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‘Tyranny of Discounting’ versus the ‘Tyranny of Growth’: Need to Go beyond Economics to Attain a Just Society "استبداد التخفيض" مقابل "طغيان النمو": الحاجة إلى تجاوز الاقتصاد من أجل تحقيق مجتمع عادل

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  • Muhammad Nejatullah Siddiqi

    (Emeritus Professor, Aligarh Muslim University, India)

Abstract

I endorse everything that Zarqa (2017) discusses. In this short note I focus mostly on things that he failed to include in his discourse. Everything covered by the Zarqa is done in a clear, lucid, and convincing manner. The problem lies with aspects of reality not covered, e.g. command on real resources engineered through created money: all real resources may pass into the hands of people creating money as those receiving that money spend it on consumer goods including homes. Prices inflate, with attending inequality. But the paper fails to see and cover this point! I think we got this insight only recently. It has yet to permeate the thinking of most of us, especially those like Professor Zarqa who want to keep close to mainstream economics. But the fact remains that it has thrown most of the old analyses into disarray.

Suggested Citation

  • Muhammad Nejatullah Siddiqi, 2017. "‘Tyranny of Discounting’ versus the ‘Tyranny of Growth’: Need to Go beyond Economics to Attain a Just Society "استبداد التخفيض" مقابل "طغيان النمو": الحاجة إلى تجاوز الاقتصاد من أج," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 73-74, January.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:1:no:5:p:73-74
    DOI: 10.4197/Islec.30-1.5
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