Buch, Englisch, 720 Seiten, Format (B × H): 191 mm x 280 mm, Gewicht: 1542 g
Buch, Englisch, 720 Seiten, Format (B × H): 191 mm x 280 mm, Gewicht: 1542 g
ISBN: 978-983-47-1405-5
Verlag: Oxford University Press
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 authorâMacroeconomics (2009) and Fundamentals of Microeconomics (2011). The material has been refined and updated; new explanatory diagrams and illustrations have been included.
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Weitere Infos & Material
- 1: What is Economics About?
- 1.1 Wants and Scarcity
- 1.1.1 Choice-making
- 1.1.2 Values and economics
- 1.2 Definition and Scope
- 1.2.1 Behavioural norms
- 1.2.2 Nature and scope
- 1.3 Methodological Pitfalls
- 1.3.1 Fallacy of composition
- 1.3.2 Causation fallacies
- 1.3.3 Tautological reasoning
- 1.3.4 Exclusionist argumentation
- 1.4 Methods of Economics
- 1.5 Money and Exchange
- 1.6 Microeconomics and Macroeconomics
- 1.7 Problems Economists Seek to Resolve
- 1.8 The Language of Economics
- 1.9 Economic Systems
- 1.9.1Axiomatic differences
- 1.9.2 Property rights
- 1.9.3 Operational mechanism
- 1.9.4 Motivation scheme
- 1.9.5 Societal priorities
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 2: Demand and Supply
- 2.1 Markets, Goods and Prices
- 2.2 Early Markets: Example
- 2.3 Demand for Commodities
- 2.4 The Law of Demand
- 2.4.1 Assumptions
- 2.4.2 Why do most demand curves have a negative slope?
- 2.4.3 Exceptions
- 2.5 Changes in Demand
- 2.5.1 Causes
- 2.6 Supply of Commodities
- 2.6.1 Law of supply
- 2.6.2 Assumptions
- 2.7 Changes in Supply
- 2.7.1 Causes of change in supply
- 2.8 Market Equilibrium
- 2.9 Demand and Supply: Relative importance
- 2.9.1 Role of price
- 2.10 Equilibrium: Static versus Dynamic
- 2.11 Applications
- 2.11.1 Administered prices
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 3: Elasticity of Demand and Supply
- 3.1 The Concept of Elasticity
- 3.2 Price Elasticity of Demand
- 3.3 The Measurement
- 3.3.1 Proportionate change method
- 3.3.2 Total outlay method
- 3.3.3 The line segment ration or the point method
- 3.3.4 Average revenue and marginal revenue rule
- 3.4 Determinants of EDP
- 3.4.1 Significance of EDP
- 3.5 Elasticity of Demand: Non-price Concepts
- 3.5.1 Cross elasticity of demand
- 3.5.2 Income elasticity of demand
- 3.6 Price Elasticity of Supply
- 3.7 Determinants of Price Elasticity of Supply
- 3.7.1 Cost elasticity
- 3.8 Elasticity and Islamic Economics
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 4: Consumption: Analysis and Behavioural Forms
- 4.1 Islam and Consumption
- 4.2 Wants, Needs and Desires
- 4.3 Consumer Behaviour
- 4.3.1 Utility: what it is and what it is not
- 4.3.2 Utility maximization
- 4.4 Consumerâs Equilibrium
- 4.4.1 Utility analysis
- 4.4.2 Indifference curves and utility
- 4.4.3 Income effect
- 4.4.4 Substitution effect
- 4.4.5 Price effect and its components
- 4.5 Indifference Curves: Different Shapes
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 5: Production and Cost Functions
- 5.1 Production: Philosophical and Technical Aspects
- 5.1.1 Factors of production
- 5.1.2 Time and factor (input) classification
- 5.2 Firms and Their Objectives
- 5.2.1 Maximization and minimization
- 5.3 The Production Function
- 5.3.1 Properties of isoquants
- 5.4 Short-run Production Function
- 5.4.1 Total, average and marginal output
- 5.5 Short-run Production Costs
- 5.5.1 Total cost
- 5.5.2 Output and costs
- 5.6 Long-run Cost Curves
- 5.6.1 Firm size and cost
- 5.6.2 Economies of scale
- 5.6.3 Diseconomies of scale
- 5.6.4 Scale, efficiency and social responsibility
- 5.7 Explicit and Implicit Costs
- 5.7.1 Normal profit
- 5.8 Cobb-Douglas production function and returns
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 6: Perfect Competition
- 6.1 Market Structures
- 6.2 Profit Maximization
- 6.3 Perfect Competition
- 6.3.1 The model
- 6.3.2 Pure competition
- 6.4 Profit Maximization in the Short Run
- 6.4.1 Total revenueâtotal cost approach
- 6.4.2 Marginal costâmarginal revenue approach
- 6.4.3 Relationship between MP, AP, MC and AVC
- 6.4.4 Cost efficiency again
- 6.4.5 Profit maximization in the long run
- 6.5 Producersâ Surplus
- 6.7 Effect of a Per Unit Tax on Output
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 7: Monopoly and Pricing Power
- 7.1 The Other Limit
- 7.2 Nature of Monopoly Power
- 7.2.1 Measuring monopoly power
- 7.3 Sources of Monopoly Power
- 7.3.1 Natural monopolies
- 7.3.2 Legal monopolies
- 7.3.3 Scale monopolies
- 7.3.4 Islam and monopolies
- 7.4 Monopoly and Profit Maximization
- 7.5 Factors Influencing Pricing Decision
- 7.6 Price Discrimination
- 7.7 Rules for Initial Price Fixation
- 7.8 Markup Pricing and Islamic Banks
- 7.9 Monopoly and Taxation
- 7.10 Monopoly and Social Welfare
- 7.11 Why Do Monopolies Exist?
