Zubair Hasan

Economics with Islamic Orientation

• Broschiertes Buch

Produktbeschreibung

This book, spread over 24 chapters, covers Economics with a greater orientation towards Islamic viewpoints. It is also suitable for students studying the subject in developing economies. The book combines the material of two earlier texts of the authoraMacroeconomics (2009) and Fundamentals of Microeconomics (2011). The material has been refined and updated; new explanatory diagrams and illustrations have been included.

Produktdetails

• Verlag: Oxford University Press, South East Asia
• UK edition
• Seitenzahl: 720
• Erscheinungstermin: 1. Juli 2015
• Englisch
• Abmessung: 260mm x 194mm x 32mm
• Gewicht: 1546g
• ISBN-13: 9789834714055
• ISBN-10: 983471405X
• Artikelnr.: 42799336

Autorenporträt

Prof. Dr. Zubair Hasan is an economist and acclaimed author. He is currently a Professor at INCEIF â The Global University of Islamic Finance. He has published numerous articles, commentaries and book reviews in academic journals, in addition to authoring several books. including Theory of Profit (Vikas, 1975), Introduction to Microeconomics: An Islamic Perspective (Pearson, 2006), Macroeconomics (Oxford, 2009), Fundamentals of Microeconomics (Oxford, 2011) and Islamic Banking and Finance: An Integrative Approach (Oxford, 2014). In recognition of his numerous contributions, Prof. Dr. Hasan was awarded the prestigious IDB Prize for Economics in 2009. Recently, he also won the distinction of getting the COMCEC Academic Award 2014.

