Character Of Economics Research Articles

MURABAHAH FINANCING REPAYMENT OPTIMIZATION THROUGH 5C CREDIT ANALYSIS

This study investigates the impact of the 5C credit analysis principles (Character, Capacity, Capital, Collateral, and Conditions of Economics) on the smoothness of murabahah financing payments at KSPPS BMT ItQan Soreang Unit either simultaneously or partially. Micro, Small, and Medium Enterprises (MSE) often face challenges due to a lack of business capital, despite financial products introduced by institutions like Savings and Loans Cooperatives and KSPPS BMT. Persisting issues in payment smoothness necessitate a comprehensive examination, particularly in credit analysis. This research employs a quantitative approach with logistic regression tests on a sample of 101 respondents using statistical techniques such as regression analiysis, wald test, and omnibus test of model coefficients. This research highlights the importance of applying the 5C credit analysis principles to improve risk management, policy development, operational efficiency, and financial inclusion in murabahah financing at KSPPS BMT ItQan Soreang Unit. Findings from the Omnibus Test of Model Coefficients confirm that the 5C principles collectively impact payment smoothness. Moreover, the Wald test identifies Character, Capacity, and Conditions of Economics as significant contributors to the effectiveness of murabahah financing payments at KSPPS BMT ItQan Soreang Unit. This research highlights the importance of applying the 5C credit analysis principles to improve risk management, policy development, operational efficiency, and financial inclusion in murabahah financing at KSPPS BMT ItQan Soreang Unit.

Broadening the application of hysteresis in economics: institutions, policy lock-in, psychology, identity, and ideas

This paper argues for broadening the application of hysteresis to institutions, policy lock-in, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should be a fundamental building block of political economy. Expanding its application in economics is both an opportunity and a challenge. The opportunity is that it provides a means for incorporating political, sociological, and psychological forces, which economics tends to neglect. That will enrich economics and can also provide a mutually enriching bridge to other social sciences. The challenge is introducing such concerns raises questions about the character of economics’ knowledge claims, which is likely to trigger resistance from economists.

WHY ECONOMICS IS AN EVOLUTIONARY, MATHEMATICAL SCIENCE: HOW COULD VEBLEN’S VIEW OF ECONOMICS HAVE BEEN SO DIFFERENT THAN PEIRCE’S?

More than a century ago, one of the most famous essays ever written in American economics appeared in the Quarterly Journal of Economics: “Why is Economics Not an Evolutionary Science?” There, Thorstein Veblen claimed that economics was too dominated by a mechanistic view to address the problems of economic life. Since the world and the economy had come to be viewed from an evolutionary perspective after Charles Darwin, it was rather straightforward to argue that the increasingly abstract mathematical character of economics was non-evolutionary. However, Veblen had studied with a first-rate intellect, Charles Sanders Peirce, attending his elementary logic class. If Peirce had written about the future of economics in 1898, it would have been very different than Veblen’s essay. Peirce could have written that economics should become an evolutionary mathematical science and that much of classical and neoclassical economics could be interpreted from an evolutionary perspective.

Citation patterns in economics and beyond.

In this paper we comparatively explore three claims concerning the disciplinary character of economics by means of citation analysis. The three claims under study are: (1) economics exhibits strong forms of institutional stratification and, as a byproduct, a rather pronounced internal hierarchy; (2) economists strongly conform to institutional incentives; and (3) modern mainstream economics is a largely self-referential intellectual project mostly inaccessible to disciplinary or paradigmatic outsiders. The validity of these claims is assessed by means of an interdisciplinary comparison of citation patterns aiming to identify peculiar characteristics of economic discourse. In doing so, we emphasize that citation data can always be interpreted in different ways, thereby focusing on the contrast between a "cognitive" and an "evaluative" approach towards citation data.