- 7.12 Regulation of Price
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 8: Monopolistic Competition and Oligopoly
- A. Monopolistic Competition
- 8.1 New Structures
- 8.2 Distinctive Features
- 8.3 Price and Output
- 8.3.1 Short-run equilibrium
- 8.3.2 Long-run equilibrium
- 8.4 Inefficiency of the Structure
- 8.5 The Variety Issue
- 8.5.1 Islamic angle
- 8.6 Advertising Again
- B. Oligopoly
- 8.7 Salient Features
- 8.8 Concentration Measurements
- 8.9 Firmsâ Behaviour
- 8.10 Models
- 8.10.1 The kinked demand theory
- 8.10.2 Collusion: motivations
- 8.10.3 Price leadership
- 8.11 Efficiency Vis-Ã-Vis Oligopoly
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 9: Factor Pricing and Equity
- 9.1 From Production to Distribution
- 9.2 Marginal Productivity and Distribution: The Theory
- 9.3 Evaluation of the Theory
- 9.4 Factor Returns in Monopolistic Markets
- 9.5 Islam and Income Distribution
- 9.5.1 Equity criteria
- 9.6 Role of the state
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 10: Wages of Labour
- 10.1 Labour and Its Peculiarities
- 10.2 Demand For Labour
- 10.2.1 Factors affecting demand for labour
- 10.3 Supply of Labour
- 10.3.1 Changes in labour supply
- 10.3.2 Factors influencing labour supply
- 10.4 Labour Market Equilibrium
- 10.5 Monopsony
- 10.6 Some Other Issues
- 10.6.1 Islam and labour
- 10.6.2 Minimum wage
- 10.6.3 Collective bargaining
- 10.6.4 Wage differences
- 10.7 Profit-sharing
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 11: Rent, Interest and Profit
- A. Rent
- 11.1 The Concept and Theory
- 11.2 Ricardo on Rent
- 11.2.1 Criticism of the theory examined
- 11.2.2 Rent and price
- 11.3 Modern Theory
- 11.3.1 Some implications
- 11.4 Rent in Islamic Economics
- B. Interest
- 11.5 What is Interest?
- 11.5.1 Why pay interest?
