Summary There is an ongoing discussion about the relationship of power and preferences: Is power reflected in what the agents can do and what they want to do, or, alternatively, are preferences and power two separate dimensions of determining the outcome of decisionmaking? In the latter case...

Purpose – The purpose of this paper is to bring out with analytical argumentation and mathematical treatment the central problem of Islamic economics, finance, institutionalism and socio‐scientific thought as it is being practiced today and for some time now. The problem arises from the...

Purpose The purpose of this paper is to explore the problem of non-convex labor supply decision in an economy with both discrete and continuous labor decisions. In contrast to the setup in McGrattan et al. (1997), here each household faces an indivisible labor supply choice in the market sector,...

Purpose – The purpose of this paper is to test the hypothesis that societies, when becoming wealthier, are increasingly less concerned with the efficiency of their farms. It is to show that and why small family farms are a good which citizens aim to preserve. Design/methodology/approach –...

Purpose – This paper aims to characterize those who take part in three different type religious activities (prayers, monetary donations and worship attendances) in the USA using 1972-2010 General Social Survey pooled data. Design/methodology/approach – The authors have identified factors...

Purpose – The purpose of this paper is to propose a model that relates the desire for justice with welfare. Design/methodology/approach – The point of departure, elaborated in the first part of the paper, is the observation that we have no sense-organs for experiencing welfare and the...

Purpose The purpose of this paper is twofold. First, it evaluates the impossibility proposition, called the “Arrow impossibility theorem” (AIT), which is widely attributed to Arrow’s social choice theory. This theorem denies the possibility of arriving at any collective majority resolution...

Purpose – Understanding of social values is emerging, particularly as the phrases “social impact” and “social value” and the measurement thereof, are ubiquitous in both practitioner and academic discourse today. These terms are particularly relevant to those involved in social...