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Islamic economics: Intertemporal prices, interest rates and discount rates 伊斯兰经济学:跨时价格、利率和贴现率
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-08-05 DOI: 10.1111/ecaf.12659
Gerald R Steele
{"title":"Islamic economics: Intertemporal prices, interest rates and discount rates","authors":"Gerald R Steele","doi":"10.1111/ecaf.12659","DOIUrl":"https://doi.org/10.1111/ecaf.12659","url":null,"abstract":"<p>The discussion draws upon core aspects of microeconomics and macroeconomics. Relevant comparisons are between (<i>a</i>) analyses as respectively introduced by Adam Smith and John Maynard Keynes, and (<i>b</i>) analyses constrained by Islamic religious law (Sharia) as interpreted and developed by Islamic scholars.</p><p>The views here reported reflect conversations at the conference ‘Mainstreaming Islamic Economics in Islamic Banking and Finance’ held at the Markfield Institute of Higher Education, Leicestershire, UK, in July 2023. The discussion also draws from Steele (<span>2022</span>) and Koehler (<span>2023</span>).</p><p>The ‘classical’ economic distinctions of the eighteenth century between the economically productive contributions of labourers, landowners, and capitalists were superseded in the late nineteenth century by the analytical approach of ‘neoclassical’ economics. The focus then became supply, demand, and the costs incurred in producing and sending goods and services to market. With production and distribution occurring over periods of varying length, payments forthcoming further into the future generally have a lower commercial value than payments immediately received. That distinction is systematised in the valuation of discounted cash flows. In broad terms, as labour-intensive methods generally deliver goods promptly to market, capital-intensive methods deliver greater volumes over extended periods.</p><p>In making appropriate adjustments, as directed by competitive discount rates, cost-efficient investments are achievable: for example, those relating to hiring premises, purchasing materials and machinery, recruiting labour and marketing products. As discount rates fall/rise, optimal readjustments to those components can be made. Motivated by competition, returns from production periods of different length eventually equalise. Such systematic adjustments underpin Austrian business cycle theory (see Steele, <span>1988</span>, <span>1992</span>).</p><p>Under a planned (state-controlled) system, dirigiste interventions might set production targets. In a competitive free-enterprise economy, decisions taken by consumers and businesses determine market prices and sales. Large profits and disastrous failures are features common to both. The general relevance is (<i>a</i>) that shortages and surpluses are indicative of suboptimal adjustments, and (<i>b</i>) that all investments are intertemporal activities, where the application of appropriate discount rates allows rational evaluations of prospective returns across different production periods.</p><p>Schematically, the mathematical presentations of interest rates and discount rates are conceptually equivalent: one forward-looking, the other backward-looking. Together, it is those presentations that indicate optimal deployments of labour, capital and other productive inputs. Yet, where time per se is generally relevant to profitability, it is only in respect of the payment of intere","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 3","pages":"582-588"},"PeriodicalIF":1.0,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12659","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142435031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monitoring the state or the market: From laissez faire to market fundamentalism By Vito Tanzi. Cambridge University Press. 2023. 232 pp. £70.00 (hbk). ISBN: 978-100943447. £22.99 (pbk). ISBN: 978-1009434478. £21.84 (ebk). ISBN: 978-1009434430 监督国家或市场:从自由放任到市场原教旨主义 作者:Vito Tanzi。剑桥大学出版社。 2023.232页。70.00英镑(平装本)。ISBN:978-100943447。£22.99 (pbk).ISBN:978-1009434478。21.84 英镑(电子书)。ISBN: 978-1009434430
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12635
Carlo Stagnaro
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引用次数: 0
The economics of China's Holistic View of National Security: A preliminary assessment 中国整体国家安全观的经济学意义:初步评估
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12646
Kerry Liu
{"title":"The economics of China's Holistic View of National Security: A preliminary assessment","authors":"Kerry Liu","doi":"10.1111/ecaf.12646","DOIUrl":"https://doi.org/10.1111/ecaf.12646","url":null,"abstract":"<p>From December 2020, China made a significant shift towards prioritising security over development. This study delves into the economic repercussions of China's security policy, specifically the Holistic View of National Security. The evolution of this security policy is analysed utilising Baidu Index data. The components of the policy, encompassing political, economic, financial and technology security, are scrutinised, with the economic burdens it imposes being highlighted. China's recent legislative measures concerning national security are assessed, with their potential to hamper economic growth. The adverse effects of the security policy on the economy are uncovered by examining foreign direct investment data, industry sector trends, and the responses of the largest listed firms.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"218-244"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141487946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pox Romana: The plague that shook the Roman world By Colin Elliott, Princeton University Press. 2024. pp. 328. £28.00 (hbk). ISBN: 978-0691219158. £19.60 (ebk). ISBN: 978-0691220697 罗马痘:震撼罗马世界的瘟疫》,Colin Elliott 著,普林斯顿大学出版社。 2024. pp.328.28.00英镑(精装本)。ISBN:978-0691219158。19.60英镑(电子书)。ISBN: 978-0691220697
