Excess Wealth Research Articles

The expressive injustice of being rich

According to limitarianism, it is morally impermissible to be too rich. We consider three main challenges to limitarianism: the redundancy objection, the inconclusiveness objection, and the commitment objection. As a distributive principle, we find that limitarianism fails to overcome the three objections—even taking recent theoretical innovations into account. Instead, we suggest that the core commitment of limitarianism can be drawn from the excess intuition. It entails that at some point, people's claims to retain wealth become qualitatively different: they become preposterous from the point of view of interpersonal morality and justification. Extreme wealth, we argue, adds a distinctive expressive reason to worry about inequality and insufficiency, compounding these other distributive injustices. In retaining or wasting excess wealth while others have too little, the wealthy send a message of complete disregard for the interests of their co-citizens. They express that their disadvantaged compatriots have a diminished moral standing.

The Socio-Economic Contribution of Muʾlft qulub and Fi sabilillah Zakat: Contemporary Applications in Sri Lanka

The zakat obligation mandates Muslims with surplus wealth to donate to specific beneficiaries. In Sri Lankan zakat jurisprudence, Muʾlft qulub is narrowly interpreted to include only recent converts to Islam, while Fi sabilillah is limited to warriors fighting for Islam. This interpretation follows the Shafiʿi school of thought, which advises against distributing zakat to non-Muslims or to righteous individuals broadly. This restrictive approach undermines the broader objectives of zakat, such as promoting social justice, reducing poverty, enhancing welfare, ensuring economic stability, and fostering inter- and intra-community relationships. The paper employs a qualitative content analysis methodology alongside a Muslim minority fiqh approach to connect Islamic principles with the socio-economic context of the Sri Lankan Muslim minority. It argues that the classical jurisprudential interpretation is inadequate for addressing the unique challenges of the modern Sri Lankan socio-economic environment. By applying a fiqh of the Muslim minority approach, the paper suggests a moderate expansion of the Muʾlft qulub and Fi sabilillah categories. This expansion would help achieve the broader socio-economic goals of zakat and empower the Muslim community in Sri Lanka.

The Macroeconomic Effects of Excess Savings

We study the consequences of shocks to the household wealth distribution in dynamic general equilibrium by characterizing the rate at which excess wealth is depleted. Analytical results link the aggregate decumulation rate to the distribution of the additional balances, micro intertemporal marginal propensities to consume, and general equilibrium feedback. A quantitative heterogeneous agent New Keynesian model matches the depletion path of the excess savings built up during the COVID-19 pandemic across the income distribution. The model predicts a substantial but steadily waning boost to consumption and explains up to 40 percent of the surge in inflation observed in 2020 and 2021.

Rulings on Excess Wealth of Unknown Sources According to Islamic Law

Islamic law places a paramount emphasis on safeguarding wealth and preserving it from loss, and it deems its preservation as one of the objectives of Sharia. Islamic law views wealth in a general sense and regards unexplained surplus wealth from a humanitarian perspective. The aim is to elucidate the comprehensiveness, adaptability, and relevance of Islamic Sharia, demonstrating its capability to address contemporary needs by providing rulings that uphold benefits, prevent harm, and contribute to enlightening people about the principles of wealth preservation. Contemporary and emerging issues are numerous and require clarification of their legal rulings, particularly new forms such as the treatment of abandoned funds in customs, the status of deposits in commercial banks, the handling of profits in banks with unknown owners, funds in the possession of money changers, and those held in exchange centers. These issues fall under the purview of Islamic jurisprudence, akin to the concept of "lost property," due to their significant importance in jurisprudential deliberations and contemporary practical applications. The resultant conclusion is that surplus funds of unknown origin are treated akin to lost property. Contemporary and emerging matters necessitate a legal ruling, and if the owner of such funds cannot be found, they are generally allocated to charitable causes, which are broader than the concept of Muslim interests. These causes encompass various charitable endeavors, such as aiding the poor and constructing mosques, as they are considered avenues of charity.

