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Conceptual Properties of Islamic Economic Modeling: Complexity, Nonlinearity, and Endogeneity in Epistemological Perspectives

This paper introduces a new perspective of economic reasoning and analysis pertaining to situations of complexity combined with nonlinearity and endogenous relations among interacting, integrating and evolutionary entities. The entities comprise multi-variables representing different embedded systems that encompass economy, society, science, and ethics. In the emergent model of endogenous inter-causal relationships between such entities the ontological perspective assumes the nature of evaluating inter-causal intra- and inters- systemic relations by means of formalism belonging to functional ontology of mathematical forms (Gruber, 1993), as opposed to invoking metaphysical ontological speculation. The functional ontological approach to structure and formalize leads to a new framework of economic reasoning in the presence of embedded systems that continuously participate and complement, as opposed to being subjected to the central postulate of marginal rate of substitution and exogenous treatment of knowledge in mainstream economics. The continuous phenomenon of interaction, integration, and evolutionary (IIE) learning in such inter-causal systems establish ethical endogeneity. Thus, philosophical background of economic reasoning is invoked in the functional epistemological formalism of the interactive, integrative, and evolutionary systems. That is sush systems are characterized by IIE-learning processes induced by the episteme of unity of knowledge.

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The role of Islamic economics and social institutions during the time of Covid-19

Purpose This study aims to examine the role of Islamic economic and social institutions during Covid-19 and try to propose a model that highlights Islamic economics and social institutions’ role in providing community economic, social and health recovery support. Design/methodology/approach This research uses a qualitative approach with a multicase method. Interviews with the institutions including the Amil Zakat, Islamic Banks, Micro Waqf Banks and Islamic Cooperative (Baitul Maal wat Tamwil) were conducted in order to develop a model about how the integration between each institution in handling the effect of COVID-19. Findings The model shows the interaction roles of each Islamic institution and implementation in the long term and short term in handling the impact of Covid-19, particularly in the economic, social and health sectors. These institutions will assist the government in establishing community economic independence in the face of COVID-19, which has caused economic sluggishness or recession. Research limitations/implications This study proposes the model of synergy using a qualitative approach. Future studies can develop the synergy model by employing a statistical and quantitative method, such as by employing analytical network process method. Originality/value This study adds the literature about empirical evidence on the role of each Islamic economic and social institution and develops new scenario model about integration of those institutions in overcoming economic and social problems during the COVID-19 pandemic. These interactions play a role in shaping the community’s economic independence in dealing with the economic downturn due to COVID-19.

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A Bibliometric and Literature Review on Unconventional Work Arrangements: Moonlighting

Traditional job security is no longer guaranteed in today’s rapidly changing job market. The COVID-19 crisis has made this even more evident, leading many workers to look for additional jobs to meet their personal needs and secure a stable source of income. The COVID-19 crisis reshaped the job landscape, and unconventional work arrangements like moonlighting have gained popularity. This study focuses on ‘moonlighting’, where individuals take on extra jobs to secure their financial future. We conducted comprehensive research utilising both bibliometric and literature reviews. Our investigation involved analysing 177 relevant documents identified from the Scopus database spanning 45 years. Biblioshiny, an RStudio software, analyses and visualises connections between papers and research studies through network diagrams. The findings reveal ‘Jean Kimmel’ as the most productive and efficient author, and the United States stands at the forefront of moonlighting studies, with their research studies leading the way. Applied economics is the major source in the field of moonlighting. Our contribution to the area of moonlighting in India is new and scarcely researched and published. This concept in India is specifically of concern in the IT industry, where moonlighting is catching fire because of legality issues.

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An iterative two‐stage PSCOPF method considering line fault uncertainty under typhoon influence

AbstractTyphoon weather poses a significant threat to the security and stability of the power system, as it can potentially lead to the disconnection of transmission lines. Concurrently, there exists substantial uncertainty regarding which specific lines may become disconnected under such weather conditions. The preventive security constrained optimal power flow (PSCOPF) is one of the main methods to address this issue. However, the current PSCOPF exhibits low computational efficiency due to the requirement of analysing all line faults through the N‐1 check. Therefore, this paper proposes a PSCOPF method based on two‐stage optimization. Firstly, the concentric relaxation method is employed to screen and obtain the critical line faults, thereby reducing the total quantity of security constraints associated with N‐1 line fault scenarios. Secondly, the incorporation of scenario transition constraints is introduced to decompose the PSCOPF model into OPF (optimal power flow) models under N‐0 scenarios and N‐1 critical line fault scenarios, then solve iteratively to achieve multi‐scenario decoupling. Finally, the proposed method was validated on the IEEE30 test system to demonstrate its capability to ensure economics in the N‐0 scenario and security in N‐1 scenarios.

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