These mens woolrich arctic parka had been originally worn by Inuit & other similar Arctic people to stay warm in some of the highly inhospitable situations and these had been made out of fox fur or caribou hide. They used to make the hoods quite large so that a woman can hold her baby on her back nicely. The larger hood style still exists but now has grown to be style statement than a vital necessity.A parka jacket is made from synthetic material & entrance is zipped up for closure. Nowadays standard is of jackets which are down-filed but those with synthetic fills are also really warm and a good deal extra animal pleasant. The design is such that they are thigh length and have a fur trimmed hood.

Traditionally, the arctic parka was made from caribou hide, and fox fur. Nowadays, modern materials are used, and the design has been adapted to accommodate a front zip closure. Even the Inuit rarely wear the traditional garb in favor of modern styles.Many jackets today are called parkas, but you need to understand the defining features of the jacket if you’re following the real deal. A parka is usually thigh-length, almost in order to the actual knee, and includes a fur-trimmed (or even synthetic fur) cover. Just about all parkas right now function a top zero drawing a line under, a few with an outside button flap. And lastly, almost all parkas are down packed, although synthetic floods are usually perfectly satisfactory and can end up being just as warm.

When companies struggle through economic downturns, much like the one we are experiencing now, the first instinct is to start slashing the operating budget. Managers and employees are asked to do more with fewer resources.

The economic outlook for the foreseeable future in our country shows businesses will continue to cut costs and make tough choices in order to survive and stay competitive. While the belt tightening continues, so too will the temptation to cut training budgets or eliminate them all together.

It’s been my experience that one of the areas hit hardest by budget cuts is the training function. Training, in some instances, is often thought of at times as a luxury or nice to have in organizations. It is an expense worth paying for when times are good, but an easy target for elimination when times are bad.

Companies who have established formal training departments, however, see the benefit to operating an education arm of their organization because they understand how training maintains or increases performance in their employees. They understand there is a science behind training and adult earning. In order for it to be effective, training must be built on sound instructional design and administered accordingly. After all, it is the employees that help make the organization run. Poor performance on their part could mean poor performance for the organization as a whole.

I’m here to argue that if you are thinking of cutting back on your training budget just to save money and ride out our current economic storm, you are actually doing more harm than good to your organization’s bottom line. In fact, shifting funding or resources to your training function and adapting the way you create and deliver training may save you more money in the long-term and create a sustainable business that can weather any negative economic condition.

The Cost of Employee Turnover Due to Poor Training

Cuts to employee training, or poor training for that matter, results in higher costs to employers. These costs are due to employee turnover. According to Deloitte’s 2010 Ethics & Workplace Survey, one-third of employed Americans plan to leave their current job and look for a different job or career once the economy gets better. The main reason as to why they choose to leave their current position is due to lack of trust and clear, consistent communication from their employer.

Add to this poor training or lack of training opportunities where employees can enhance or develop their skills.

The Center for Workplace Excellence has compiled data on how companies who under-train or poorly train their employees suffer from costly high turnover rates. Costs associated to replacing (or failing to replace) those lost through turnover far out outweigh the costs in further investment in training.

Consider the following

In companies where training is considered good, 12% of employees are considering leaving to find new employment or changing careers.
In companies where training is rated poor (or severely lacking), 41% of employees are planning on leaving.
The average cost of replacing an employee making approximately $60,000 per year is more than half that person’s salary – almost $38,000. The average across the country is $17,000 in recruiting, screening, interviewing and onboarding costs.

Using these figures, it becomes apparent that these costs add up when you have many employees who depart a company whether due to layoffs or voluntary departure, depending on the size of company.

Compare this to the costs of regular, ongoing training efforts to maintain performance or develop employees. The average cost of training per employee according to the American Society for Training & Development (ASTD) and Society for Human Resource Management (SHRM) between 2004 and 2008, is between $1,000 and $1,100 annually. Training magazine in 2003 estimates training costs are approximately 2.5% of an employee’s wages.

Clearly from these statistics, the costs of funding ongoing training per employee is far less than the replacement cost of an employee.

Action Plan to Improve Training under Tight Budgets

If you have arrived at the decision to focus on training to maintain performance or retain your employees, here is a five part action plan to support your current training under difficult economic conditions.

Part 1 – Communication

Remember, according to Deloitte’s 2010 Ethics & Workplace Survey, one-third of employed Americans are planning to leave their current job to look for a different employer or make a career change once the economy gets better. This is largely due to lack of trust and clear, consistent communication from their employer.

