Chapter 10 Circular Causation Relations Using Malaysian Data on Money and Real GDP

Masudul Alam Choudhury

A chapter in Contributions to Economic Analysis, 2011, pp 205-218 from Emerald Group Publishing Limited

Abstract: Negativeηi,j(θ)-values denote marginal rates of substitution except when they denote the replacement of “bads.” There cannot be substitution between “goods” in an endogenously knowledge-induced Islamic socioeconomic order. Likewise, theshari'ahavoidance of “bads” does not legitimate the acceptance of a quantity of one bad by another bad, negating marginal rate of substitution in such a case and in the case of goods related with goods. Thus, theshari'ahprinciple is that a good cannot be traded off with a bad; a bad cannot be traded off with a bad; and a good cannot be traded off with a good.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ceazzz:s0573-8555(2011)0000291020

DOI: 10.1108/S0573-8555(2011)0000291020

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