Sustainable Economic System Research Articles

The Concept of Economic Balance in the Quran: An Interpretation of the Verse Prohibiting Exploitation

This study aims to explore the concept of economic equilibrium in the Qur'an, focusing on the interpretation of verses prohibiting exploitation, such as exploitation, oppression in trade, and the obligation to act justly. The research employs a qualitative descriptive-analytical approach through a literature study, with primary data consisting of relevant Qur'anic verses (QS. Al-Baqarah: 275-279, QS. Al- Mutaffifin : 1-3, QS. An-Nisa : 135) analyzed using authoritative interpretations. The findings indicate that the Qur'anic prohibition of exploitation not only provides moral guidance but also practical solutions to address modern economic inequalities, such as prohibitions on exploitative exploitation, market manipulation, and hoarding. The concept of economic equilibrium in the Qur'an emphasizes justice, equitable wealth distribution, and social responsibility. This study concludes that Islamic economic values based on Qur'anic teachings offer effective solutions to global economic challenges by creating a fairer, sustainable, and Sharia-compliant economic system.

Prinsip-Prinsip Muamalah dalam Perspektif Ekonomi Islam

Muamalah in Islam deals with financial issues with the principles of justice, efficiency, transparency, anti-riba, anti-gharar (uncertainty) and social responsibility. This study was conducted with the aim of examining the principles of muamalah from an Islamic economic perspective and how these principles can be applied to the modern economy. The introduction of this study highlights the importance of Muamalah maintaining ethics and morals in economic transactions, especially in the face of increasingly complex global economic developments that are often not based on justice. This study uses qualitative methods and a descriptive-analytical approach. Primary data were obtained through interviews with Islamic economic experts and Islamic banking practitioners, and secondary data were obtained from related literature such as books, journals, and Islamic economic articles. Thematic analysis was conducted to identify the application of muamalah principles in various economic sectors. The results of the study indicate that the principles of muamalah have been widely used in Islamic banking, Islamic investment and Islamic e-commerce with a focus on justice, efficiency and transparency. However, there are challenges in implementing these principles, especially related to the prohibition of gharar and riba in the speculative global financial system. This study concludes that the principle of muamalah can be the foundation for a better and more sustainable economic system, if supported by proper education and regulation.

Evolusi Pemikiran Ekonomi Islam: dari Islamic Golden Age hingga Tantangan Ekonomi Modern

Islamic economic thought experienced significant development during the Islamic Golden Age, with Muslim scholars making major contributions to global economic knowledge. During this period, thinkers such as Al-Farabi, Ibn Khaldun, and Al-Ghazali introduced concepts focused on justice, social welfare, and a balance between material and spiritual needs. Through the translation of scholarly works, many Islamic economic concepts were transmitted to Europe, which was experiencing intellectual stagnation during the Dark Ages. This influence helped revive interest in economic thought in the West, particularly during the Renaissance. However, following the Islamic Golden Age, a substantial gap emerged in economic thought development between the Islamic world and the West. As the West progressed through the Industrial Revolution and the rise of capitalism, Islamic economic thought faced a period of stagnation. This article examines the historical development of Islamic economic thought, the impact of knowledge transmission from the Islamic world to the West, and the relevance of Islamic economics in addressing modern economic challenges such as social inequality, financial crises, and the need for a more ethical and sustainable economic system.

Islamic Economic Principles: A Critical Review of Capitalism and a Vision for Justice

This article addresses the paradigmatic tension between capitalism and socialism in the quest for economic and social justice, with a specific focus on critiquing financial capitalism from an Islamic perspective. Using a literature review methodology, this study explores the theoretical foundations of these paradigms and highlights Islam’s distinct approach. The findings reveal that Islam critiques the financial theories underpinning capitalism, particularly its emphasis on the unrestricted pursuit of profit, accumulation of capital, and reliance on mechanisms like interest (riba) and speculative activities (gharar) that exacerbate economic inequality and social injustice. Islam does not align with the profit-driven individualism of capitalism or the state-centric control of socialism. Instead, it presents a transformative paradigm rooted in Islamic theology, advocating principles such as zakāt to ensure equitable wealth distribution, the prohibition of riba to prevent exploitative financial practices, and the prioritization of shared welfare over material accumulation. This paradigm, referred to as Transformative Islam, critiques the structural inequities of financial capitalism while emphasizing the moral imperative for justice, communal well-being, and sustainable economic systems. By integrating theological principles with practical methodologies, Transformative Islam offers a comprehensive and just alternative to exploitative financial systems.