Israf’s Prohibition in QS. al-A’raf : 31 (Abdullah Saeed’s Contextual Approach)

This article discusses Israf’s behavior that occurs today. One form of Israf is a hedonistic lifestyle that aims at personal satisfaction to enjoy worldly life excessively. To satisfy their desires, they always keep up with the times, spending money and time on fun, which can lead to debt and even depression. Allah reminds humans that the primary purpose of life is to prepare for the future by serving and believing in Him, doing good deeds, and living an ethical and moral life. If not responded to wisely, the developments that occur in this modern era will only plunge people into negative things that can endanger themselves and others. This article uses a qualitative method in the form of library research, which took data from several book sources, tafsir books, and Arabic dictionaries to analyze the meaning of Israf in QS. al-A’raf verse 31 using Abdullah Saeed’s contextual interpretation approach. The result is that Israf behavior can be seen based on context. It is not only limited to lifestyle activities that use excessive wealth but also religious fanaticism, high ambition to achieve power, and wasting time on unproductive things, so it is insensitive to conditions in the surrounding community environment.

Analisis Motivasi Muzakki Dalam Keputusan Mengeluarkan Zakat

Zakat in Islam states that there are several rights of other people, especially the rights of the poor towards people who have excess wealth. The assets you own will be more blessed if some of them can be distributed using zakat. This will certainly be very helpful in alleviating poverty. Muzakki who have a very good understanding of zakat will influence the muzakki's interest in zakat to be high and vice versa. Awareness is the state of being sensitive or aware of a topic or subject. The muzakki's motivation, understanding and awareness in the decision to issue zakat are related to each other because if the muzakki does not have understanding and awareness then there will be no motivation within the muzakki to issue zakat. Likewise, if ordinary people do not have an understanding and awareness about zakat, they will not be motivated to pay zakat.

کنزیومرازم کے مسلم معاشرے پر اثرات: اسلامی تعلیمات کی روشنی میں تحقیقی مطالعہ

The consumer movement paradoxically emphasizes customer autonomy while acknowledging the drawbacks of excessive wealth pursuit and debt entanglement. This research deals with the impact of consumerism on individuals and society, framed within the context of Islamic teachings. Analysing consumerist behaviours, the study explores their alignment with Islamic principles and their effects on the socio-economic landscape. The research contributes a nuanced perspective on the implications of consumerism, emphasizing its correlation with Islamic values. By examining key themes, such as individual behaviour and societal consequences, the study sheds light on the intricate interplay between consumerism and Islamic teachings. This comprehensive analysis aims to deepen our understanding of these dynamics, offering valuable insights into navigating contemporary challenges while upholding Islamic values in the realm of consumption. Moreover, this study explores the concept, revealing that unchecked materialism can lead to more problems than benefits, causing mental and practical harm to the masses.

GOLD AND SILVER QIYAS COMPARISON IN ZAKAT ON EARNED INCOME DISTRIBUTION IN INDONESIA

Wealth distribution by zakat on earned income is affected by the nishab (threshold), which can be qiyas (analogized) by gold or silver. This study aims to compare the distribution of this zakat in Indonesia obtained with the qiyas of gold and silver. This research uncovers the zakat distribution by integrating qualitative and quantitative methods. The data used are gold and silver prices per gram and the income distribution from Indonesia Family Life Survey waves 2, 3, 4, and 5. There is a significant disparity between the low-income population and the high-income population. The research findings demonstrate an exponential increase in potential zakat amounts collected, aligned with the nishab thresholds, with a multiplication factor of 2.5 for gold qiyas and 2.9 for silver qiyas. Despite potential decreases or steady percentages of muzakki, the growing zakat amounts positively impact society by redistributing surplus wealth to deserving recipients. The silver qiyas generates higher potential zakat amounts, ranging from 1.5 to 2.2 times greater than gold qiyas. Considering the potential for increased zakat collection and its subsequent impact on various economic aspects, this study emphasizes the significance of diverse qiyas approaches in achieving equitable and effective utilization of zakat funds.