Inhaltsangabe

1. 1: What is Economics About?
2. 1.1 Wants and Scarcity
3. 1.1.1 Choice-making
4. 1.1.2 Values and economics
5. 1.2 Definition and Scope
6. 1.2.1 Behavioural norms
7. 1.2.2 Nature and scope
8. 1.3 Methodological Pitfalls
9. 1.3.1 Fallacy of composition
10. 1.3.2 Causation fallacies
11. 1.3.3 Tautological reasoning
12. 1.3.4 Exclusionist argumentation
13. 1.4 Methods of Economics
14. 1.5 Money and Exchange
15. 1.6 Microeconomics and Macroeconomics
16. 1.7 Problems Economists Seek to Resolve
17. 1.8 The Language of Economics
18. 1.9 Economic Systems
19. 1.9.1Axiomatic differences
20. 1.9.2 Property rights
21. 1.9.3 Operational mechanism
22. 1.9.4 Motivation scheme
23. 1.9.5 Societal priorities
24. Summary
25. Glossary
26. Concepts for review
27. Case study
28. Test questions
29. 2: Demand and Supply
30. 2.1 Markets, Goods and Prices
31. 2.2 Early Markets: Example
32. 2.3 Demand for Commodities
33. 2.4 The Law of Demand
34. 2.4.1 Assumptions
35. 2.4.2 Why do most demand curves have a negative slope?
36. 2.4.3 Exceptions
37. 2.5 Changes in Demand
38. 2.5.1 Causes
39. 2.6 Supply of Commodities
40. 2.6.1 Law of supply
41. 2.6.2 Assumptions
42. 2.7 Changes in Supply
43. 2.7.1 Causes of change in supply
44. 2.8 Market Equilibrium
45. 2.9 Demand and Supply: Relative importance
46. 2.9.1 Role of price
47. 2.10 Equilibrium: Static versus Dynamic
48. 2.11 Applications
49. 2.11.1 Administered prices
50. Summary
51. Glossary
52. Concepts for review
53. Case study
54. Test questions
55. 3: Elasticity of Demand and Supply
56. 3.1 The Concept of Elasticity
57. 3.2 Price Elasticity of Demand
58. 3.3 The Measurement
59. 3.3.1 Proportionate change method
60. 3.3.2 Total outlay method
61. 3.3.3 The line segment ration or the point method
62. 3.3.4 Average revenue and marginal revenue rule
63. 3.4 Determinants of EDP
64. 3.4.1 Significance of EDP
65. 3.5 Elasticity of Demand: Non-price Concepts
66. 3.5.1 Cross elasticity of demand
67. 3.5.2 Income elasticity of demand
68. 3.6 Price Elasticity of Supply
69. 3.7 Determinants of Price Elasticity of Supply
70. 3.7.1 Cost elasticity
71. 3.8 Elasticity and Islamic Economics
72. Summary
73. Glossary
74. Concepts for review
75. Case study
76. Test questions
77. 4: Consumption: Analysis and Behavioural Forms
78. 4.1 Islam and Consumption
79. 4.2 Wants, Needs and Desires
80. 4.3 Consumer Behaviour
81. 4.3.1 Utility: what it is and what it is not
82. 4.3.2 Utility maximization
83. 4.4 Consumerâs Equilibrium
84. 4.4.1 Utility analysis
85. 4.4.2 Indifference curves and utility
86. 4.4.3 Income effect
87. 4.4.4 Substitution effect
88. 4.4.5 Price effect and its components
89. 4.5 Indifference Curves: Different Shapes
90. Summary
91. Glossary
92. Concepts for review
93. Case study
94. Test questions
95. 5: Production and Cost Functions
96. 5.1 Production: Philosophical and Technical Aspects
97. 5.1.1 Factors of production
98. 5.1.2 Time and factor (input) classification
99. 5.2 Firms and Their Objectives
100. 5.2.1 Maximization and minimization
101. 5.3 The Production Function
102. 5.3.1 Properties of isoquants
103. 5.4 Short-run Production Function
104. 5.4.1 Total, average and marginal output
105. 5.5 Short-run Production Costs
106. 5.5.1 Total cost
107. 5.5.2 Output and costs
108. 5.6 Long-run Cost Curves
109. 5.6.1 Firm size and cost
110. 5.6.2 Economies of scale
111. 5.6.3 Diseconomies of scale
112. 5.6.4 Scale, efficiency and social responsibility
113. 5.7 Explicit and Implicit Costs
114. 5.7.1 Normal profit
115. 5.8 Cobb-Douglas production function and returns
116. Summary
117. Glossary
118. Concepts for review
119. Case study
120. Test questions
121. 6: Perfect Competition
122. 6.1 Market Structures
123. 6.2 Profit Maximization
124. 6.3 Perfect Competition
125. 6.3.1 The model
126. 6.3.2 Pure competition
127. 6.4 Profit Maximization in the Short Run
128. 6.4.1 Total revenueâtotal cost approach
129. 6.4.2 Marginal costâmarginal revenue approach
