khaldun's ideas found in the Muqaddimah relating to a theory of production, theories of value, money and prices, a theory of distribution, as well as theories of cycles in population and public finance.
There can be little doubt that Ibn’s Khaldun’s ideas remain relevant to both modern economic theory and the development of a history of economic thought. There have also been studies looking at the simiwhom came later on the benefits to society of specialisation and cooperation in production.