Aging notions, stochastic orders, and expected utilities

AbstractThere are some connections between aging notions, stochastic orders, and expected utilities. It is known that the DRHR (decreasing reversed hazard rate) aging notion can be characterized via the comparative statics result of risk aversion, and that the location-independent riskier order preserves monotonicity between risk premium and the Arrow–Pratt measure of risk aversion, and that the dispersive order preserves this monotonicity for the larger class of increasing utilities. Here, the aging notions ILR (increasing likelihood ratio), IFR (increasing failure rate), IGLR (increasing generalized likelihood ratio), and IGFR (increasing generalized failure rate) are characterized in terms of expected utilities. Based on these observations, we recover the closure properties of ILR, IFR, and DRHR under convolution, and of IGLR and IGFR under product, and investigate the closure properties of the dispersive order, location-independent riskier order, excess wealth order, the total time on test transform order under convolution, and the star order under product. We have some new findings.

What’s Wrong With Extreme Wealth?

The expansion in the wealth of the extremely wealthy has received much attention in recent public and academic debate. In political theory, the phenomenon has only recently begun to be scrutinized. This article builds on these preliminary steps, exploring the normative reasons we have to worry about extreme wealth. Looking at the issues, first, through a distributive lens, we reveal that the excess wealth of the extremely wealthy compounds the injustice of inequality and insufficiency, making the situation distinctly unjust. Through a relational lens, we see that extreme wealth may create societal segregation, which poses distinct threats to solidarity. Finally, when the two previous perspectives interact, the particular ways in which the wealthy can influence society, change rules and norms and bend existing regulation to their advantage open up the possibility of vicious societal feedback loops.

UTILIZING ZUHD HADITHS FOR UPPER-CLASS CRIME PREVENTION

Crime is becoming more widespread, with varied motives and often involving influential elites. The consequences of crimes committed by these elites are enormous, affecting not only themselves but also their families, institutions, and others. Therefore, addressing the increasing crime committed by influential elites requires efforts focused on prevention rather than just heavy punishment. One potential solution is through a religious approach, particularly by referencing the hadiths of Prophet Muhammad (SAW). Several hadiths teach the concept of Zuhd, which emphasizes avoiding excessive wealth accumulation and enjoying giving and sharing blessings with others. This article aims to present the Prophet’s teachings on leading a humble life and not excessively valuing wealth. The study employed qualitative research methods, including a literature review of relevant library sources. As a result, this article emphasizes that the Prophet taught that the orientation of human life should not solely focus on fulfilling worldly demands but also on having faith in the afterlife. Prophet Muhammad (SAW) exemplified Zuhd in his life, and his example needs to be emulated in the modern world today. Elite individuals who embody Zuhd will be more capable of restraining themselves from committing crimes while fulfilling their duties. This is because the attribute of Zuhd encourages everyone capable of committing a crime to refrain from doing so.

Shakespeare’s Mad Men: A Crisis of Authority. By Richard van Oort.

“Shakespeare’s Mad Men is a sequel to Shakespeare’s Big Men” (1). Both works together present a handful of Shakespeare’s plays as anthropological “thought experiments” (102) that explore the human problem of resentment—not in the Nietzschean sense of ressentiment (the revolt and subsequent victory of peripheral “slave” morality against a master) but in the Gansian sense of deferral, or attempted deferral by those at the center. Drawing on the anthropological insights of Eric Gans, van Oort situates Shakespeare’s protagonists on an “originary scene” (6) where they must individually deal with the human propensity for violence not as some external factor threatening the communal order from without, but as something that emanates from within that order. Human violence is bred of the resentments toward anyone occupying central status in human society: the “big man” (3). Marshall Sahlins thus supplements van Oort’s discussions on resentment, as the “big man” is the one who defers violence by “throwing parties”—that is, initiating the distribution of surplus wealth (3). Yet, the surplus in question is not material per se, but ethical. The “universal moral law” (38) guarantees the equality of all (as all language users create the originary scene to begin with) and thus cannot underwrite the central occupant’s sacred legitimacy. Thus legitimacy must be performed by the central occupant in the messy “ethical” world of profane politics, thereby validating society’s tenuous hierarchies. The big man both enjoys and resents this performance of centrality, as do his peripheral voyeurs, including us as readers.