Communication should occur at all levels of the organization, from top-down and the bottom-up. How will employees know what is available to them for personal and professional development More importantly, do they know the benefit toward devoting time to their own personal and professional development

People in organizations who are responsible for training and development must actively communicate the value of learning to senior executives. Likewise, they must promote the benefit of training among employees and encourage greater use of informal, short learning sessions. This is finding opportunities for learning in as many situations as possible. Take the learning outcomes and find ways to share discoveries with other parts of the organization that will benefit.

In other words, create a culture of learning in the organization. In training circles this is widely known as building a learning organization where learning and the sharing of findings to spread throughout.

Part 2 – Review Budgets

With reduced training budgets, training managers must do more with less while still being charged with maintaining employee performance and accountability.

The best way to optimize a training budget is to review all available programs and prioritize them based on current company objectives. Drop or archive the programs that are deemed as nice to have and focus your resources on the training that produces results. Ideally, you want to place emphasis on training programs that will result in making money or saving money for the company.

Also, change your mindset regarding your training. The content created can be recycled or reused in other training modules. Be mindful of updating it and placing it in context of the subject matter. It’s not necessary to rewrite content if it has already been created. Development costs add up and if you can reuse content, you can quickly and efficiently build effective training and reduce your costs.

Part 3 – Leverage Available Technology

According to ASTD’s State of the Industry Report, 70% of all training time spent by employees in organizations is with instructor-led training. E-learning or learning in virtual classrooms makes up the other 30% of training time.

Instructor-led training typically comes with a high price tag due to logistical costs. With tight training budgets more and more common over these past few years, leveraging technology to deliver training (such as e-learning) is becoming increasingly popular. It creates greater accessibility, wider distribution and reuse of content for employees. While upfront costs to implement e-learning can be expensive, the savings are realized quickly with long-term benefits.

Technology also affords opportunities for collaboration. As mentioned earlier, organizations should look to informal learning opportunities and short learning sessions to create a learning culture. Free or low-cost tools such as blogs and wikis can allow employees to collaborate, report discoveries and discuss ways to improve performance or support one another in their respective efforts.

Part 4 – Leverage Existing Talent

The top performers in your organization are key to maintaining performance in your organization. Top performers, the best of the best at what they do, can lead others and serve as role models. Take advantage of their knowledge and expertise by helping them become trainers, coaches or mentors for your organization. They can facilitate the suggested informal learning sessions as outlined in Part 1 of this 5 part plan.

Another way to leverage your existing talent pool is to cross-train your employees. Due to the economy forcing organization to lay off workers, and little or no hiring going on to replace those lost jobs, those left behind are asked to do more outside of their normal job roles. To avoid burnout or leaving employees unprepared to take on new tasks, train people in other job roles to facilitate the changes that occur.

Part 5 – Link Learning Programs to Business Goals and Objectives

Last, but not least, make sure any and all training is tied back to company goals and objectives, both short-term and long-term. This is true whether or not an organization is operating within an economic recession. All training should be positioned to either support employees in generating revenue for the company or helping to lower costs. By linking to goals and objectives, you give purpose to the training program and justifying its existence.

Conclusion

Good training that is objective and performance-based will empower employees to perform to expectations, supporting defined business goals and objectives. When the economy is down, training is more important than ever. Layoffs and job restructuring shift new duties and tasks to those remaining in an organization’s workforce. That alone prompts evaluation of current training programs and new training needs that must be met. Times like these are an opportunity to ensure that the existing workforce still engages and continues to work toward meeting an organization’s goals.

Before the urge to cut training programs takes hold, think about which training programs work and are effective for your organization. Do they produce the intended results What knowledge, skills and behaviors needed for top performance out of any employee are present in the current training programs More importantly, do the programs make money or save money for the company Find ways to evaluate the current training programs by measuring and quantifying results that tie back to the organization’s business objectives.

Despite the negative impact of economic downturns on our businesses, somewhere within the challenges we face are opportunities for creativity and new solutions to emerge. Training is one of them. There are many alternative methods in presenting training to support your business that are efficient and cost effective, such as e-learning. Many of the resources at the disposal of most companies can be leveraged to provide learning experiences that keep your workforce active and engaged staying productive to emerge from the recession we are currently in.

Our people are our best asset has become a business cliche, but in this case it is absolutely true. If you value your employees and trust they will be the ones who can help keep your organization a float and successful during these tough economic times, you are already further ahead than most organizations who have decided to take a different path all together by cutting their training programs.

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A slew of relevant policy redirections have already been initiated in this regard The government has deregulated oil prices, disinvested public sector undertakings, created special economic zones and passed assorted legislation to encourage enterprise development. While some of these measures are starting to show positive results, many have been largely ineffective while yet others have completely collapsed. For instance, a massive privatisation drive launched after 1999 managed to rake up private sector investment. However, Abuja’s simultaneous inclination for micro-enterprises, instead of small-scale ventures, did little to curb unemployment. The failure or even inadequate success of these measures is attributed primarily to disregard or ignorance of ground realities, and lack of a coherent, consistent, macro-level vision.

