Tag: Milton Friedman

Moral Reflections on Economics, Vol 6, Issue 6

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Port congested with shipping containers and ships, protesters with signs for peace, wildfires and flooding nearby, map of disrupted trade routes

May 2026 issue (Vol 6, Issue 5) of Moral Reflections on Economics features

• “From Ontological to Epistemic–Institutional Halal” by Prof. Dr. Turalay Kenc, INCEIF University, Malaysia.

• “The Social and Cultural Importance of Hajj”  by Dr. Salman Ahmed Shaikh.

• Highlights of Global Trade Report by Muhammad Hammad.

• Book review of “Breaking the Trap of Debt, Inflation, Interest and Poverty” by Qanit Khalilullah and Sohaib Umar.

• Research paper in focus on “Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance” by Prof. Dr. Burhan Uluyol.

• Regular sections of reflections, market news, economic and financial indicators and call for papers.

Download at: Periodicals

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Consumption Smoothing – An Islamic Economics Perspective

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It is an empirical observation that people desire to have smooth consumption throughout their lifetimes. Lifecycle consumption hypothesis (LCH) and permanent income hypothesis (PIH) try to explain that in micro-founded framework. Both negate the Keynes assertion that average propensity to consume (APC) falls as income rises. Some micro-economic evidence is also broadly consistent with LCH and PIH, at least in advanced economies.

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