Georg Simmel reached the conclusion that evolution drives money towards an ever‐higher level of functionality while, at the same time reducing its importance as a substance. This article confronts Simmel’s one hundred‐year‐old hypothesis with the changes money has undergone since the...

The idea behind the invisible hand is that when market participants pursue their own self‐interest constrained by sympathy for man and economic rivalry they satisfy the needs of others more effectually than if they intentionally tried to satisfy those needs. This pursuit of self‐interest...

Purpose – The purpose of this paper is to provide logical and empirical explanations as to why monetary policy is ineffective with respect to affecting mortgage rates, and thus investment and aggregate demand. Design/methodology/approach – Logical and empirical evidence is provided in...

Purpose – The purpose of this paper is to show that fractional reserve banking (FRB) has implications for the ownership structure of assets in the economy that violates the Islamic principles of ownership. Design/methodology/approach – This is a theoretical paper that looks into the works of...

Purpose – The purpose of this paper is to examine how firms respond to adverse supply shocks. Design/methodology/approach – This paper examines a supply shock within the framework of Mankiw's Menu Cost Model. Findings – The analysis in this paper illustrates that the type of adverse shock...

Economic justice is possible , if one means by it commutative justice which provides for human dignity, for fair exchange and for the participation of everyone who wants to participate. It is also essential if worldwide disorder is to be avoided. But many forces militate against it and it...

Purpose – The purpose of this paper is to find alternative strategies to change negative output gaps in China. Design/methodology/approach – A path Philips curves approach is proposed to investigate output gaps, which develops hybrid Philips curves with the control variables of money, house...