Nigeria’s unique set of problems calls for broad-based policy intervention from the bottom up, and any individual law or policy that is not part of a unified effort is unlikely to make much difference. The ‘bottom up’ analogy is pertinent, as one of the first things Nigeria ought to be doing is improving the condition of its roads.

The business environment in the whole of Africa is crippled with massive infrastructure shortfalls that result in the continent’s high enterprise mortality rate1. Significantly, the rate of failure affects older and new entrants alike. A leading cause is almost always infrastructure deficits that critically hamper genuine economic growth and productivity.

Nigeria likewise suffers from endemic infrastructural woes with regards to roads, communication and especially power (small and large businesses alike across the country rely heavily, and at times exclusively, on backup electricity). There have been no worthwhile attempts so far to radically upgrade the power sector, or attract private investment. Another menacing challenge, compounded by the recent proliferation of militancy in the Niger Delta region, is security. Continued use of outdated technology and lack of trained manpower are a few more of the many difficult bottlenecks facing Nigerian entrepreneurship.

At the administrative level, Nigeria needs radical changes in fiscal, monetary and industrial policies to both promote new enterprises and aid existing ones. The bulk of the problem is the impaired access for small and medium enterprises to capital markets. To improve this situation, lawmakers have made it mandatory for commercial banks operating in Nigeria to keep aside 10% of pre-tax profits for equity investment in small businesses. While it was a reasonably sensible move, it failed to meet avowed targets because the rate of actual disbursement was significantly lower than expected2. In the context of cultivating a wholesome entrepreneurial spirit, policy changes can often be superficial unless followed through with flexible implementation and constant monitoring. An effective revamp of Nigerian financial policy initiatives must focus on three key objectives

Enhanced regulatory mechanisms to oversee micro-financing operations.

Increased capacity and motivation for financial aid to small businesses.

Improved coordination between various government, private sector and donor agencies.

Engineering a country-wide entrepreneurial spirit also calls for simultaneous and massive social restructuring, in a way that correctly reflects Nigeria’s historical imperatives and the poverty that blights both its urban and rural landscapes. Even though the country earned an estimated $600 billion in oil revenue in the last half century, it’s GDP per capita of $1,418 ranks among the lowest in the world3. Added to that are deep-set symptoms of rural illiteracy and gender inequality, both of which are proving acutely detrimental to sustainable enterprise development.

The Nigerian Economic Policy for 1999-2003 envisaged far reaching promises on universal basic education, adult literacy and a slew of related programs aimed at leap-frogging in order to short circuit the longer span of development. Part of the reason these and other objectives have since been frustrated is the huge difference between policy and execution, a problem of developing nations in general. In Nigeria, it is a key concern area because of its close relation to another national catastrophe rampant bureaucratic corruption. The state of Nigerian corruption is so insidious that it comes with its own name – prebendalism, essentially defined as mass misappropriation of public assets by bureaucratic and political agents4. International aid agencies owe much of the failure of Nigeria’s economic and poverty alleviation initiatives to an intractable bureaucracy that has steadily resisted efficient and fair practices.

Activating productive entrepreneurial practices in Nigeria will require cumulative development and focussed efforts on these vital objectives

Creating an aggregate socio-economic environment that is conducive to enterprise development in the fullest sense, through fiscal, monetary and industrial policy changes.

Removing conditions that create high business costs by addressing systemic deficiencies in terms of infrastructure, policy and implementation.

Attracting local private sector finance and equity with the specific objective of creating a mass base of viable small businesses.

Revamping the education sector to provide vocational, administrative and skill development training to rural and urban youths.

Maintaining political stability and building social consensus to ensure broad-based success of macroeconomic policies.

To summarize in two words, Nigeria’s future economic success depends on creativity and perseverance. The creative aspect is necessary to design locally applicable solutions for accelerated economic growth. In view of its historical and current economic realities, these solutions will need continuous and flexible implementation with built-in course correction capabilities. In short, intelligent perseverance! It is certainly not going to be an easy job bringing about and sustaining an entrepreneurial spirit in Nigerian affairs. But unless it manages to do just that, the chances of this remarkably talented country shaking off its Third World attributes and transforming into a global economic powerhouse are slim.

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Aside from the technological advances to rotorcraft development toward vertical flight aircraft, specifically the development of the helicopter, the gyroplane also provided many other well needed services for the time period.

