faculty of economics university of allameh tabataba'i
Abstract
The Economics Values are the result of Economic Human’s measurement of Society environment. These values are categorized in subjective and objective concepts. Also subjective and objectives value could play different roles in dynamic systems. In particular, the discovery of Maximum principle for optimal path can be described as a dynamics objective and subjective values. In this regard, dynamic Subjective values rely on mental variables such as: time preference, liquidity premium, and impatience, rate of marginal utility diminishing and time elasticity of consumption. Dynamic Objective values emphasize on natural root of value, such as: labor value’s theorem, population growth and in some case implies production function’s condition like that capital rate of return and in some cases they imply. The collection of these values create dynamic phenomena in economics literature. The phenomena like that intertemporal interest rate, interatemporal interest rate, wage rate, population growth could be explained. In This paper the concepts of value and its dynamic feature in Islamic philosophy (as a paradigm of Islamic economics thought) has been explained. In this regard, the paper introduces the concept of movement and time (as an ability to move and continuity and gradually actualized) in Islamic philosophy. In another step, the criticizes optimal time path of consumption, saving, capital accumulation growth and money growth path in dynamic control problem by argument and paradigm of Islamic philosophy of time and motion .As a result, the paper concludes that the time variables which do not have subjective roots and do not have the ability of moving and growth in dynamic optimal path.in contrast, the dynamic values which relay on human factor could create economic growth.
نمازی، حسین؛ نظامهای اقتصادی؛ تهران: شرکت سهامی انتشار، 1393.
Allais, Maurice; Economie et Interet; Paris: Librarie Des Publication Officielles, 1947.
Arrow K. J, Dasgupta P, and. M¨aler K.G.; “The genuine savings criterion and the value of population”, Economic Theory; No.21, 2003.
Arrow, K. J. Bensoussan, A; F, Qi and Sethi, Suresh P; “The Genuine Saving Criterion and the Value of Population in an Economy with Endogenous Population Changes”, Online at http://mpra.ub.uni-muenchen.de/14622/MPRA Paper, No.14622, posted 12, 2008.
Barro.J.R and Sala-I-Martin; Economic Growth; McGraw-Hill’s Inc, New York, 1995.
Cencini,A.; Money Macroeconomics a New Approach; London: Routledge International Studies in Money and Banking, 2001.
Domar. E. D,; “Capital Expansion, Rate of Growth and Employment”, Econometrica; Vol.14, 1946.
Harrod. R. F.; “An Essay in Dynamic Theory”, Economic Journal; vol.49, 1939.
Henry Y.Wan,Jr; Economic Growth- A Critical Review and Summary of Modern Theories of Economic Growth; Harcourt Publishers P.6, 1971.
Lerner,A.P.; “Consumption Loan, Interest and Money”, Journal of Political Economy; Vol.LXVII, 1959.
Ono, Y.; Money, Interest and Stagnation: Dynamic Theory and Keynes’s Economics; New York: Oxford University Press Inc, 1994.
Phelps, E.; Golden rules of economic growth; New York, 1966.
Ramsey, F.P.; “A Mathematical Theory of Saving”, Economic Journal; No.38, 1928.
Samuelson,Paul A.; “An Exact Consumption Loan Model of Interest with or without the Social Contrivance of Money”, Journal of Political Economy; vol.66, 1958.
Semmel G.; The Philosophy of Money; London: Routedge and Kegan paul Ltd, (English translation), 1978.
Solow.M.R.; “A Contribution to the Theory of Economic Growth”, Quarterly Journal of Economics; vol.70, 1956.
Swan, T.W.; “Economic Growth and Capital Accumulation”, Economic Record; vol.32, 1956.
Tobin,J.; “Money and Economic Growth”, Economica; vol.33, 1965.
Uzawa, Hirofumi; Time Preference, The Consumption Function and Optimum Asset Holding; In J.N.Wolfe(ed),Value Capital and Growth: Papers in Honour of Sir Hicks, University of Edinburgh Press, 1968.
mojahedi moakhar,M. M. (2019). The Criticism of Dynamic Economics Values with Emphasis on Movement and Time in Islamic Philosophy. Islamic Economics, 19(73), 31-58.
MLA
mojahedi moakhar,M. M. . "The Criticism of Dynamic Economics Values with Emphasis on Movement and Time in Islamic Philosophy", Islamic Economics, 19, 73, 2019, 31-58.
HARVARD
mojahedi moakhar M. M. (2019). 'The Criticism of Dynamic Economics Values with Emphasis on Movement and Time in Islamic Philosophy', Islamic Economics, 19(73), pp. 31-58.
CHICAGO
M. M. mojahedi moakhar, "The Criticism of Dynamic Economics Values with Emphasis on Movement and Time in Islamic Philosophy," Islamic Economics, 19 73 (2019): 31-58,
VANCOUVER
mojahedi moakhar M. M. The Criticism of Dynamic Economics Values with Emphasis on Movement and Time in Islamic Philosophy. Islamic Economics, 2019; 19(73): 31-58.