- 11.5.2 Interest rate determination
- 11.6 Why Islam Prohibits Interest
- 11.6.1 Interest payments are illogical and unjust
- 11.6.2 Islamic alternative
- C. Profit
- 11.7 Indifferent Attitude
- 11.7.1 Issues in profit theory
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 12: Markets, Environment and Sustainability
- 12.1 Markets versus Welfare
- 12.1.1 The fundamental theorem
- 12.1.2 Three basic questions
- 12.2 Tools for Analysis
- 12.2.1 Pollution and absorption
- 12.2.2 Demand and supply framework
- 12.3 Remedial Measures
- 12.3.1 Coasian theorem: creation of property rights
- 12.3.2 Standard setting and pollution
- 12.3.3 Pollution charges
- 12.4 Sustainability
- 12.4.1 Islamic viewpoint
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 13: Money, Banking and Prices
- 13.1 Money: Definition and Functions
- 13.2 State and Money
- 13.2.1 From metals to paper
- 13.3 The Rise of Central Banks
- 13.3.1 Issuance of currency notes
- 13.3.2 The currency principle: representative paper money
- 13.3.3 The banking principle: convertible paper money
- 13.4 Methods of Note Issue
- 13.5 Money and Economies
- 13.6 Money and Prices
- 13.7 Price Level Changes
- 13.8 Money Supply and Price Level
- 13.9 The Rise of Islamic Banking
- 13.10 The Distinctive Features of the Islamic Approach to Finance
- 13.10.1 Ban on giving or taking interest
- 13.10.2 Avoidance of gharar or indeterminacy
- 13.10.3 Participatory financing
- 13.10.4 Enhanced customer protection
- 13.10.5 Asset-based finance
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 14: Macroeconomics: Nature and Significance
- 14.1 Macroeconomics: Content and Scope
- 14.2 Policy Objectives
- 14.2.1 Growth
- 14.2.2 Full employment
- 14.2.3 Distributive justice (equity)
- 14.2.4 Stability
- 14.2.5 Environmental care
- 14.2.6 Poverty eradication
- 14.2.7 Self-reliance
- 14.3 Conflicts and Trade-Offs
- 14.4 Role of the State
- 14.5 Two Approaches
- 14.6 Basic Assumptions
- 14.7 GNP Growth and Human Welfare
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 15: National Income: Variants and Measurement
- 15.1 National Income and Accounts
- 15.2 A Simple Two-sector Model
- 15.3 Productive and Unproductive Activities
- 15.4 Intermediate Products and Final Products
- 15.5 Input-output Tables
- 15.6 Methods of Measuring National Product
- 15.6.1 Expenditure method
- 15.6.2 Output method
- 15.6.3 Income method
- 15.7 Personal and Disposable Income
- 15.8 Some Special Transactions
- 15.8.1 Sale of second-hand goods
- 15.8.2 Interest on public debt
- 15.8.3 Stock market transactions
- 15.9 Domestic versus National Product
- 15.10 Composition of Final Output
- 15.10.1 The expenditure sale
- 15.10.2 The income side
- 15.11 Measurement of GNP in Developing Countries
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 16: Aggregate Demand and Aggregate Supply
- 16.1 Aggregative Concepts
- 16.1.1 Equilibrium
- 16.2 Price Level
- 16.3 Aggregate Demand
- 16.3.1 Why do aggregate demand curves slope downwards?
- 16.4 Determinants of Aggregate Demand
- 16.4.1 Private consumption
- 16.4.2 Public consumption
- 16.4.3 Private investment
- 16.4.4 Public investment
- 16.4.5 Net expenditures on exports
- 16.4.6 Income variations abroad
- 16.4.7 Foreign exchange rate
- 16.5 Aggregate Supply
- 16.5.1 Short-run supply curve
- 16.5.2 Long-run supply curve: full employment
- 16.6 Determinants of Aggregate Supply
- 16.6.1 Input prices
- 16.6.2 Prices of imported resources
- 16.6.3 Market corrections
- 16.6.4 Productivity
- 16.6.5 Taxes and subsidies
- 16.6.6 Regulation policy
- 16.6.7 Socio-political environment
- 16.7 Changes in Equilibrium
- 16.7.1 Changes in aggregate demand and equilibrium
- 16.7.2 Changes in aggregate supply
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 17: Aggregate Demand: Consumption and Investment
- 17.1 Introduction
- 17.2 Consumption and Savings Functions
- 17.2.1 Why do average and marginal propensities differ?
- 17.3 Some Complications
- 17.3.1 How is GNP determined?
- 17.3.2 Consumption, savings and investment
- 17.3.3 The multiplier
- 17.3.4 Business and the GNP
- 17.3.5 Government and the GNP
- 17.3.6 Multiplier versus stabilizing operators
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 18: Aggregate Supply: Factor Incomes and Savings
- 18.1 Supply Side Economics: Origin and Characteristics
- 18.2 Investment, Capital Formation and Production
- 18.3 Investment: Types and Characteristics
- 18.3.1 Plant and machinery purchases are irregular
- 18.3.2 Fixity of capital in the short run
- 18.3.3 Investment in inventories
- 18.4 Role of Expectations and Profits
- 18.4.1 Role of profit
- 18.5 The Accelerator and the Checks
- 18.6 Demand for Labour
- 18.6.1 Money wage and price level flexibility
- 18.6.2 Money wage floor model
- 18.6.3 Evaluation of the model
- 18.7 Employment and Wages in the Short Run
- 18.7.1 Why are wage rates sticky downward?