Before we can appreciate what the gyroplane has done we need to look at what all great nations through history have had in common. Lasting empires all had the ability to feed the people and in many of these nations the ability to sell excess foods. While many of us forget in our modern times of relative peace and international world trade is the importance of logistics in times of war, famine or natural disaster. Egypt as told in the Bible fell from power do in part by fallen crops from draught and other phenomena. While the Greek and Roman Empires fell from political struggles from within there can be little debate of the economic hardship they both faced in trying to feed the peoples of their vast holdings.

Gyroplanes at the turn of the Twentieth century were used for fertilization and pesticide application right alongside the barnstormers in their biplanes. The agility and speeds with which the gyroplane normally flies provided a better application with less wasted chemicals than its fixed wing counterpart. In many countries the agricultural use of helicopters fills this role. Problems with helicopters and agriculture in developing nations stems from the expense of the helicopter itself in terms of purchase costs, maintenance and available fuel availability within the nation itself. Gyroplanes on the other hand are far cheaper to operate and maintain and use a fraction of the fuel that helicopters use. This means the food sources can be grown at a far cheaper cost in comparison to other methods of crop control.

The gyroplane of today is as much of an aviation oddity as it was when it first made its appearance almost a hundred years ago. Companies back then took advantage of the strangeness and aura that the gyroplane made by using it for commercial advertisement of its products much like blimps are used at major sporting events.

From its inception the gyroplane was found to be a very good observation platform for both survey work, geological and mapping studies, air route planning and aerial photography work. Many of these services are still needed around the world not just in developing nations and again the gyroplane is even better suited today to fill these roles than it was in its earlier history. The development of Global Positioning Satellites or GPS navigation has added a far greater degree of accuracy to all aviation and navigation applications.

As can be deduced from what we have covered here a small nation can readily afford several gyroplanes for the cost of one helicopter. These gyroplanes can map, survey and provide aerial photographs of the nations agricultural belt thus providing critical data and visual proof of the effectiveness of its agricultural and land space usage assets. These same aircraft can be dispatched to areas that have insect outbreaks for pesticide applicationeradication before the effects become out of control.
Some nations that come to mind are some of the war torn countries of Africa were the gyroplane is still being made in flown in rather strong numbers. The impact that these small and affordable aircraft have to offer would not only help to feed the people but possibly help turn the economics woes of the nations in a new direction.

In addition to the agricultural uses of the gyroplane in developing countries, the gyroplane has and continues to be used for law enforcement roles around the world in both developed and under developed countries. With budget restraints and the high costs of fuel and parts, as well as insurance, many municipalities and cities have turned to using gyroplanes to provide the needed air support for their law enforcement agencies. Duties can run from national defense and protection roles, harbor and port safety, patrol of critical national or economic sites such as powerplants and dams, code enforcement duties such as environmental services.

As can be seen the gyroplane can fill many roles of the helicopter and do it for a far cheaper cost thus making the gyroplane a valuable resource in the development and growth of any nation.

Bad enough that a nation is trying or struggling to grow in a world where technology can quickly pass them by but when a small country then must face natural disasters on the forms of floods, fires or earthquakes again the gyroplane can be put to effective use. From surveying the damage, dropping supplies and delivery of medical assistance and supplies. While a gyroplane cannot hover as the helicopter can, the gyroplane can land in a very small patch of real estate and get airborne again typically in only a few lengths of the aircraft. Because of this short take off and landing capability the gyroplane makes an effective machine to making contact with the smaller outlying communities and can be supported with very little support equipment to remain on station for extended periods.

A role for which the helicopter does have much more practical use is in the emergency medical services. While a gyroplane can transport patients in the larger versions such as the Groen Brothers Hawk gyroplanes, a helicopter can hover over an area and get into much more confined operating areas. Developing countries that build and utilize their own gyroplanes can further the research and development into other rotary wing aircraft designs further developing the aviation market within their own country and providing valuable jobs and technologies within their own borders.

Who is to object Most developed countries do not view the gyroplane as a threat. True that any vehicle can be turned into a machine of war, the gyroplane is not regarded as a military weapon even though it can find many uses within the military.
Gyroplanes could be made larger and outfitted with guns, rockets or used in observation roles for other air, infantry or artillery assets. These are aviation needs for any modern military force but one that can still leave the taxpayers with something in their pockets.

Fiscal responsibility does not seem to be a major factor for superpower countries but for those nations trying to trim the fat for more immediate concerns the gyroplane has plenty to offer that other platforms cannot do at such an affordable rate or as efficiently. Imagine a nation such as Ethiopia with a small fleet of gyroplanes to help develop crops, control crime and provide an effective military platform at low cost.

When we review the operating costs of some of the developed countries around the world and the expenses that cities spend on aviation assets they alone can rival that of some nations. Many cities large and small around the world are finding the economical benefits the gyroplane offers over the helicopter in law enforcement and insect control programs.