(Re)productivity: a category for the critical analysis of bioeconomic approaches

Serving as a mediating category and calling for sustainable development toward a reinvention of what is understood to be “economic,” the category of (re)productivity overcomes the divisive structure of modern capitalist economies. (Re)productivity can be understood as a socio-ecological category that builds on feminist economic criticism and critical approaches to ecological economics. The thesis of this article is that only with the help of the category of (re)productivity can bioeconomy truly be understood as a sustainable economic system: There can be no sustainable bioeconomy based on traditional economic approaches. (Re)productivity also recognizes “natural productivity” – that is, the living forces and creative abilities of nature as they are understood in terms of their economic significance at both the beginning and the end of the (re)production process. Indeed, nature always constitutes materialized social relations to nature. For a sustainable economy, this means that nature must be co-created in such a way that future generations retain options when it comes to their own economic activity and living a good life. In this article, we further systematize these ideas. To this end, the concept of bioeconomy as defined by the German government (as a frontrunner to the definition and propagation of the concept) is briefly outlined to then introduce the notion of (re)productivity as an analytical and shaping category. This is followed by a discussion of the concept of “nature” from the perspective of a sustainable (re)productive economy. The conclusion returns to the thesis and postulates precaution as a principle of economic action.

Circular Economy Development to Achieve Indonesia's SDGs in 2030 in the perspective of Islamic Economics in the Era of society 5.0

The application of linear economics makes economic actors think about how to get the maximum benefit through activities to explore existing natural resources, with the concept of make, use, and dispose of. The problems of waste, climate change, gas emissions, industrial waste, and water sources require us to switch to a more sustainable economic system. The circular economy is an environmentally friendly economy by maximizes the use of goods over a long period. The type of research in this study is qualitative research, after all the data is collected there is a stage of data credibility test where researchers check and triangulate research data. This study aims to answer the formulation of the problem, namely How is the circular economy development model in the era of society 5.0? What factors affect the success of the circular economy? What is the Islamic view related to the development of the circular economy in the era of Society 5.0? The results show that the development of a circular economy in the era of Society 5.0 can be carried out through the management of cattle waste into fertilizer and biogas. 4 factors influence the success of the circular economy, namely literacy, experience, technology, and financial adoption. The development of circular economy in Islam reflects the value of maslahah which refers to its usefulness and goodness.

Evaluating efficiency of green innovations and renewables for sustainability goals

Understanding the efficiency dynamics of green innovations is essential for advancing sustainable economic systems. This study evaluates the efficiency of forty-two countries in producing and utilizing green innovations for clean energy production and in achieving sustainable development goals from 2000 to 2020. Employing a network bias-corrected data envelopment analysis (DEA) and Malmquist productivity analysis, this study explores the adoption of green technology and its effects on economic and environmental efficiency. Findings reveal limited progress in clean energy efficiency across most countries, indicating suboptimal use of green innovations for the goals of affordable and clean energy and climate action). The results show that the efficiency pattern of green innovations follows a U-shaped curve, with initial inefficiencies followed by long-term gains. South American nations and the European Union demonstrate strong performance in integrating green technologies. However, green innovations alone appear insufficient; supportive policies, such as green taxes on emissions and renewable energy initiatives, are crucial for enhancing impact and achieving environmental sustainability.

What drives green banking operations in Bangladesh? Findings from PLS-SEM and BSEM

PurposeEnvironmental threats are becoming severe in developing and undeveloped countries. It urges to know how green banking operations can foster sustainable development in these regions. This study aims to provide empirical evidence of the determinants of green banking operations in Bangladesh.Design/methodology/approachBased on the socially responsible investing (SRI) theory, this study examined the hypothesized relationships using a partial least square structural equation modeling (PLS-SEM) approach. The Bayesian SEM (BSEM) through a Markov Chain Monte Carlo (MCMC) approach was also used to validate the study's first-order model.FindingsThe findings show that sustainable innovativeness, green investment and green banking policy substantially and positively change green banking operations. Notably, green investment is the most influential predictor of green banking operations, driving banks to establish sustainable economic systems within the country.Practical implicationsThe findings offer valuable guidance for scholars, financial institutions, policymakers and bank managers to develop and implement effective strategies for green banking operations. These strategies may significantly contribute to achieving the sustainable development goals (SDGs) in Bangladesh.Originality/valueThis study is ground-breaking in associating sustainable innovativeness and green banking operations from a developing country. It enriches our understanding of green banking, aligning with existing literature. Additionally, PLS-SEM and BSEM provide strong validation of the proposed theoretical model.