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12639
Mark Koyama
{"title":"Pox Romana: The plague that shook the Roman world By Colin Elliott, Princeton University Press. 2024. pp. 328. £28.00 (hbk). ISBN: 978-0691219158. £19.60 (ebk). ISBN: 978-0691220697","authors":"Mark Koyama","doi":"10.1111/ecaf.12639","DOIUrl":"https://doi.org/10.1111/ecaf.12639","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"426-428"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Milton Friedman: The last conservative By Jennifer Burns. Farrar, Straus and Giroux. 2023. pp. 592. £30.00 (hbk). ISBN: 978–0374601140. £17.38 (pbk). ISBN: 978-1250338204. £12.99 (ebk). ISBN: 978-0374601157 米尔顿-弗里德曼最后的保守派 作者:Jennifer Burns。Farrar, Straus and Giroux.30.00 英镑(精装本)。ISBN:978-0374601140。17.38 英镑(精装本)。ISBN:978-1250338204。12.99英镑(电子书)。ISBN: 978-0374601157
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12655
Tom Clougherty
{"title":"Milton Friedman: The last conservative By Jennifer Burns. Farrar, Straus and Giroux. 2023. pp. 592. £30.00 (hbk). ISBN: 978–0374601140. £17.38 (pbk). ISBN: 978-1250338204. £12.99 (ebk). ISBN: 978-0374601157","authors":"Tom Clougherty","doi":"10.1111/ecaf.12655","DOIUrl":"https://doi.org/10.1111/ecaf.12655","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"436-438"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Covid-19 and Sweden: What constitutes success? A response to Fredrik Andersson and Lars Jonung Covid-19 和瑞典:什么是成功?回应 Fredrik Andersson 和 Lars Jonung
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12630
David Goldsmith
{"title":"Covid-19 and Sweden: What constitutes success? A response to Fredrik Andersson and Lars Jonung","authors":"David Goldsmith","doi":"10.1111/ecaf.12630","DOIUrl":"https://doi.org/10.1111/ecaf.12630","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"374-375"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The ‘means’ and the ‘ends’ of economic calculation: The missing aspect of an epochal dispute 经济计算的 "手段 "与 "目的":一场划时代争端的缺失
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12640
Dmitrii Trubnikov
{"title":"The ‘means’ and the ‘ends’ of economic calculation: The missing aspect of an epochal dispute","authors":"Dmitrii Trubnikov","doi":"10.1111/ecaf.12640","DOIUrl":"https://doi.org/10.1111/ecaf.12640","url":null,"abstract":"<p>Current technological advances have revived the old socialist calculation debate. While the arguments on the socialist side appear to be backed by exciting technological developments, the pro-market camp still mainly relies on the classical thinking of the Austrian school. A reasonable way to reinvigorate the free-market thesis is to look at the ends of economic calculations, intentionally overlooked during the classical period of the debate. A valuable supplement to the contemporary pro-market position could be found in the ordoliberal vision that emphasised the interdependence of various spheres and the power problem.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"281-293"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Liberalism's last man: Hayek in the age of political capitalism By Vikash Yadav, University of Chicago Press. 2023. pp. 288. $35.00 (hbk). ISBN: 978-0226821474. $34.99 (ebk). ISBN: 978-0226827360 自由主义的最后一人:政治资本主义时代的哈耶克 作者:Vikash Yadav,芝加哥大学出版社。 2023. pp.$35.00 (hbk).ISBN:978-0226821474。34.99 美元(电子书)。ISBN: 978-0226827360
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12653
Joshua Bowden
{"title":"Liberalism's last man: Hayek in the age of political capitalism By Vikash Yadav, University of Chicago Press. 2023. pp. 288. $35.00 (hbk). ISBN: 978-0226821474. $34.99 (ebk). ISBN: 978-0226827360","authors":"Joshua Bowden","doi":"10.1111/ecaf.12653","DOIUrl":"https://doi.org/10.1111/ecaf.12653","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"439-440"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Seven reasons why mission-oriented innovation policies seldom work in practice 以使命为导向的创新政策在实践中很少奏效的七个原因
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12654
Magnus Henrekson, Christian Sandström, Mikael Stenkula
{"title":"Seven reasons why mission-oriented innovation policies seldom work in practice","authors":"Magnus Henrekson,&nbsp;Christian Sandström,&nbsp;Mikael Stenkula","doi":"10.1111/ecaf.12654","DOIUrl":"https://doi.org/10.1111/ecaf.12654","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"354-362"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic Affairs Applied Research Workshop 2024 Advancing a Classical Liberal Understanding of the Agenda for a Free Society 经济事务应用研究工作坊 2024 推进古典自由主义对自由社会议程的理解
IF 1
ECONOMIC AFFAIRS Pub Date : 2024-06-27 DOI: 10.1111/ecaf.12658
{"title":"Economic Affairs Applied Research Workshop 2024 Advancing a Classical Liberal Understanding of the Agenda for a Free Society","authors":"","doi":"10.1111/ecaf.12658","DOIUrl":"https://doi.org/10.1111/ecaf.12658","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"203"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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