In review, the gyroplane is affordable and cheaper to operate and maintain than helicopters. The gyroplane can perform a majority of missions that the helicopter also performs. The cheap and efficient use of gyroplanes can help increase food production, control pests and be used in law enforcement, natural disaster, and military roles as well thus helping to provide a stable form of government for which economic growth can spur.

First part of this article has given a small introduction to both conventional economics and Islamic economics. Then it provides a picture of poverty of current world and Islamic perspective of poverty. Then Islamic economics instruments to alleviate poverty such as zakat, sadaqa, qard hasan, ganima, khums, fay, jizya, mudaraba, musharaka, prohibition of interest, abolition of extravaganza, prohibition of speculation and hoarding have been mentioned in briefly. Influence of Islamic economic instruments on marginal propensity to consume, multiplier, price investment and production have been dealt with.

The books and articles I referred for this article are Dr. Dr.Sabahuddin Azmi’s Islamic Economics, S. M. Hasanuzzaman’s Economic function of an Islamic state (The early experience), Towards understanding the economic system of Islam written by Dr.P Ibrahim and Introduction to the economic system by Moulavi.M.V.Saleem.

Introduction

Nobody can undermine the importance of economics which is a social science that studies the production, distribution, trade and consumption of goods and services. This very importance of economics resulted in emergence of different economic systems in the world and all of those economic systems claim that they will fetch economic welfare. Those dominating and prominent economic system’s failure to accomplish economic justice, prosperity, the eradiation of the inequality and poverty make necessary an alternative economic system which can successfully make a starvation free and poverty free world.

Definition of Economics

Social scientists have developed various definitions of economics. Lionel Robinson’s scarcity definition of economics is most accepted amongst them. According to Robinson economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses This definition is based on two points which are scarcity of resources and the never ending needs. But in reality former is a myth. The survey conducted by UNO shows that are enough resources for 20000 million people on earth we have only 6000 million people on earth residing now. Latter point ‘never ending needs’ is also incorrect as the desire and greed of the man is unlimited but the need is countable and controllable.

Definition of Islamic Economics

As a system of life Islam has not left any area of human life without guidance. Whether it is spiritual, individual, social, economical or political Islam gives clear cut guidelines. By considering the economic guidelines of Islamic sources, Islamic economists have developed plethora of definitions. Derivation of each definition of Islamic economics is based on guidance given in the basic sources of Islamic shariah which are Quran and hadith.

According to Yusuf Ibrahim, professor of Islamic economics, Qatar University Islamic economics is a science studying the guidance of the human behavior towards the use of resources to satisfy the needs. This definition is based upon the following facts.

1. The resources are enough for satisfying the needs.

2. But the resources should be protected from the waste, and improper use.

3. The human behavior towards the resources should be controlled by divine injunctions.

4. Only legal needs, needs that build life on the earth, should be satisfied.

5. Illegal needs (desires), which destroy life on earth, should not be satisfied; they are never ending and never satisfied.

Islamic economic system, a normative economic system, has been built upon certain fundamental Islamic philosophies. According to Quranic teachings real and absolute ownership of the wealth belongs to the creator of the same, Almighty God. Quran says To Allah belongs to everything in the sky and on the earth (2284).Role of the man is considered as trustee who is to manage the trust, i.e. wealth according to the directives of the real owner; God. Quran clearly states And spend of that where of hath made you trustees (577). So man has been granted

conditioned and limited ownership.

Another Islamic philosophy is universal brotherhood and equality of men as their creator is one and parents are same. Hence distinction based on color, caste, creed, races do not suffer at any cost. This concept induces the people for cooperation and participation in their all efforts instead of cheating, exploiting and making fraud each other. Another aspect of Islamic philosophy is the faith in the Day of Judgment after death. In the life after death man is accountable for his deeds on earth. The implication of this faith is that economic choices one makes in world are to be judged according to the norms Allah has laid down.

These are the revolutionary points which differentiate Islamic economics from the liberal, capitalistic, imperialistic, mainstream, usurious economic system and communist, class war, state dictatorship economic system. Islam constructs a just world on the spirit of everlasting divine concepts.
Poverty

Evil of any economy is poverty. The presence of begging hands in an economy pulls that economy into decades back. Poverty midst plenty is the challenge faced in the modern world. Impact of the poverty cannot confine into starvation only, but poor people, apart from starvation, suffering limited income which leads to inaccessibility of good education it disables them for challenging careers which requires number of years long education. Absence of nutritious food results in more child morality among deprived sections. Since limited access for information and knowledge those are prevented from market and opportunities.