130. 6.4.3 Relationship between MP, AP, MC and AVC
131. 6.4.4 Cost efficiency again
132. 6.4.5 Profit maximization in the long run
133. 6.5 Producersâ Surplus
134. 6.7 Effect of a Per Unit Tax on Output
135. Summary
136. Glossary
137. Concepts for review
138. Case study
139. Test questions
140. 7: Monopoly and Pricing Power
141. 7.1 The Other Limit
142. 7.2 Nature of Monopoly Power
143. 7.2.1 Measuring monopoly power
144. 7.3 Sources of Monopoly Power
145. 7.3.1 Natural monopolies
146. 7.3.2 Legal monopolies
147. 7.3.3 Scale monopolies
148. 7.3.4 Islam and monopolies
149. 7.4 Monopoly and Profit Maximization
150. 7.5 Factors Influencing Pricing Decision
151. 7.6 Price Discrimination
152. 7.7 Rules for Initial Price Fixation
153. 7.8 Markup Pricing and Islamic Banks
154. 7.9 Monopoly and Taxation
155. 7.10 Monopoly and Social Welfare
156. 7.11 Why Do Monopolies Exist?
157. 7.12 Regulation of Price
158. Summary
159. Glossary
160. Concepts for review
161. Case study
162. Test questions
163. 8: Monopolistic Competition and Oligopoly
164. A. Monopolistic Competition
165. 8.1 New Structures
166. 8.2 Distinctive Features
167. 8.3 Price and Output
168. 8.3.1 Short-run equilibrium
169. 8.3.2 Long-run equilibrium
170. 8.4 Inefficiency of the Structure
171. 8.5 The Variety Issue
172. 8.5.1 Islamic angle
173. 8.6 Advertising Again
174. B. Oligopoly
175. 8.7 Salient Features
176. 8.8 Concentration Measurements
177. 8.9 Firmsâ Behaviour
178. 8.10 Models
179. 8.10.1 The kinked demand theory
180. 8.10.2 Collusion: motivations
181. 8.10.3 Price leadership
182. 8.11 Efficiency Vis-Ã-Vis Oligopoly
183. Summary
184. Glossary
185. Concepts for review
186. Case study
187. Test questions
188. 9: Factor Pricing and Equity
189. 9.1 From Production to Distribution
190. 9.2 Marginal Productivity and Distribution: The Theory
191. 9.3 Evaluation of the Theory
192. 9.4 Factor Returns in Monopolistic Markets
193. 9.5 Islam and Income Distribution
194. 9.5.1 Equity criteria
195. 9.6 Role of the state
196. Summary
197. Glossary
198. Concepts for review
199. Case study
200. Test questions
201. 10: Wages of Labour
202. 10.1 Labour and Its Peculiarities
203. 10.2 Demand For Labour
204. 10.2.1 Factors affecting demand for labour
205. 10.3 Supply of Labour
206. 10.3.1 Changes in labour supply
207. 10.3.2 Factors influencing labour supply
208. 10.4 Labour Market Equilibrium
209. 10.5 Monopsony
210. 10.6 Some Other Issues
211. 10.6.1 Islam and labour
212. 10.6.2 Minimum wage
213. 10.6.3 Collective bargaining
214. 10.6.4 Wage differences
215. 10.7 Profit-sharing
216. Summary
217. Glossary
218. Concepts for review
219. Case study
220. Test questions
221. 11: Rent, Interest and Profit
222. A. Rent
223. 11.1 The Concept and Theory
224. 11.2 Ricardo on Rent
225. 11.2.1 Criticism of the theory examined
226. 11.2.2 Rent and price
227. 11.3 Modern Theory
228. 11.3.1 Some implications
229. 11.4 Rent in Islamic Economics
230. B. Interest
231. 11.5 What is Interest?
232. 11.5.1 Why pay interest?
233. 11.5.2 Interest rate determination
234. 11.6 Why Islam Prohibits Interest
235. 11.6.1 Interest payments are illogical and unjust
236. 11.6.2 Islamic alternative
237. C. Profit
238. 11.7 Indifferent Attitude
239. 11.7.1 Issues in profit theory
240. Summary
241. Glossary
242. Concepts for review
243. Case study
244. Test questions
245. 12: Markets, Environment and Sustainability
246. 12.1 Markets versus Welfare
247. 12.1.1 The fundamental theorem
248. 12.1.2 Three basic questions
249. 12.2 Tools for Analysis
250. 12.2.1 Pollution and absorption
251. 12.2.2 Demand and supply framework
252. 12.3 Remedial Measures
253. 12.3.1 Coasian theorem: creation of property rights
254. 12.3.2 Standard setting and pollution
255. 12.3.3 Pollution charges
256. 12.4 Sustainability
257. 12.4.1 Islamic viewpoint
258. Summary
259. Glossary
260. Concepts for review
261. Case study
262. Test questions
263. 13: Money, Banking and Prices
264. 13.1 Money: Definition and Functions