Addressing the rise of inequalities: How relevant is Rawls's critique of welfare state capitalism?

Addressing the rise of inequalities: How relevant is Rawls's critique of welfare state capitalism?

A Pedagogy for the White Nonpoor in the United States: Returning Stolen and Excess Wealth, Land, and Resources to the Common Good

Liberation psychology prioritizes the needs and experiences of those who suffer oppression and have been locked out of the commons. Upstream in the United States, those with stolen and excess wealth, land, and resources remain within “gated” communities, protected by ideologies, false narratives, laws, and policing practices. Without leaving a roadmap, liberation psychologist Martín-Baró urged psychologists to reorient their work with the economically privileged to include disrupting compulsive consumption. Excess wealth is largely accumulated through histories of stolen land, extraction of resources, abuse of labor, hoarding, and intergenerational inheritance. This accumulation has benefited White people at the expense of BIPOC (Black, Indigenous, People of Color) individuals and communities. The tasks of conscientization, de-ideologization, and prophetic imagination that liberation psychology engages with those suffering oppression need also to be deployed with willing elites to assist in returning assets, land, and power to the commons. This article addresses the psychosocial tasks that are part of this return of excess and stolen wealth and privilege, a return that opens possibilities for mutual accompaniment and solidarity for the sake of justice and peace. This work seeks to contribute to the pedagogy of the nonpoor and the potential role of the helping professions in this pedagogy.

Asset allocation for a DC pension plan with minimum guarantee constraint and hidden Markov regime-switching

This paper is devoted to the study of the asset allocation problem for a DC pension plan with minimum guarantee constraint in a hidden Markov regime-switching economy. Suppose that four types of assets are available in the financial market: a risk-free asset, a zero-coupon bond, an inflation-indexed bond and a stock. The expected return rate of the stock depends on unobservable economic states, and the change of states is described by a hidden Markov chain. In addition, the CIR process is used to describe the evolution of the nominal interest rate. The contribution rate is also assumed to be stochastic. The goal of investment management is to minimize the convex risk measure of the terminal wealth in excess of the minimum guarantee constraint. First, we transform the partially observable optimization problem into the one with complete information using the Wonham filtering technique and deal with the minimum guarantee constraint by constructing auxiliary processes. Furthermore, we derive the optimal investment strategy by the BSDE approach. Finally, some numerical results are presented to illustrate the impacts of some important parameters on investment behaviors.

Memahami Makna Bakhil dalam Al-Quran dan Hadis

Islam is a religion that places great emphasis on people giving away their wealth in a good way, so that generosity arises which is one of the main characteristics that every Muslim individual who hopes for success in life and his life needs to always have, grow and develop. However, there is a trait and characteristic that can destroy generosity and the root of compassion, that can hide itself in the human subconscious to abandon good morals, that is known as miserliness. Miserliness paved the way for human nature to abandon its good morals. This research study is entirely based on literature review or literature studies. Therefore, the nature of the research is library (Library Research). The data collected and analyzed all come from literature and other document materials, such as books, writings in journals, as well as in other media, which are relevant to the problem under study. so you get the right answer. First, the word expression derived from the word (بخل) in the Qur'an is mentioned 12 times in 6 letters. Second, there are many things explained in the Qur'an in response to miserly acts, including encouraging sacrifices with one's soul, sacrificing property in jihad, Allah says about various kinds of harsh threats against miserly people, and stinginess is an illustration of shirk. who have loved excessive wealth than loving God. arrogance and turning away from the truth. The emergence of miserliness which is human nature due to driving factors such as the environment and education, love of the world and fear of poverty, being arrogant, money is the goal of life, and neglecting the effects of stinginess.

