Zakat and Accounting Valuation Model
Pages 16-24
Essia Ries Ahmed, Ku Halim Bin Aiffin, Tariq Tawfeeq Yousif Alabdullah and Ahmed Zuqebah

DOI: http://dx.doi.org/10.6000/1929-7092.2016.05.02

Published: 15 April 2016

Abstract: The valuation and measurement of assets with regard to Zakat is necessary issue from Islamic perspective. Therefore, re-value the assets regularly is needed and Islamic accounting system probably uses both historical and market selling prices with regard to enable firms to accommodate contracts and to discharge with social responsibility. Zakat accounting includes the accounting principles that relate not only to measurement and valuation but also recording, interpreting, presentation and disclosure of accounting information. Thus, the main objective of this paper is to elaborate the importance of Islamic accounting valuation adopted in zakat regard to accounting models. The application and mechanics of zakat and valuation model discussed related to the implementation of the current practices of accounting and valuation models that adopted in Islamic firms.

Early Macro Divergence from Micro: Keynes vs Hayek, Fisher and Friedman
Pages 268-280
Max Gillman

DOI: http://dx.doi.org/10.6000/1929-7092.2015.04.26

Published: 16 December 2015

Abstract: The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes. The Keynesian Cross arose to explain how government could create new investment and allow the economy to rise from Depression. Fisher and Hayek instead emphasized banking and monetary policy with "reflation" of price stabilization, upon which Friedman built. The Great Recession policy today echoes more firmly the ideas of Fisher and Hayek in avoiding another depression.

Editorial: Hayek, Keynes and the Crisis: Analyses and Remedies. An Introduction
Pages 184-185
Carmelo Ferlito

Published: 14 December 2015

Editorial

Capital Theory, Crises, and Business Cycles: The Triangular Debate between Hayek, Keynes, and Sraffa
Pages 186-191
Heinz D. Kurz

DOI: http://dx.doi.org/10.6000/1929-7092.2015.04.19

Published: 14 December 2015

Abstract: The paper discusses aspects of the triangular debate between Hayek, Keynes, and Sraffa on economic crises, business cycles and the role of capital theory in an analysis of these phenomena. It is argued that Sraffa was both critical of Hayek's monetary overinvestment theory and Keynes's use of the concept of commodity rates of interest Sraffa had employed in his criticism of Hayek and of Keynes's theory of liquidity preference.

Economic Growth and Financial Instability: The Ideas of Hayek and Keynes
Pages 192-204
Noemi Levy Orlik

DOI: http://dx.doi.org/10.6000/1929-7092.2015.04.20

Published: 14 December 2015

Abstract: Complex monetary systems in capitalist economies, whose financial markets can cause financial instabilities and economic downturns is an accepted argument by both John M. Keynes and Friedrich A. Hayek, disagreeing in terms of the factors generating financial instability, the mechanism in which financial variables affect the real sector, and more importantly how to generate economic growth.

In this paper we discuss Hayek and the Austrian monetary school innovative ideas in terms of money in capitalist economies (i.e., liquidity provisions and credit devaluations) from where the monetarism and later the New Classical framework developed; and revise Keynes and Post Keynesian views that recognized the full effects of money in productions arguing that debts precede money, which is non neutral, thereby can expand economic activity but also unfold financial instability.

We concentrate in the dissenting views over financial instability and argue that the main way to overcome economic activity is through expansive fiscal policies, opposing wages cuts, along financial market regulation.