265. 13.2 State and Money
266. 13.2.1 From metals to paper
267. 13.3 The Rise of Central Banks
268. 13.3.1 Issuance of currency notes
269. 13.3.2 The currency principle: representative paper money
270. 13.3.3 The banking principle: convertible paper money
271. 13.4 Methods of Note Issue
272. 13.5 Money and Economies
273. 13.6 Money and Prices
274. 13.7 Price Level Changes
275. 13.8 Money Supply and Price Level
276. 13.9 The Rise of Islamic Banking
277. 13.10 The Distinctive Features of the Islamic Approach to Finance
278. 13.10.1 Ban on giving or taking interest
279. 13.10.2 Avoidance of gharar or indeterminacy
280. 13.10.3 Participatory financing
281. 13.10.4 Enhanced customer protection
282. 13.10.5 Asset-based finance
283. Summary
284. Glossary
285. Concepts for review
286. Case study
287. Test questions
288. 14: Macroeconomics: Nature and Significance
289. 14.1 Macroeconomics: Content and Scope
290. 14.2 Policy Objectives
291. 14.2.1 Growth
292. 14.2.2 Full employment
293. 14.2.3 Distributive justice (equity)
294. 14.2.4 Stability
295. 14.2.5 Environmental care
296. 14.2.6 Poverty eradication
297. 14.2.7 Self-reliance
298. 14.3 Conflicts and Trade-Offs
299. 14.4 Role of the State
300. 14.5 Two Approaches
301. 14.6 Basic Assumptions
302. 14.7 GNP Growth and Human Welfare
303. Summary
304. Glossary
305. Concepts for review
306. Case study
307. Test questions
308. 15: National Income: Variants and Measurement
309. 15.1 National Income and Accounts
310. 15.2 A Simple Two-sector Model
311. 15.3 Productive and Unproductive Activities
312. 15.4 Intermediate Products and Final Products
313. 15.5 Input-output Tables
314. 15.6 Methods of Measuring National Product
315. 15.6.1 Expenditure method
316. 15.6.2 Output method
317. 15.6.3 Income method
318. 15.7 Personal and Disposable Income
319. 15.8 Some Special Transactions
320. 15.8.1 Sale of second-hand goods
321. 15.8.2 Interest on public debt
322. 15.8.3 Stock market transactions
323. 15.9 Domestic versus National Product
324. 15.10 Composition of Final Output
325. 15.10.1 The expenditure sale
326. 15.10.2 The income side
327. 15.11 Measurement of GNP in Developing Countries
328. Summary
329. Glossary
330. Concepts for review
331. Case study
332. Test questions
333. 16: Aggregate Demand and Aggregate Supply
334. 16.1 Aggregative Concepts
335. 16.1.1 Equilibrium
336. 16.2 Price Level
337. 16.3 Aggregate Demand
338. 16.3.1 Why do aggregate demand curves slope downwards?
339. 16.4 Determinants of Aggregate Demand
340. 16.4.1 Private consumption
341. 16.4.2 Public consumption
342. 16.4.3 Private investment
343. 16.4.4 Public investment
344. 16.4.5 Net expenditures on exports
345. 16.4.6 Income variations abroad
346. 16.4.7 Foreign exchange rate
347. 16.5 Aggregate Supply
348. 16.5.1 Short-run supply curve
349. 16.5.2 Long-run supply curve: full employment
350. 16.6 Determinants of Aggregate Supply
351. 16.6.1 Input prices
352. 16.6.2 Prices of imported resources
353. 16.6.3 Market corrections
354. 16.6.4 Productivity
355. 16.6.5 Taxes and subsidies
356. 16.6.6 Regulation policy
357. 16.6.7 Socio-political environment
358. 16.7 Changes in Equilibrium
359. 16.7.1 Changes in aggregate demand and equilibrium
360. 16.7.2 Changes in aggregate supply
361. Summary
362. Glossary
363. Concepts for review
364. Case study
365. Test questions
366. 17: Aggregate Demand: Consumption and Investment
367. 17.1 Introduction
368. 17.2 Consumption and Savings Functions
369. 17.2.1 Why do average and marginal propensities differ?
370. 17.3 Some Complications
371. 17.3.1 How is GNP determined?
372. 17.3.2 Consumption, savings and investment
373. 17.3.3 The multiplier
374. 17.3.4 Business and the GNP
375. 17.3.5 Government and the GNP
376. 17.3.6 Multiplier versus stabilizing operators
377. Summary
378. Glossary
379. Concepts for review
380. Case study
381. Test questions
382. 18: Aggregate Supply: Factor Incomes and Savings
383. 18.1 Supply Side Economics: Origin and Characteristics