Why Economic Progress Depends on Economic Religion

The success of an economic system depends on its having a strong basis of legitimacy in society. For much of the twentieth century, the legitimacy of capitalism was based on the public belief that it would most rapidly and successfully advance the economic progress of the American nation. Neo-classical economics underlay the claims of the economics profession that it possessed the requisite technical knowledge to ensure this outcome. Economists thus would ensure economic progress which would save the nation and the world -- the essence of capitalist economic religion. This faith has faced a growing challenge in recent years, however, partly as a result of the Great Recession of 2008 and 2009, but also due to the growing intellectual crisis facing neo-classical economics since the 1970s and to the fading credibility of the idea that the solution of the economic problem through economic progress will provide a solution to the human problem. Resolving this challenge will require a fundamental transformation of economics and, given the interconnected character of economics and religion, a religious transformation as well.

“A Certain Amount of ‘Recantation’”: On the Origins of Frank H. Knight's Antipositivism

The aim of this article is to investigate in some detail the origins of Frank H. Knight's antipositivism and to assess the main influences that brought him to a change in methodological perspective after 1921. As importantly, the article also attempts to increase our general understanding of the methodological debates taking place during the early decades of the last century and to shed new light on the inherently pluralistic character of US interwar economics. The first section outlines Knight's methodological views as presented in his early works; the second section discusses Knight's “recantation” and his attack on behavioristic social science; the third section analyzes Knight's discussion of the nature and limitations of scientific economics; the fourth section offers a brief digression on Knight's relationship with American institutionalism; the fifth section deals with the later developments of Knight's antipositivism; the final section presents some conclusions.

The Oxymoronic Character of the Islamic Economics and the Omni-Absent Scholarship to Align Islam & Economic Growth

Islamic Economics has been sceptically deemed as a rhetorical bias, either as an oxymoron or perhaps a redundant insistence. Going through the work of Monzar Kahf, I thought it to be a redundant construct, where in his thoughtful impersonation of the Khuldunian thought, he claims that economics is inherently Islamic and doesn’t necessitate the prefix - while the socialist or the capitalist versions being graded as partial or inadequate. On the contrary, the oxymoronic shade of Islamic Economist surfaced when, I reviewed authors like Kuran 2004, 2011 Ayubi 1995, Chapra 2008, referring the orthodox constructs of interest inhibition, lack of civic institution, limited continuity enterprise, authoritarianism, autocracy and hereditary succession as counter-economic or anti-growth in nature. This is in cohesion of Kuran 1997 view of Islamic Economics as a rush measure to Islamize a highly secular discipline, in response to an urge of distinct identity in the post-colonial world. This gets really interesting when we find that the sole idea of Islamic Economics lays its justification in challenge its surfaces against injustice, expropriation, exploitation, inequality and deprivation. Despite of being classified as human-centric development, it Islamic development literature has however, the broadening wedge between the ideals and present state of the Islamic world has attracted a lot of criticism from across the world.

An organicist critique of the ahistorical character of orthodox economics

Heterodox economists have criticised the ahistorical character of orthodox economics, focusing on its inadequate ontological foundation. This paper adds to the ontological critique of orthodox economics by arguing that organically based atomism, Marx’s ontology specifying social relations and conditions under capitalism, explains the appearance of social atomism as a result of capitalism’s organic interdependencies. It elucidates how organically based atomism, which is composed of original accumulation and alienation, abstract-alienated labour and the exposition of the value forms, and Marx’s critique of commodity fetishism, can be used to criticise the ahistorical character of orthodox economics.

Mark Blaug on the normativity of welfare economics

This article examines Mark Blaug's position on the normative character of Paretian welfare economics in general, and also specifically with respect to his debate with Pieter Hennipman over this question during the 1990s. The article also clarifies some of the confusions that emerged within the context of this debate, and provides as a conclusion some additional arguments supporting Mark Blaug's position, which he himself did not provide.

The Whiggish foundations of Marxian and Sraffian economics

The first half of the paper discusses what is wrong with Whig history and why it is wrong to distort the past. The author’s views are compared with those of noted historians of economics. This discussion provides motivation for the second half of the paper, which focuses on Whiggish accounts of the scientifically progressive character of mainstream Marxian and Sraffian economics that rest heavily upon ‘proofs’ of internal inconsistency in Marx’s own theories. The paper argues that the inconsistencies are actually products of Whiggish misinterpretation. Thus, it is not the case that progress has taken place through correction of error; mainstream Marxian and Sraffian theories are not corrections of the original theories, but alternatives to them.