Every country and international organizations like World Trade Organization, World Bank and Asian Development Bank hard work to construct the countries and world on the foots of self sufficiency respectively. Mission of the World Bank is described as global poverty reduction and improvement of living standards. General Council of UN has declared October 17 as International day for the eradication of poverty. It shows how seriously they took poverty as a problem

But, it is wondering that out of 6.1 billion world population more than 1 billion are finding their livelihood in less than $1 per day and almost 3 billion on less than $2 per day. You might be provoked that 74% of total income of world is shared by the 20% of the elite class of the world. It is heartening you that there are countries whose national income is less $800 and morality of below five years age children is about 26%.It is worrying that 110 million primary school age children are out of school and 60 percent of them are girls.
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Poverty and Islamic Economics

Below Poverty Line (BPL) fixes in Islamic economics system on the basis of ownership of nisab, which limit makes one eligible for the payment of zakat Whosoever wealth on or over the nisab is responsible for the payment of zakat. Those wealth is below nisab are zakat recipients and they are treated as poor. Hence, in Islamic economics, the size of deprived come under BPL will be large. Starvation and inaccessibility of food, shelter, cloths and education could not suffer in an Islamic economy which aims human falah, i.e. human welfare. It does not support any economic instrument that leads to the deprivation of the man. Since poverty emerges in an economy as a result of various causes so wiping out of these causes is primarily important.

Limited income, unequal distribution of income and wealth, misdistribution of resources, regional disparities, unemployment, social injustice, and decreased investments …etc are some of the obstacles in the way of attainment of self-sufficiency and welfare. Islam considers the fulfillment of basic needs of every member of society is economic, moral as well as religious obligation of the ruler. List of the basic goods extends from traditional food, clothing and shelter to seasonal clothing, personal attendant to disabled person, and expenditure on marriage of poor and expenditure on entire family of poor, which are intensified by scholars from time to time and likely to extend the list time to time for the welfare of the citizen. Islamic economic system introduces a bunch of divinely guided instruments which bring to an end of poverty and build
poverty less world.

Islamic Economic Instruments to eliminate poverty

It is advised to Muslim citizens in an Islamic county, as the part of believe, to practice certain things in their life, some of them are compulsory nature and the rest are voluntary nature. The practice of these will have vast economic implications apart from the reward of God. Non Muslim citizens also have to make certain compulsory payments, which have economic impacts, as the part of their citizenship in the Islamic country. Compulsory duties and agreements of citizens are governed by the Islamic country and violation of any part would not suffer Islamic state. In addition to these functions there are other things the Islamic state has to carry out similar to any nation does for the welfare of citizens. Both positive and negative measures have recommended by Islam for wiping out the reason of poverty.

Positive Measures

There are numerous Islamic orders and injunction to perform certain things which have immense influence on economies justice, prosperity and growth. Important divine injunctions amongst them and their influence upon the economy are briefed below.

Zakat

Zakat is the yearly obligation of wealthy Muslims to poor and it is the share of have-nots in the property and wealth of the rich. Quran commends establish worship and pay the poor his due (zakat) and obey the messenger. Technically we can call it as spiritual tax. It is imposed on those forms of wealth which have the capacity to grow in value or otherwise produce further, is having the custody of whole year and have exceed a certain minimum value called ‘nisab’. Quran has stated the eight specific heads for the distribution of zakat.
Due to the divine spirit for the performance of zakat, chances for evasion are less. The imposition of zakat on idle wealth urges the owners for the productive and profitable employment of idle wealth which increases the wealth of economy and again the share of zakat.

Donations

Sadaqa is the one of the voluntary economic instrument. No limit and eligibility criteria for performing contributions to needy. It can be divert, apart from the eight heads mentioned for the distribution of zakat, to any needy. and it will strengthen what economic implications emerged by zakat.

Qard hasan

It is an arrangement of interest free loans for unproductive purposes or for the needy to meet the expenses like hospital expenses, home expenses and education expenses etc which are do not make any earnings. So it is not able to charge any material benefit, like profit share, from qurd hasan. These are provided as the part of kindness to human beings. In an Islamic economy individuals and institutions like Islamic banks will offer this type of loans expecting the reward of Allah. Availability of qard hasan reduces the financial burdens like interest, of deprived.

Profit and loss sharing

Islam formulates profit and loss sharing as the tool of trade contracts instesd of interest. The motivation behind it is the cooperation amongst the people. In profit sharing there are different types of financing such as mudaraba (profit and loss sharing) and musharaka (participation) …etc
Mudaraba is the agreement between both capital owner and entrepreneur to share the profit arises from the business and in case of loss capital owner’s capital reduces and entrepreneur’s time and effort loose. Musharaka is the agreement to share profit and loss where all contributors participate in management of business. Both mudaraba and musharaka help the people, who have inadequacy of capital, to engage in business, production and contribute their share into the welfare nation and earn for their own.

