معرفت اقتصاد اسلامی

Theological Utilitarianism

A Review of the Values Compatible with Utilitarianism and the Rate of Its Compatibility and Conformity with Islamic Principles

Ali Jaberi¹

Abstract

Some Muslim economists who try to reconstruct the utilitarianism function for Muslims behavior by adding the variables and parameters which are confirmed by Islam criticize the dominance of utilitarianism on the demand part of economy in the ordinary sense. The proposition of this approach poses the question that whether or not the problem of utilitarianism can be solved by extending its scope. Using an analytical method, the present paper discusses the idea that the values laid in the function of neoclassic utilitarianism are mutually exclusive with value principles of Islam. As a result, any attempt to put Islamic principles in the aforementioned function will be futile. In order to expound this supposition, the author reviews the idea held by scholars about theological utilitarian, which is a combination of utilitarianism and religious values. The research findings show that, first, the parameters and variables sought by the Muslim thinkers were sought by the first generation of scholars who adhere to utilitarianism, (that is, theological utilitarian scholars). Second, the aforementioned values can at best present an image of the values which are compatible with "the theory of Divine Command", whereas we all know that there is a contradiction between the values proposed by Islam and those emphasized by Divine Command.

Key words: Theological utilitarianism, Values, Economic theory, Deontology.

JEL: B0, B3, B40.

The Main Objective of Monetary Policy and its Determinant Institution in Islam's Economic System

Akbar Komijani², Seyyed Hadi Arabi³, Muhammad Ismail Tavassoli⁴

Abstract

By referring to harmful effects of inflation on economy economists seek to justify the necessity of policy making for the purpose of setting the prices. In order to investigate the Islamic approach to monetary policies, the present paper tries to answer the question whether the Islamic government or the central bank has any commitment concerning the setting prices? The research uses an analytical- descriptive and deductive method. The main assumption of this research represents that since money is a kind of social contract, it is necessary that Islamic government preserves its value according to the Quranic verse which reads: "keep your promises" and due to the negative effects of expansive monetary policies. The research findings show that according to the preliminary decree of Islam the government has to honor its under taking in order to preserve the value of national currency, and it is permissible for Islamic government, according to secondary decree, not to carry it out when this proves expedient and as long as this expediency exists. Hence, independence of the central bank and reviewing the country's monetary law is very necessary for preserving the value of the currency of the country.

Key words: Islam's economic system, monetary policy, the quiddity of money.

Balance and Approaches to Justice
An Inquiry into Martyre Șadr and Martyre Motahhari's
Approaches to Balance

Hussein Namazi⁵, Ali Reza Lashkari⁶

Abstract

In the discussions about social and economic justice, the criterion of choosing an approach is the effect which justice exerts on theoretical and practical aspects. This idea increases the importance of exploring Islam's approach to justice, and balance. The present paper examines the hypothesis of conformity in martyr Șadr and Motahhari's views on balance in order to make explicit Islam's approach to balance. The research which relies on a library method, comes up with three main results: first, according to martyr Sadr's approach, balance is based on two principles: reducing great inequalities and earning an income which ensures a respectable standard of living. Second, martyr Motahhari's approach represents his views on natural rights. Third, there is no inconsistency between martyr Sadr's approach and that of martyr Motahhari's, in spite of some unfounded claims.

Key words: Social justice, Balance, Right, freedom, martyr Sadr, martyr Motahhari.

The Effect of Conducting Interest-Free Banking on Investment, Economic Growth and Inflation in Iran

Hussein Samsami⁷, Amir Hussein Tavakkoli⁸

Abstract

According to the theoretical principles of Islamic banking, eliminating interest from banking system contributes to the increase of investment and production, on one hand, and to the decrease inflation, on the other. This theory necessitates that the rate of realization of these aims can calculate the rate of elimination of interest from the banking system of the Islamic Republic of Iran since the beginning of 1363 solar (1984) when the law relating to interest-free banking activities was passed. The present paper discusses the idea that passing this law had no effect on the realization of the desired aims. The research results in which regression method was used show that passing this law has exerted no significant effect on the variables of investment, economic growth and inflation in Iran. Furthermore, the studies show that this inefficiency is ascribed to refraining implementing the purport of law.

Key words: interest-free banking, implementation of law, provided facilities, formal.

JEL: G21, E51, E43.