- 18.7.2 Phillips curve
- 18.7.3 Wages, output and productivity
- 18.8 Aggregate Supply and Taxation
- 18.8.1 Labour supply
- 18.8.2 Supply of capital
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 19: Markets in Equilibrium: The IS-LM model
- 19.1 Introduction
- 19.2 Equilibrium of Goods and Services Market
- 19.3 Investment, Interest and Income
- 19.4 Savings, Interest and Income
- 19.4.1 Position of the IS curve
- 19.5 Money Market Equilibrium: The LM Curve
- 19.5.1 Demand for money
- 19.5.2 Nominal money and real money
- 19.5.3 Supply of money
- 19.5.4 The LM curve
- 19.6 The ISâLM Model
- 19.7 Dynamic Change and Equilibrium Adjustment
- 19.8 Limitations of the IS-LM Model
- 19.9 Modifications in the IS-LM Model
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 20: Monetary Policy: Bases, Goals and Instruments
- 20.1 Money and Economic Stability
- 20.2 Quantity Theory of Money
- 20.3 Demand for Money
- 20.4 Money Supply Components
- 20.5 Credit (Money) Creation by Banks
- 20.5.1 State intervention
- 20.6 Demand and Supply Mismatch
- 20.6.1 Inflation
- 20.6.2 What causes inflation?
- 20.6.3 Deflation
- 20.7 Goals and Targets
- 20.8 Central Banks and Credit Control
- 20.8.1 Bank rate policy
- 20.8.2 Statutory reserve variations
- 20.8.3 Profitâinterest linkage
- 20.8.4 Open market operations
- 20.8.5 Moral suasion
- 20.9 The Ailment and the Cure
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 21: Fiscal Policy: Public Revenue and Expenditure
- 21.1 Government and Economy
- 21.2 Sources of Revenue
- 21.3 Theories of Taxation
- 21.4 Characteristics of a Good Tax System
- 21.5 Tax Types â Direct and Indirect
- 21.6 Price Elasticity and Incidence
- 21.7 Cost and Incidence
- 21.8 Objectives of Fiscal Policy
- 21.9 Sukuk and Public Revenue
- 21.10 Public Expenditure
- 21.11 Islam and Fiscal Policy
- 21.11.1 Sources of revenue
- 21.12 Public Expenditure and Islam
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 22: National Income Distribution
- 22.1 Introduction
- 22.2 Measurement of Inequalities
- 22.2.1 Limitations
- 22.3 Growth and Equity Relationship
- 22.3.1 The case of Malaysia
- 22.4 Income: Generation and Distribution
- 22.4.1 Asset distribution
- 22.4.2 Redistributive measures and intergeneration equity
- 22.4.3 Impact of macroeconomics variables on income distribution
- 22.4.4 Effects of distribution on macroeconomic variables
- 22.5 Limitations and Precautions
- 22.6 Cross Country Income Inequalities
- 22.7 Islamic Economics and Income Distribution
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 23: Inter-temporal and International Income Comparisons
- 23.1 Introduction
- 23.2 Inter-temporal Income Comparisons
- 23.3 Real Income Measurement: Quantity and Price Indices
- 23.3.1 Chain base indices
- 23.4 Steps in the Construction of Price Indices
- 23.4.1 Specifying the purpose of construction
- 23.4.2 Choice of the base year
- 23.4.3 Data collection
- 23.4.4 Sources of data
- 23.4.5 Deciding on a weighting system
- 23.4.6 Combining the data
- 23.5 Deflating the Nominal Aggregates
- 23.5.1 Implicit GDP deflators and CPI compared
- 23.6 Limitations of Index Numbers
- 23.6.1 Real income and welfare
- 23.6.2 Representative commodities and the weighting system
- 23.6.3 Combining the data
- 23.7 GNP Deflators
- 23.8 International Comparisons
- 23.8.1 World Bank atlas method
- 23.8.2 The ICP conversion procedures
- 23.8.3 Need for improvement
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- 24: Open Economies: International Trade, Balance of Payments and Exchange Rates
- 24.1 Introduction
- 24.1.1 Gains from trade
- 24.2 Basis of Trade: The Theory
- 24.2.1 Absolute difference in costs
- 24.2.2 Comparative differences in costs
- 24.2.3 Terms of trade
- 24.3 Barriers to Trade
- 24.3.1 Free trade versus protection
- 24.3.2 UNCTAD XI recommendations
- 24.4 Balance of Payments
- 24.4.1 Current account
- 24.4.2 Capital and financial account
- 24.5 Exchange Rates: Fixity versus Flexibility
- 24.5.1 Fixed rates
- 24.5.2 Flexible rates
- Summary
- Glossary
- Concepts for review
- Case study
- Test questions
- Bibliography
- Index
