TIME INCONSISTENCY PHENOMENON AND ISLAMIC SOLUTIONS

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BASTANIFAR IMAN; HADAVINIYA ALI ASGHAR

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Journal: JOURNAL OF ISLAMIC ECONOMIC STUDIES Year:2017 | Volume:9 | Issue:1 (17) Page(s): 119-148

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Information Journal Paper

Title

TIME INCONSISTENCY PHENOMENON AND ISLAMIC SOLUTIONS

Author(s)

BASTANIFAR IMAN | HADAVINIYA ALI ASGHAR | Issue Writer Certificate

Keywords

TIME INCONSISTENCYQ1

SELF-INTERESTQ1

RATIONALITYQ2

HUMAN ECONOMYQ2

ISLAMQ2

Abstract

Rationality, based on economic system of capitalism to explain phenomenon is based on SELF-INTEREST. One important phenomenon from the perspective of the new classical school of macroeconomic, Kydlnd and Prescott (1977), the winners of the 2004 Nobel Prize in economics is, TIME INCONSISTENCY. TIME INCONSISTENCY, is a condition that will cause a decision (by households, firms, or scheduler), which is hold at time t, to run for t+1, will run at t+1 against the decision holds at time t. This phenomenon increases the deviation from optimal macroeconomic policy and the ultimate goals.In this paper, using descriptive analysis and designing two sector closed economy of production and consumption, we prove that, there is no real equilibrium point in economy with the existence of phenomenon of TIME INCONSISTENCY. Even, flexible price mechanism in markets and capitalism conventional approaches such as delegation, rule and reputation are not applicable. The proposed approach of the paper is the HUMAN ECONOMY in ISLAMic view that would avoid of TIME INCONSISTENCY.

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APA: Copy

BASTANIFAR, IMAN, & HADAVINIYA, ALI ASGHAR. (2017). TIME INCONSISTENCY PHENOMENON AND ISLAMIC SOLUTIONS. JOURNAL OF ISLAMIC ECONOMIC STUDIES, 9(1 (17) ), 119-148. SID. https://sid.ir/paper/220861/en

Vancouver: Copy

BASTANIFAR IMAN, HADAVINIYA ALI ASGHAR. TIME INCONSISTENCY PHENOMENON AND ISLAMIC SOLUTIONS. JOURNAL OF ISLAMIC ECONOMIC STUDIES[Internet]. 2017;9(1 (17) ):119-148. Available from: https://sid.ir/paper/220861/en

IEEE: Copy

IMAN BASTANIFAR, and ALI ASGHAR HADAVINIYA, “TIME INCONSISTENCY PHENOMENON AND ISLAMIC SOLUTIONS,” JOURNAL OF ISLAMIC ECONOMIC STUDIES, vol. 9, no. 1 (17) , pp. 119–148, 2017, [Online]. Available: https://sid.ir/paper/220861/en

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