Some Results on Measures of Interaction among Risks

It has become a common understanding that financial risk can spread rapidly from one institution to another, and the stressful status of one institution may finally result in a systemic crisis. One popular method to assess and quantify the risk of contagion is employing the co-risk measures and risk contribution measures. It is interesting and important to understand how the underlining dependence structure and magnitude of random risks jointly affect systemic risk measures. In this paper, we mainly focus on the conditional value-at-risk, conditional expected shortfall, the delta conditional value-at-risk, and the delta conditional expected shortfall. Existing studies mainly focus on the situation with two random risks, and this paper makes some contributions by considering the scenario with possibly more than two random risks. By employing the tools of stochastic order, positive dependence concepts and arrangement monotonicity, several results concerning the usual stochastic order, increasing convex order, dispersive order and excess wealth order are presented. Concisely speaking, it is found that for a large enough stress level, a larger random risk tends to lead to a more severe systemic risk. We also performed some Monte Carlo experiments as illustrations for the theoretical findings.

Nonlinear redistribution of wealth from a stochastic approach

We investigate the effect of applying nonlinear redistributive taxes to the yard-sale dynamics of assets. An amount of money is collected from each individual (tax) and distributed back equally. We consider (i) a piecewise linear tax, exempting those with wealth below a threshold w0, and taxing the excess wealth otherwise, and (ii) a power-law tax with exponent α>0, which allows embracing regressive, proportional and progressive rules. The distribution of wealth obtained from numerical simulations of the agent-based dynamics is compared with the solution of its associated Fokker–Planck equation for the probability density function P(w,t) of wealth w at time t, in good agreement. Based on these solutions, we analyze how the different rules modify the distribution of wealth across the population, quantifying the level of inequality through the Gini coefficient. We note that the introduction of an exemption threshold does not always diminish inequality, depending on the implementation details. Moreover, nonlinearity brings new stylized facts in the distribution of wealth compared to the linear case, e.g., negative skewness, bimodality, indicating stratification, or a flat shape meaning equality populated wealth layers.

Zakat and Waqf As an Economic Development

<p>The public financial sector is experiencing quite dynamic developments from time totime. Its development is also influenced by the character of the system of government that occurs at a certain time. Since the time of the Prophet (s) until now, the dynamics of the public financial sector has undergone a definite change due to the different facts faced by each time. In its development there are fixed and some are changing. This study is use literature review method, literature review is a study conducted by researchers by collecting a number of books, magazines related to problems and research purposes.<em> </em>Develop a sense of social responsibility in people who have excess wealth. Zakat is a mandatory provision in the economic system so that in its implementation is carried out through official or legal institutions. Waqf recipients from the community are done in an easy way, among others through mobile banking, Short Message Service and waqf kiosks. In Malaysia to develop waqf assets, investments are made through Malaysian sukuk and capital market instruments issued by the Securities Commission in February 2001.</p>

Nekronology: The End of the Future at the Hudson Yards

AbstractThe following offers a novel approach to critiquing and contesting the chronology of colonial capitalism. By examining the spatio‐temporality of The Vessel—the suicidal shrine to neoliberal development in the heart of New York’s Hudson Yards micropolis—this article illuminates heterodox notions of time, death, and economics. Borrowing from Achille Mbembe’s necropolitics, I develop this “nekronology” to illustrate how the future is pillaging the present. I argue that architectural abstractions like The Vessel colonise the present from the future, taunting the present with the excess wealth derived from perpetual economic growth. Developments such as the Hudson Yards and neighbouring High Line exemplify this wealth pollution—the unhealthy disposal of excess wealth in public places. I then investigate the nekronology of current trends in postcolonial apocalypse and auto‐homicide. Finally, I examine the aesthetics of nekronological time wealth via an analysis of dystopian sci‐fi films and the temporally emancipating art of Black Quantum Futurism.