Od Misese k Schutzovi. Otázka apriorismu v ekonomii

The study analyzes Mises's approach to the question of apriorism in a broader methodological context. It shows that it is not inevitable to advocate the aprioristic character of economics (resp. science of human action), as Mises does, to maintain the subjectivist-individualist methodology and the effort to adequately grasp the general laws of human action from its perspective. The present redefinition of apriorism is developed on the basis of thoughts of Barry Smith and Alfred Schutz. It suggests abandoning the apodictic character of apriori (which is untenable) and move closer to a broadly defined empiricism. The methodological insights developed in the paper are finally used to contribute to the debate between the behavioral economists and the proponents of rational choice theory.

Mark Blaug on the Normativity of Welfare Economics

This paper examines Mark Blaug's position on the normative character of Paretian welfare economics: in general, and specifically with respect to his debate with Pieter Hennipman over this question during the 1990s. The paper also clarifies some of the confusions that emerged within the context of this debate, and closes by providing some additional arguments supporting Blaug's position that he himself did not provide.

Frank Knightʼs Critique of the Free-Enterprise System and Positive Economics:

One of the most distinguished features of Frank Knightʼs liberal thought seems to be his eco-nomic, political, and ethical criticisms both of the case for and against the free-enterprise com-petitive system. Through this multi-level, poly-angular analysis and on a resignation that the system appears as the best or “least worst” as possible human beings build on earth, Knight continued to identify many defects in the sys-tem, and disclose many absurdities in the way of thinking on which we rest unwittingly. For “menʼs errors,” he believed, “mostly lie in their premises, not in bad logic.” In this paper, I select the following five top-ics through which Knight repeatedly discussed our premises: （1） uneconomic aspect of compe-tition, （2） normative and conservative character of positive economics, （3） imaginary nature othe idea of natural rights, （4） self-deconstructive tendency of business and the power game, and （5） plural meanings of love in liberal society.This paper proposes that Knightʼs radical yet constructive criticisms aimed to refine, rather than advocate, the free-enterprise competitive system and warn against the fallacy of “absolut-ism: holding that a statement must be either true or false and that, if false, antithesis must be true.” So this essay not only destructs the image of Knight as a neo-classical economist, but also clarifies the differences and similarities between him and later Chicagoans. That is, it illuminates the contrary directions of their perspectives and the identical iconoclastic propensity for disclos-ing implicit postulates. JEL classification numbers: B 19, B 31, B 41.

John Ruskin's Political Economy: ‘There is No Wealth but Life’

In 2010 it will be 150 years since John Ruskin's major intervention in political economy was published. While in many ways Ruskin remains a well-known British commentator, his work on political economy has languished, relatively under-appreciated and seldom discussed. In this short review of Ruskin's political economy, the central aspects of his analysis are introduced and summarised. This is then allied to a short indication of how these ideas remain (especially) relevant today, as a prompt to those interested in thinking through analytical alternatives in light of the current travails of contemporary capitalism, to examine and re-engage with John Ruskin's insights into the character and problems of economics.

Jan Tinbergen's statistical contribution to economic policy

In this article I claim that the Nobel Prize in Economics has not only set the economics discipline on a path‐dependent trajectory, but is itself an apotheosis of a development of what I would like to refer to as ‘the statistical turn in economics’. The case of Jan Tinbergen illustrates the argument and sketches the stages within the statistical turn in economics. The Nobel Prize in 1969 acknowledged this character of economics, and justified the continuation of this approach for the generation to come.

Transparency: a two‐way mirror?

