Riba-Interest equation, where riba is blanketly equated with interest, is a major issue in Islamic economics and finance. To justify this equation, hadiths or prophetic narrations as one of the primary sources are invoked. Farooq wrote a paper "Riba, Interest and Six Hadiths: Do We Have a...

Trevor Swan is commonly considered to be Australia's most distinguished economist. As part of a visiting professorship at MIT during 1958-59 he spent nine months in India to assist in the formulation of India's third five year plan and to contribute to the development of India's premier research...

On 2 August 1849, towards the end of a 3 year voyage, the whaling ship Richmond ran aground with a full cargo of oil and whalebone, on the rocky coastline of the Behring Straits. Three passing ships, the Elizabeth Frith, the Panama and the Junior immediately came to the rescue, both of the...

Spanish Abstract: La teoría austriaca del ciclo económico se fundamenta en mecanismos de transmisión monetaria para explicar los auges y las recesiones. De acuerdo a los postulados austriacos, los mercados son procesos dinámicos de interacción entre los agentes económicos, en los cuales no...

In the modern lexicon, money is pure instrumentality, a colorless medium that transparently expresses real value. Contrary to that trope, however, we can get “inside” money: we can reconnoiter it as a structure entailing value that is engineered by certain societies. Taking a...

The current COVID-19 pandemic has attracted significant attention from epidemiologists and economists alike. This differs from the 1918-19 Spanish Influenza pandemic, when academic economists hardly paid attention to its economic features, despite its very high mortality toll. We examine the...

The aim of this study is to show how Arab-Muslim societies, from Indonesia to Andalusia, did not wait for the modern era in order to learn how to live with risk. Rather, they developed codes of conduct, modes of thinking and moral values. At first sight, the main issue of the notion of risk that...

An essential condition in the orthodox definition of riba is stipulated excess in a loan or debt. This essential condition is traced to al-Jassas. Understanding this issue of stipulated excess is critical to understanding riba. In this paper the stipulated excess in connection with al-Jassas as...

Spanish Abstract: El presente documento tiene el propósito de ilustrar, de manera breve, la génesis y evolución histórica de la Escuela de Economía Austríaca, así como el de formular una serie de consideraciones sobre el futuro de su programa de investigación. Para desarrollar el...

This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state existed. Considered as an historical practice, money is...