فصلنامه اقتصاد اسلامی
پیاپی 60 (زمستان 1394)

In the 1970s, such terms as "intergenerational equality", "intergenerational justice" and "intergenerational fairness" were used extensively in different research works’ titles and in the theoretical and applied research texts. In this regard, the most important views are to be found in Hartwick's work (1977) which, adopting a justice-oriented approach, answered the question of how to exploit the revenues of exhaustible natural resources, which answer came to be known as Hartwick's rule. Accordingly, the present paper, ignoring the conceptual challenges regarding the issue of “intergenerational justice”, considers the Hartwick's rule as a basis for the intergenerational justice’s being materialized, and, modelling Iranian macroeconomic situation, tries to analyze the effect of investing revenues of exporting oil and natural gas, as the strategy for realizing the intergenerational justice, on intertemporal and long run capital assets accumulation level as one of the most important factors of stable development and growth. The results show that trying to realize the intergenerational justice inutilizing the nation’s oil and gas resources considerably enhances capital accumulation’s long-term trend, which in turn promises economic growth and development in a long period.

Normative ethics, as a branch of moral philosophy, seeks to achieve moral standards to regulate right and wrong behaviors of human beings. Regarding the factors involved in these behaviors’ being right or wrong, the following views have been put forward: virtue ethics (which permits the action that has originated from virtue), consequentialism (according to which the measure of rightness of the action is its results), deontology (whose criterion is not the action’s results, but rather its nature), and consequentialist deontology. The aim of this study is to comparatively examine the ethical measure of humans’ economic activity with regard to the economic verses of Quran. Thus, at first, a brief explanation of the normative ethical theories is offered, and then, examining Quran’s economic verses in the form of declarative and normative statements, some examples for each of these theories are stated. The findings show that according to the instances stated in the economic verses of the Holy Quran, the spirit of the economic activities should be that of virtue, that is, having goodmotivation and moderation in economic affairs, and that economic agents should consider consequentialist deontology in the sense of commitment to divine commandments in the economic sphere and in the meantime pay attention to the consequences of Quran’s economic traditions.

Production is one of the basic pillars of the economy, and accordingly examining the producers’ behavior and the Muslim producer’s objective function have always been amongst the important theoretical problems for Muslim economists. Having the theories regarding Muslim producer’s behavior in mind and considering the hypothesis that maximizing private interest by Muslim producer is done with an eye to the religious standards and public interest, the present study tries to answer this question: What are the Muslim producer’s goals? Thus, empirically studying the behavior of producers in Kermanshah and utilizing questionnaire and AHP method, the study has tried to rank the standards regarding the decision-making indices of the city’s producers. The results show that, on the one hand, private interest index plays a more important role in the producers’ decision-making than the index of God’s being satisfied and public interest, and on the other hand, the standards of decreasing the competitors’ profit, labor-intensive production and the scarcity of production factors have a more intense effect on the producers’ behavior and decision-making than those of paying taxes, giving complete information, not wasting production resources, increasing labor force’s wage, and production costs. One of the important findings is that the producers consider allocative efficiency, and paying attention to the private interests, if the public interests get threatened, they give up a part of their own interests for the sake of the society’s well-being.

The interbank market is a fundamental branch of money market that constitutes the place for the banks and financial institutions to supply and demand each other’s surplus funds. In this market, where the banks usually use instruments to finance themselves in the short run in order to manage their liquidity, the repurchase agreement (repo) instrument is of a high importance. In Iran the administrative regulation regarding the national interbank formulation was enacted by the central bank in 2004, and the market was formally instituted in 2008. Since the instruments applicable in this market are not many, the amount of transactions here is insignificant. In this article, in order for a new instrument for this market to be introduced, we try to answer the question whether, with regard to the Imamiyah jurisprudence and usury-free banking law, the repurchase agreement (repo) might be utilized in the Iranian interbank market as a monetary instrument. This study is of the qualitative type, and using jurisprudential-financial research method, examining the viewpoints of the elite, and leaning on the general principles of contracts validity in Imamiyah jurisprudence, examines the repurchase agreement. The results show that, if its subject and contract provisions get amended, the conventional repurchase agreement might be utilized as Islamic repurchase agreement in the Islamic interbank market.

The studies show that in spite of Muslim households’ awareness of extravagance’s being forbidden and its consequences, one of the problems common to the most families as consumers is lack of moderation in the allocation of income to the consumer expenditures. Identifying the manageable causes and factors of this non-moderation may be regarded as important by the economists and officials responsible for promoting religious culture and formal and informal education system. In this paper, using a mixed research method, we have tried to identify these factors and determine their correlation with each other and with the wasteful behavior. The tool utilized in the qualitative method was 9 interview with some experts by means of snowball sampling method until theoretical saturation, and the tool utilized in the quantitative method was the questionnaire distributed among parents of primary school students in Mashhad. The findings show that behavior’s consistency with Islamic economic teachings (extravagance’s being forbidden) has a significant positive correlation with the collective disciplinary conduct within the family, the long-term vision and strengthening willpower, which are affected by structural and contextual factors. The family’s rule-based conduct and regularity is influenced by the quality of transferring Islam’s economic teachings, educative-opportunity making within the family, interacting on the basis of Islam’s economic teachings and the quality of family’s income resources.

Money demand function in the conventional economics considers three transaction, precautionary and speculative motives for money demand. The reason is the instrumental rationality assumption in designing and formation of the family’s money demand function, while in Islam’s viewpoint, as the rationality of the family is beyond the instrumental one and it enters the spheres of society and ethics, such desirable moral characters as compassion and altruism will also affect the formation of family’s money demand function. In this study, with an eye to the ethical principles dominating the family in Islam’s viewpoint, we show that family formation leads to the uplift of desirable ethical characteristics, and by extending the institution of family on the basis of Islam’s value foundations, such ethical attributes as dedication, compassion and altruism will spread over the society. Thus, the money demand will not be solely based on precautionary, speculative and transaction motives, and the motives based on desirable moral characters, called forth type motives in this study, will affect it. Then, in the framework of Sidrauski’s model, we prove that because of increasing forth type motives via affecting the time-preference rate, the family effect leads to a higher welfare.