Ganima (war booty), Khums (one fifth) and Fay

Ganima is the property Muslims seize from the enemy. Four fifth of the ganima is divided among the fighting army and one fifth (khums) of the entire ganima move to state fund, which is earmarked for the special beneficiaries mentioned in Quran. Fay is the property receives from the enemy without actual fighting. This source of state revenue is generalized for the common good of the entire population and public welfare.

Kharaj (Land- Tax)

Land-Tax, a source of revenue of state, is the levy imposed on land produce. This is actually the rent for the use of value of agricultural land. The rate of kharaj and method of collection can be declared by state from time to time as there is no direction of Quran and tradition of prophet in this regard.

Jizya (Poll tax)

Jizya (poll-tax) imposed on the non-Muslim citizens of Islamic country for securing their wealth, property and lives from damage. It helps them to contribute their skill, talent, health, wealth and property for the prosperity of the country

Waqf (Endowment)

Waqf (endowment) is regular source of revenue which is earmarked and dedicated fund of Muslim for supporting charitable and welfare activities
State ownership on uncultivated land
Any economic instrument that hinders productivity is harmful to economies prosperous. According to Islamic shariah, if a land is remained uncultivated three consecutive years lead to moving of ownership of that land from current owner to other who is ready for cultivate the land and produce. Prophet (pbuh) said The original rights of ownership in land are God’s and the prophets and then yours afterwards. But he who revives any dead land acquires the right of ownership to it. There is an another institution, iqta, boost the circulation and tax revenue of the state by transferring the uncultivateddead land to someone in return for ushr or khraj.

Combined ownership of natural resources

Individual ownership of natural resources like fire, water, pasture and salt are restricted by the Islamic shariah. People have combined ownership in these natural resources which should be accessible to anyone. This rule allow anyone to use the benefit derives from the natural goods and ensure that nobody is away from the natural goods which are easy to get to without any hard work.. List of natural goods, in addition to mentioned goods, can be extended into more goods in time to time. Prophet (pbuh) said people are joint owners in water, pasture and fire.
There are other sources of revenues like property of deceased with no legal heir, lost and found with no claimants and additional taxations.

Negative Measures

There are some prohibitions of God which has influence on the economies prosperity and welfare of every men of country.
Prohibition of interest
Interest, whatever form, has been contemned by Allah and His messenger. Quran says Allah has permitted trade and hath prohibited riba (interest). Islam doesn’t support interest but profit and loss sharing. Every financial transactions of Islamic economy should be free of Interest. But absence of interest in an Islamic economy doesn’t create any hindrance to prosperity but flourish the prosperity.

Prohibition of speculative instruments

Instruments which don’t have any advantage to real economy such as futures and option are not permitted in Islamic economy. Stock market instruments like day trading, marginal trading are prohibited, either. Absence of these instruments in the economy reduces speculation which is harm to the entire economy.
Implications

The implementation of shariah guidelines we discussed above in an economy lead to number of positive fruits which make the state free from every form of poverty.
Increased redistribution of income and wealth will result in, when the people perform the religious obligations like zakat, donation, waqf, inheritances, fithr zakat and kaffarath etc… It leads to flow of wealth and money from rich to poor. Thus the concentration and accumulation of wealth in a few hands come down. Poor and needy spend approximately eighty percent of their earnings to fulfill their basic needs. Economically Marginal Propensity to Consume (MPC) of the poor is larger than middle and high class. A large portion of whatever comes into handy of poor will flow to economy for consumption of basic goods; it lead to more demand for primary goods and then it result in the increased production of basic goods. It is difficult to restrict luxurious consumption and production completely by law and force. But the increased rate of redistribution of wealth and income increase the demand for basic goods and decrease the demand for luxurious goods. Automatically it reduces the utilization of resources for the production of luxuries. Consequently, natural resources use for the production of basic goods and for the benefit of public welfare
This increased redistribution of wealth to poor enables them to get the accessibility of good education and nutritious food. Increased knowledge and skills help the poor to get good jobs and earn. This raises the entire poor family and dependence to heights. In turn, increase of income more than a certain limit make them capable for performing zakat and other voluntary donations for the sake of the benefit of have-nots. Rise in the redistribution help to reduce the gap between haves and have-nots and bring economic justice to all citizens.

Increased MPC of poor as the redistribution of income results in more multiplier effect in economy that fuels more income to the overall income of economy that help the poor section of people to raise their per capita income and living standards.

According to Professor Keynes, investment depends on two variables which are current rare of interest and the marginal efficiency of capital or expected profit rate. Investment would take place only if the expected rate of profit exceeds of interest. Due to the absence of interest, in an Islamic economy, only the size of expected rate of profit of profit will be the determinant of investment.

