Money and Time in Islamic Economics’ Distribution Theory
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Abstract
An economic system is comprised with three sub-systems of production, distribution and consumption, in which the core of the all, is the institutional arrangements among productive resources, known as apriori and apostrori theory of income distribution. Ironically, the neoclassical economists tried to deny the relevance of \"capitalism,\" saying it made no difference whether capital hired labor or labor hired capital. And that is true in the kinds of models that they constructed. But the question was, in the real world, did it make a difference? Furthermore, besides the core economic questions of, what?For whom? By who? How? What quantity? Where? When? Should be produced, there is a neglected question in classical mainstream thought that, who decides and answers for these question, and own the business? By contrast, constructing a theory of take-overs was an important component of the Islamic Economics, in which, who make decisions, and thus who control the firm matters.
In this paper we introduce the problem and showing the importance of whether to construct “cooperative” or “principal-agent” institutional arrangements among productive inputs, and exclusively through the conceptual and jurisprudential- contractual analysis of money and time, defining their positions in Islamic Economics’ distribution theory.
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