384. 18.2 Investment, Capital Formation and Production
385. 18.3 Investment: Types and Characteristics
386. 18.3.1 Plant and machinery purchases are irregular
387. 18.3.2 Fixity of capital in the short run
388. 18.3.3 Investment in inventories
389. 18.4 Role of Expectations and Profits
390. 18.4.1 Role of profit
391. 18.5 The Accelerator and the Checks
392. 18.6 Demand for Labour
393. 18.6.1 Money wage and price level flexibility
394. 18.6.2 Money wage floor model
395. 18.6.3 Evaluation of the model
396. 18.7 Employment and Wages in the Short Run
397. 18.7.1 Why are wage rates sticky downward?
398. 18.7.2 Phillips curve
399. 18.7.3 Wages, output and productivity
400. 18.8 Aggregate Supply and Taxation
401. 18.8.1 Labour supply
402. 18.8.2 Supply of capital
403. Summary
404. Glossary
405. Concepts for review
406. Case study
407. Test questions
408. 19: Markets in Equilibrium: The IS-LM model
409. 19.1 Introduction
410. 19.2 Equilibrium of Goods and Services Market
411. 19.3 Investment, Interest and Income
412. 19.4 Savings, Interest and Income
413. 19.4.1 Position of the IS curve
414. 19.5 Money Market Equilibrium: The LM Curve
415. 19.5.1 Demand for money
416. 19.5.2 Nominal money and real money
417. 19.5.3 Supply of money
418. 19.5.4 The LM curve
419. 19.6 The ISâLM Model
420. 19.7 Dynamic Change and Equilibrium Adjustment
421. 19.8 Limitations of the IS-LM Model
422. 19.9 Modifications in the IS-LM Model
423. Summary
424. Glossary
425. Concepts for review
426. Case study
427. Test questions
428. 20: Monetary Policy: Bases, Goals and Instruments
429. 20.1 Money and Economic Stability
430. 20.2 Quantity Theory of Money
431. 20.3 Demand for Money
432. 20.4 Money Supply Components
433. 20.5 Credit (Money) Creation by Banks
434. 20.5.1 State intervention
435. 20.6 Demand and Supply Mismatch
436. 20.6.1 Inflation
437. 20.6.2 What causes inflation?
438. 20.6.3 Deflation
439. 20.7 Goals and Targets
440. 20.8 Central Banks and Credit Control
441. 20.8.1 Bank rate policy
442. 20.8.2 Statutory reserve variations
443. 20.8.3 Profitâinterest linkage
444. 20.8.4 Open market operations
445. 20.8.5 Moral suasion
446. 20.9 The Ailment and the Cure
447. Summary
448. Glossary
449. Concepts for review
450. Case study
451. Test questions
452. 21: Fiscal Policy: Public Revenue and Expenditure
453. 21.1 Government and Economy
454. 21.2 Sources of Revenue
455. 21.3 Theories of Taxation
456. 21.4 Characteristics of a Good Tax System
457. 21.5 Tax Types â Direct and Indirect
458. 21.6 Price Elasticity and Incidence
459. 21.7 Cost and Incidence
460. 21.8 Objectives of Fiscal Policy
461. 21.9 Sukuk and Public Revenue
462. 21.10 Public Expenditure
463. 21.11 Islam and Fiscal Policy
464. 21.11.1 Sources of revenue
465. 21.12 Public Expenditure and Islam
466. Summary
467. Glossary
468. Concepts for review
469. Case study
470. Test questions
471. 22: National Income Distribution
472. 22.1 Introduction
473. 22.2 Measurement of Inequalities
474. 22.2.1 Limitations
475. 22.3 Growth and Equity Relationship
476. 22.3.1 The case of Malaysia
477. 22.4 Income: Generation and Distribution
478. 22.4.1 Asset distribution
479. 22.4.2 Redistributive measures and intergeneration equity
480. 22.4.3 Impact of macroeconomics variables on income distribution
481. 22.4.4 Effects of distribution on macroeconomic variables
482. 22.5 Limitations and Precautions
483. 22.6 Cross Country Income Inequalities
484. 22.7 Islamic Economics and Income Distribution
485. Summary
486. Glossary
487. Concepts for review
488. Case study
489. Test questions
490. 23: Inter-temporal and International Income Comparisons
491. 23.1 Introduction
492. 23.2 Inter-temporal Income Comparisons
493. 23.3 Real Income Measurement: Quantity and Price Indices
494. 23.3.1 Chain base indices
495. 23.4 Steps in the Construction of Price Indices
496. 23.4.1 Specifying the purpose of construction
497. 23.4.2 Choice of the base year
498. 23.4.3 Data collection