Exploration of Green Development and Sustainable Economic Paths from the Perspective of Environmental Economics

The purpose of this paper is to explore in depth the theoretical foundations, economic impacts and practical strategies of green development and sustainable economic paths from the perspective of environmental economics. The study elucidates the central role of environmental economics in promoting green transition, analyses the multi-dimensional impacts of green development on economic growth, employment, technological innovation and social welfare, and explores the effectiveness of environmental economic policies such as green taxes and carbon trading. Further, the article explores specific strategies for implementing sustainable economic pathways in different economic sectors, and assesses their contribution to enterprise competitiveness and industrial upgrading. Through case studies of green development at home and abroad, the article verifies the effectiveness and sustainability of the application of environmental economics theories in practice. Finally, the article discusses the challenges and future opportunities, and proposes policy recommendations and research directions based on the perspective of environmental economics, with a view to providing references for promoting green development and building a sustainable economic system.

Zuhud And Its Application In Economic Life: Case Study Of Tarikat

This article aims to explore the concept of asceticism in the perspective of modern Sufism and its application in economic life. The author is interested in this research because traditionally and in many circles, asceticism is understood as the practice of abandoning worldly pleasures to get closer to Allah, but the interpretation has developed in a more dynamic modern context. Therefore, the author wants to show that the teachings of asceticism do not require leaving the world or living in poverty. This research uses a qualitative method with a descriptive-analytic approach, which includes literature reflections on Al-Qur'an verses related to zuhud and the interpretations of contemporary Sufi scholars. These findings indicate that asceticism in modern Sufism is no longer viewed as an extreme ascetic practice, but rather as a balanced view that emphasizes spirituality and materiality. In an economic context, asceticism is translated as a work ethic that prioritizes honesty, justice and the use of assets for the common good. In this way, the concept of asceticism can contribute to the creation of a more just and sustainable economic system. This research aims to provide new insights for economic practitioners and Sufi enthusiasts in applying spiritual principles in everyday life. Apart from that, this research presents several modern Sufi figures who developed the concept of asceticism without promoting a life of poverty. These figures are an example of zuhud in economic activity and the business world.

How AI powers ESG performance in China's digital frontier?

This study investigates the effect of AI on corporate ESG performance using data from Chinese A-share listed firms from 2009–2022. The results indicate that AI enhances corporate R&D investment and the degree of digital transformation, therefore improving ESG performance. The driving effect of AI on ESG performance is more pronounced in firms located in provinces with greater digital financial inclusion. Our findings are robust. This study underscores the importance of AI development in enhancing corporate ESG performance, offering both theoretical support and practical recommendations for establishing a greener and sustainable economic system in China's digital frontier.

Climate Variability and the Resilience of Smallholder Tea Production in the East Usambara Mountain Farming System, Tanzania

The complexities of climate change are well-known, and it has immediate and long-term consequences on the environment and natural resources. This global concern adversely affects sustainable development sectors and economic systems including the agricultural sector. The tea sector is among the largest export crops contributing to earnings and revenues. Its production has been declining, and the reasons behind this decline remain unclear. This study proposed to explore the influences of climate variability on the current productivity trend of smallholder tea farmers in Tanzania. The study involves quantitative data analysis, collected from 1990 to 2020 including monthly precipitation, temperature statistics, and Greenleaf production gathered as secondary data from the Tea Research Institute of Tanzania and the Tea Board of Tanzania. The study found that rainfall and temperature change significantly influence smallholder farmers' tea production in the East Usambara Mountains. The optimal climate elements (temperature and precipitation) positively improve smallholder farmers' tea production. In contrast, extreme climate variability triggers negative effects on tea production when precautions and adaptation measures are not considered. To summarize, it is recommended that farmers engage in different programs and training sessions to enhance their perception and adaptability to climate change.

Comparative study on the prediction of the unconfined compressive strength of the one-part geopolymer stabilized soil by using different hybrid machine learning models