PurposeTransparency is assumed to improve markets' efficiency, to enhance better corporate governance and finally, to ensure moralisation of business life. The paper aims to the realities that prevailing discourses on transparency dissimulate.Design/methodology/approachFirst, a genealogical method is used to explore the theoretical roots, which underpin claims for a greater transparency (reduction of information asymmetry in academic discourses). Second, the analogies between mainstream theories on corporate governance (which legitimate the demand for transparency) and the Panopticon, the famous architecture conceived by Bentham are pinpointed. Finally, the reflections developed by philosophers such as Ricoeur and Henriot on ethics are exploited to explain why transparency is unable to produce the expected effects.FindingsFirst, discourses on transparency often conceal reinsurance manœuvres and power struggles. Second, transparency appears as a modernised manifestation of panopticism: a common base (the concept of utility), the same fundamental assumption (the opportunistic nature of man) and a similar answer (discipline). More generally, panopticism and discourses on transparency are embedded in the same utilitarian philosophy which does not grant any space either for responsibility or for ethics and therefore, favours generalised amorality.Research limitations/implicationsAs a consequence it is suggested that one should explore the possibility of elaborating an economics theory, which would get rid of the concept of utility and a theory of the enterprise, which would take as key concepts creativity and trust, instead of opportunism.Originality/valueThrough the deconstruction of prevailing discourses on transparency, the paper points to the intrinsic anti‐humanistic character of mainstream economics and organisation theories and suggests alternative issues. It therefore may contribute to both enlightenment and emancipatory aims (in the Habermasian sense).

The Objective Model of Optimized Allocation on Emission Pollution Right and Programe Analysis in Taihu Valley

根据江苏省太湖流域水环境与社会经济特征,建立主要污染物排污权交易优化目标模型;以重点工业污染企业为样本,对排污权交易初始方案实施的预期效果进行定量分析,提出开展排污权交易制度的政策建议.;The objective model of optimized allocation on Emission Pollution Right(EPR) are established on the character of water environment and economics and social in Taihu valley. The transaction result of EPR which emission pollution enterprises in the Taihu Lake valley in Jiangsu Province are analyzed and forecasted as case study, the policy and constitution of EPR are put forward in this article.

The Manichaean Character of Economics

Manichaeus, nary, was a Persian philosopher of the third century a.D., whose system held some sway throughout the Roman empire and Asia until the fifth century (with some elements lasting to the thirteenth). He believed in dualism, the coexistence of good and evil, with Satan coequal with God. I suggest that economics has a heavy dose of dualism, though I hesitate to characterize views that differ from mine as evil or satanic.

Leopard or chameleon? The changing character of international health economics.

Over the last 25 years the discipline of health economics has developed substantially. As an applied discipline, it has adapted and changed over time in response to the changing concerns of policy-makers, planners and managers. This paper questions whether it is like a chameleon, changing its appearance in response to the external environment, or like the leopard that never changes its spots. In answering the question, the paper presents an overview of the development of health economics as it has been applied in low and middle income countries distinguishing three eras, the 1970s, 1980s, and 1990s, and argues that in each of these eras the preoccupations of health economists have been somewhat different. In each era the key contributions of health economics are identified. The paper ends by considering future research priorities, and the obligations of developed country institutions in terms of research topics and mode of work.

Origins and Development of the Trend Toward Value-Free Economics

The idea of value-free economics is an old methodological issue. It has given rise to one of the most important controversies in the history of economic thought. The discussion was important because it had to do with the scientific nature of economics. One can still find a significant number of methodological works (e.g. Coddington 1972, Gordon 1977, Samuels 1977, Sugden 1981, Colander 1994) which echo this old controversy. Most economists today, though, would agree that the claim of an economic theory free from values is essential in establishing the scientific nature of the discipline. A positive, value-free economics, in the sense of not relying on any particular set of value judgments or on any philosophical or psychological framework, is generally seen as the ideal. This approach has crucially influenced important branches of economics such as microeconomic theory. The current established position was a product of a historical process which played a significant role in the formation of the body of economic theory. Furthermore, the idea of what is value-free economics has changed since its first introduction as a scientific ideal. The nature of this change is also important for understanding the present conception of the scientific character of economics.