The Possibility of Making Use of the Products of Islamic Civilization for Designing and Formulating an Islamic-Iranian Model of Economic Culture

Mehdi Toqyani⁹, Muhammad Hadi Zahedivafa¹⁰

Abstract

No doubt, paying attention to the status of economic culture and proposing a model for promoting it according to Islamic principles have a prominent role in the progress of Islamic Iran. In order to investigate the way of enhancing the economic culture of society, the present paper discusses the proposition that probing into Islamic teachings and heritage of the civilization of Islamic Iran can contribute to designing an ideal model for the culture-making and economic education of society. The proposition has been examined through a library method to review the documents and resources and a descriptive method has been used to analyze the data. The research findings show that the products of civilization, which can be summarized in three main domains which include philosophers' works, texts of guidebooks, and books on sacred law can contribute to providing an Islamic- Iranian model of economic culture.

Key words: economic culture, products of Islamic-Iranian civilization, Islamic-Iranian model of progress.

JEL: A20, O1.

The Index of Pure Net Domestic Product(PNDP)

Mohammad Javad Tavakoli¹¹, 'Abbas Shafi'inezhad¹²

Abstract

Today's environmental problems have attracted economists' attention towards the approach of sustainable development and prepared the ground for designing the index of green gross national product (Green GDP). The present paper, which elaborates on Islamic approach to the index of gross domestic product, seeks to answer the question about the kind of product approved by Islam. Using an analytical approach, it proposes the proposition that the discourse of the Quran and traditions lays emphasis on the agreeable and lawful products, called halal and tayeb, rather than on green product. This different religious approach calls for fundamental changes in national accounting, production policy-making and planning for future development. In this approach, the common index of Net domestic product (NDP) can be adjusted in as far as disagreeable products, expenses, and environmental, social, and moral interests are concerned. The proposed index which is called the index, of agreeable net Domestic (PNDP) product, shows the value of good goods and services which belong to in a specific period of time.

Key words: production, Lawful product, GDP, NDP, Pure Net Domestic Product, Halal Prodacts, Green GDP.

JEL: C82, Q01, E23, E01.

The Model of Social Security
in Early Islam and Its Implications for New Models

Elias Naderan¹³, Hassan-Aga Nazari¹⁴, Seyyed Reza Husseini¹⁵

Abstract

Nowadays, common models of capitalist social security encounter many challenges including grave financial crisis. These challenges have made the formulation of an Islamic model of social security absolutely necessary. The present paper discusses the proposition that the model of social security in early Islam can be identified by a historical method and this model can be used as a model of social security for modern societies after its time-related features are eliminated. A historical method has been used in this research, and the findings show that there was a distinctive and successful model of social security in early Islam. This model includes such prominent features like society-centeredness (instead of state-centeredness), merit-orientation (instead of universalism), neighborhood-orientation (instead of centralism) and avoiding duality in tax deductions and social security. Observing to these features in designing new models of social security can contribute to solving existing problems.

Key words: social security, social solidarity, early Islam, social justice, Islamic economy.

JEL: P36, H5.I3.

¹ Assistant professor of economics department, IKI    jaberi@qabas.net
Received: 2012-6-5 - Accepted: 2012-9-19

² Professor of Tehran University komijani@ut.ac.ir
³ Assistant professor of Seminary and University Research Center     hadiarabi@gmail.com
⁴ Faculty member of 'Allamah Tabatabaii University     metavassoli@atu.ac.ir
Received: 2012-5-16 - Accepted: 2012-9-15

⁵ Professor of Shahid Beheshti University h-namazi@Sbu.ac.ir
⁶ PhD student of economics, Seminary and University research center    alilaskari@hawzeh.ir
Received: 2012-6-6 - Accepted: 2012-9-16

⁷ Assistant professor of economics department, Tehran Shahid Beheshti University    h-samsami@cc.sbu.ac.ir
⁸ MA of economics, Tehran Shahid Beheshti University     Amir.hossein.tavakoly@gmail. com
Received: 2012-4-24 - Accepted: 2012-9-1

⁹ Assistant professor of economics department and faculty member of Isfahan University    Toghyani@isu.ac.ir
¹⁰ Assistant professor of economics department, Imam Sadiq University       zahedi@isu.ac.ir
Received: 2012-6-10 - Accepted: 2012-9-20

¹¹ Faculty member of economics department, IKI     tavakoli@qabas.net
¹² MA of economics, IKI       ab_kamizi@yahoo.com
Received: 2012-4-17 - Accepted: 2012-8-15

¹³ Associate professor of Tehran University    Enaderan@ut.ac.ir
¹⁴ ASSociate Professor, Scminary and University Research Center        Hnazari@rihu.ac.ir
¹⁵ PhD student of economic sciences, Seminary and University research center      srhoseini@rihu.ac.ir
Received: 2012-6-2 - Accepted: 2012-9-17