With the development of green, low-carbon, and sustainable economic systems, the issues of high pollution and energy consumption in construction materials have become increasingly prominent. This study focuses on adopting one-part geopolymer (OPG) in soil stabilization for underground engineering, which exhibits environmental and low-carbon advantages. The unconfined compressive strength (UCS) serves as a crucial parameter for assessing stabilized soil’s performance. However, it is necessary to conduct a large number of experiments, inducing high costs and time consumption. In this study, one multiple linear regression model, one Decision Tree (DT) model, five ensemble machine learning (ML) models (i.e. Random Forest [RF], Extra Tree [ET], Gradient Boosting [GB], Gradient Boosting Decision Tree [GBDT], and Extreme Gradient Boosting [XGBoost]), and hybrid models of those single ensemble models with Particle Swarm Optimization (PSO) (i.e. PSO-RF, PSO-ET, PSO-GB, PSO-GBDT, and PSO-XGBoost) were adopted and compared to achieve better prediction on the UCS of the OPG-stabilized soil. Furthermore, the interpretable method including SHAP and PDP (1D and 2D), was employed to investigate the precise mechanisms by which input parameters influenced the output label. The results revealed that the multiple linear regression model delivered the lowest accuracy, and PSO-XGBoost and PSO-ET exhibited the best performance on the prediction of the UCS with R2 value of 0.9964 and 0.9928, respectively. In addition, Curing time exerted the most significant impact on the UCS, followed by FA/GGBFS, Molarity, Water/Binder, and NaOH/Precursor. Compared to the SHAP method, the PDP offered a more intuitive approach to reveal the relationship between the inputs and output. The outcome of the study shed new light on the application of ML models in the prediction of the OPG-stabilized soil’s performance in underground engineering.

Effects of recycled waste on the modulus of elasticity of structural concrete

Concrete, the construction industry’s most utilized construction material, has transformed the environment and the modern built-up lifestyle. Although concrete is a first-rate supplier to the carbon footprint, it is imperative for buildings to display sustainable characteristics. Scholars have explored techniques to lessen the carbon footprint and the way to put into effect strategic waste control plans in which waste is reused. This study explores the dual benefits wherein concrete ingredients are replaced through abandoned waste which reduces the unwanted waste materials that have a substantial carbon footprint and thus results in the recycling of waste as part of a sustainable economic system. In this study, timber ash is utilized as a partial substitute for sand and cement, crumb rubber and waste glass as a partial substitute for sand, recycled concrete, and waste glass as a substitute for gravel. Characteristics studies were done to check the influence of each waste replacement on the modulus of elasticity of concrete. More than sixty-five combinations of waste have been examined to attain the modulus of elasticity of concrete. A total of about 200 concrete cylinders were cast to provide at least three cylinders for each generated data point. Three different ASTM standards were utilized to determine the modulus of elasticity of each mix. Four mixes comprising of the combination of two waste materials and two mixes comprising of the combination of three waste materials replacing natural materials were determined to exhibit an equal or superior modulus of elasticity of the control mix of 25 GPa.

Kolaborasi Antara Ekonomi Hijau dan Ekonomi Islam dalam Mencapai Kesejahteraan Sosial dan Lingkungan: Analisis Terhadap Strategi Pembangunan Berkelanjutan Society 5.0

This study aims to analyze the collaboration between green economy and Islamic economy in achieving social and environmental welfare through sustainable development strategies within the context of Society 5.0. The green economy, which emphasizes sustainable management of natural resources and environmental friendliness, can strengthen the principles of Islamic economy focused on social justice, environmental balance, and equitable wealth distribution. The integration of these two concepts is expected to create an inclusive and sustainable economic system that supports the achievement of Sustainable Development Goals (SDGs). However, its implementation requires policies that accommodate the social, cultural, and political conditions of each country. This study concludes that the collaboration between green economy and Islamic economy offers great potential for creating holistic social and environmental welfare in the Society 5.0 era

ANALYSIS OF MOVEMENT DATA FROM GPS-MONITORED LIVESTOCK GUARDIAN DOGS (LGDS) AT TWO SHEEPFOLDS IN THE NORTH-WESTERN MARAMURES LAND, ROMANIA USING THE KERNEL DENSITY ESTIMATION METHOD. IMPLICATIONS FOR OUTDOOR TOURISM

