This paper considers a setting in which the acquisition of human capital entails a change of location in social space that causes individuals to revise their comparison groups. Skill levels are viewed as occupational groups, and moving up the skill ladder by acquiring additional human capital,...

"Exit, Voice, and Loyalty" (A.O. Hirschman 1970) is a theoretical concept derived from the work of Albert O. Hirschman (1970) which is focused on two essential options in organizatios and products decline, being "exit" and "voice".The basis concept is as follows: members of an organization,...

This paper adopts a relative approach to the fulfillment of basic needs. It constructs a basic needs gap index (BNGI)to measure the performance of selected Muslim countries at three points of time 1987, 1991, and 1994

. A wide body of literature on economic theory is devoted to the analysis of industrial goods markets with the possibility of advertising influence on demand. However, these models do not view media as industry entities with their own strategic goals and objectives. On the other hand, the main...

This is a critique of an article of M. Fahim Khan pulished in an earlier issue of the same journal It argues that in other economic systems including capitalism too play an important role to mitigate the hardships of the poor but unlike the Islamic system they do not show their impact on income...

The Neoclassical Theory assumes that individuals are essentially selfish and maximize the utility of their income, measured on some utility scale. It defines the rationality of individuals based on preference relations, which should not change by the context. However, it is a fact that...

The paper presents a model where the self esteem and the self determination mechanisms are explicitly modelled in order to explain how they affect the intrinsic motivation and its impact on individual choices. The aim is to reconcile different explanations (and consequences) of the motivation...

The modern economic theory implemented today is inherently flawed. Unfortunately these flaws are not apparent in contemporary economic theory which is built on the idea that scarcity is an ever present condition; an approach referred to as scarce resource theory (SRT) in operating level...

Any demand equation satisfying Lau’s (1982) Fundamental Theorem of Exact Aggregation and is 0° homogeneous in prices and income will have a Gorman (1981) functional form for each income term. This property does not depend on symmetry or adding up. The implications of this result are...

The model presented here derives the product life cycle of durable goods. It is based on the idea that the purchase process consists of first purchase and repurchase. First purchase is determined by the market penetration process (diffusion process), while repurchase is the sum of replacement...