The Carpathians and other mountainous regions around the world are renowned for their specific landscapes shaped by pastoralism, a millennia-old traditional and sustainable economic system. In Romania, this traditional occupation has an established place within the Romanian culture. In an environment where large predators are present, the livestock owners and shepherds have traditionally relied, and still do, on livestock guardian dogs (LGDs) to protect the flock against carnivores or theft, therefore, the dogs are perceived as an integral component of the traditional pastoral system. However, from late April until the end of September, many outdoor recreational activities like hiking, mountain trail running, or biking overlap with the pastoral calendar, creating a potential for conflict between two, very different categories of landscape users, with recurring incidents happening over the years. In this study, a winter GPS monitoring campaign was proposed, between November 2023 and January 2024 that used GPS professional collars to track the movements of two livestock guardian dogs stationed at two sheepfolds located at their winter bases in the hills at the foot of Ignis Mountains (part of the Romanian northern Carpathians) from northwestern Maramureș Land, Romania. The campaign generated point-based spatiotemporal data processed and analyzed in M. Excel and QGIS using Kernel density estimation as the main method to generate metrics and identify potential clusters of LGD activity in their usual environment. The results highlight high observational clusters near the winter folds but also lower observational clusters in areas situated hundreds of meters distance around the main compound, in certain locations. Although temporally limited, the results have the potential to help the understanding of the animal's preferred zone of habitation and substantiate future win-win cohabitation solutions that minimize conflictual encounters between the shepherds and their guardian dogs on one side, as primary land users, and outdoor recreationists as other landscape users.

Transformation of Islamic Economics: Opening Halal Opportunities Amid the Dynamics of Society 5.0

Various correlated variables affect the transformation of the Islamic economics in the context of society 5.0. These variables include halal supervision and certification, public awareness of sharia principles, product and service innovation, collaboration between Islamic financial institutions and technology companies, and integration of advanced technology. New product and service innovations, such as sukuk bonds and Islamic mutual funds, also contribute greatly to the transformation of the Islamic economics. On the other hand, the integration of technologies such as fintech and blockchain has increased accessibility and transparency in Islamic financial services, and increased public awareness of the benefits of the Islamic economics has increased demand for Islamic goods and services. Technology companies and Islamic financial institutions work together to produce innovations in Islamic financial services, while technologies such as blockchain ensure authenticity and transparency in the halal industry. Understanding these components is important in transforming the Islamic economics towards a more inclusive, sustainable and ethical economic system in a 5.0 society.

The Concept of Local Economic Development Based on Circular Economic Specialization and Integrated Governance

This research aimed to outline the concept of Local Economic Development (LED), which aimed to address development issues, particularly in overcoming regional disparities and poverty. The research method used was qualitative. The results showed that the concept of LED was aimed at empowering all stakeholders, including communities, businesses, and governments, to collaborate and participate in economic activities and development. It adhered to the principles of circulation, integration, and sustainability. In this concept, the development of regions occured in three stages. It involved developing peripheral or underdeveloped regions with the assistance of advanced or core regions by providing resources so that previously underdeveloped areas could become advanced and prosperous. This led to the realization of integrated and competitive regions without disparities. The governance developed in this concept was Integrated, while the economic system developed was Circular Economy Specialization, which was based on a circular and sustainable economic system that renews and restores while considering social foundations and ecological limits.

Islam and Pancasila Democratic Economics: Islamic Criticism of Capitalist and Socialist Economic Thought

This research was conducted with the aim of providing information about Islam and Pancasila Democratic Economics with Islamic criticism of Capitalist and socialist Economics. The research method uses literature study, by explaining theories related to titles obtained from books, journals and online media. This research found that when juxtaposed Islamic economics and Pancasila economics have the same concept and aim at human welfare and justice. The capitalist and socialist economic systems have been criticized by Islamic economics because of injustice, exploitation and imbalance. By integrating Islamic economic principles, Indonesia can develop a more just, stable and sustainable economic system in accordance with the values ​​of Pancasila and Islamic teachings.

A proposal to recognize investment in breastfeeding as a carbon offset.

Policy-makers need to rethink the connections between the economy and health. The World Health Organization Council on the Economics of Health for All has called for human and planetary health and well-being to be moved to the core of decision-making to build economies for health. Doing so involves valuing and measuring what matters, more and better health financing, innovation for the common good and rebuilding public sector capacity. We build on this thinking to argue that breastfeeding should be recognized in food and well-being statistics, while investments in breastfeeding should be considered a carbon offset in global financing arrangements for sustainable food, health and economic systems. Breastfeeding women nourish half the world's infants and young children with immense quantities of a highly valuable milk. This care work is not counted in gross domestic product or national food balance sheets, and yet ever-increasing commercial milk formula sales are counted. Achieving global nutrition targets for breastfeeding would realize far greater reductions in greenhouse gas emissions than decarbonizing commercial milk formula manufacturing. New metrics and financing mechanisms are needed to achieve the health, sustainability and equity gains from more optimal infant and young child feeding. Properly valuing crucial care and environmental resources in global and national measurement systems would redirect international financial resources away from expanding carbon-emitting activities, and towards what really matters, that is, health for all. Doing so should start with considering breastfeeding as the highest quality, local, sustainable first-food system for generations to come.