Speculative motive of money and liquidity theory of money will have no place in an interest free economy which reduces investment. But the presence of only expected rate of profit will result in investments, even in low rate of expected rate of profit to increase their principle amount and to avoid the deterioration of principal through zakat. The increased investment raises the production, employment, wages and overall national income of economy. It flows wealth to poor and raises their economic status.

Fisher’s quantity theory which states that quantity of money affects the price and value of money. It means that increase in the supply of money will proportionately increase the price in economy but the output will not increase. But in the case of Islamic economy money should not be supplied without making increase in the output. The central bank and commercial banks of Islamic state increase the money supply through making investment contracts on the basis of profit and loss sharing. So every flow of money into economy results in output growth without making proportionate hike in price. It is helpful to the poor to get need things at reasonable price

Conclusion

Way of eliminating poverty in Islamic economy is simple. Faith in the oneness of God (tawheed) motivates to the performance of zakat and profit and loss sharing and avoiding interest and extravaganza. Increased redistribution and productivity are the outcome of these instruments which helps finally to attain alleviation of poverty.
—-THE END—

The first problem is related to the policy process itself. This process is unfortunately not being done in a straightforward and rational way; on the contrary. It is full of ambiguities and conflict. The second problem I would like to discuss in this article can be found in the theories of development. I have never encountered a universal theory of development. This is not surprising because the strong impact of theories of development on policies for development is not fully realized. Consequently, policies of development are always incomplete because there is no universal strategy available to cope with the problem of development.

Development aid policy
In general, the literature concerned with the policy process is dominated by a particular view. This view is connected with the ‘rational-actor paradigm’. In this rational-comprehensive-policy model, the decision-making process is purely based on rational and objective criteria. The role of objectively acquired information forms the basis of policy in this model. This standardized model is assumed to be universally applicable in every policy ‘system’, sector, or problem.

The following aspects represent this model

1. Clarification of values or objectives distinct from and usually a prerequisite to empirical analysis of alternative policies;
2. Policy formulation is therefore approached through means-end analysis. First the ends are isolated, then the means to achieve them are sought;
3. The test of a good policy is that it can be shown to be the most appropriate ‘tool’ to achieve certain ends;
4. Analysis is comprehensive; every important and relevant factor is taken into account;
5. Theory is often heavily relied upon.

The separation of policy preparation or planning and execution or implementation is a vital characteristic in the rational comprehensive methodology. Implementation is being seen as a logical outcome of a well-prepared and formulated plan. But in the implementation of the aid policy, numerous projects failed due to negligence of the execution of the goals formulated. This implementation problem is not only limited to development aid policies, but it has also been traced in numerous other policy fields.

A second property of the rational-comprehensive model is the consensus of the problem. It is being presumed that the development of a certain country is not problematic at all. All parties involved (donor and developing country) have reached an agreement and the strategy chosen is therefore the result of a consensus of all parties involved. None of these are true in reality. Development aid policy is the result of negotiations between the actors involved. Actors with business interests, actors from the developing countries self and last but not least, the actors with political interests are constantly engaged in negotiations. It is not difficult to imagine that the actor with the strongest bargaining position possesses the power to overwhelm the actor actors. It is not the objective scientific planner or other kind of specialist who has the final word. In most cases, it is the most powerful actor(s) who wins.

A final aspect related to this model is the role of objective knowledge as an important pillar in the decision-making process. It is being assumed that knowledge is the key to success. The more knowledge about the issue is available, the easier it is to solve the issue, in this case, the ‘development problem’. This knowledge does not come from a magic box. On the contrary, it comes from strict scientific research. So, scientific research is the source of knowledge and henceforth plays a crucial role in policy-making processes. The influence of the actors is neglected because they have reached a consensus. In reality, scientific research plays a very marginal and minor role in the policy-making process. Policy makers only use scientific findings when it is in accordance with their own ideas. Policy makers draw policies on the bases of their own good judgments and experience and not on scientific findings. Afterwards, they tend to seek objective findings which actually support their policy which has been formulated long before.

Theories of development

The reader should be warned because I cannot give a complete sketch of the existing theories of development, only a few important theories will be discussed. In the fifties, modernization theories dominated the foreign aid of the ‘developed to the underdeveloped countries’. Development is being seen as a linear progressive movement of a ‘traditional’ society into a state which can be perceived as being a ‘modern society’. The example of the emergence of the nations in the Northern hemisphere is being used to define the term ‘modern’. Furthermore, the development is being seen as a result of technological innovations. The World Bank can nowadays still be identified as the major producer of the modernization theory. Economic growth is the key concept in this theory. If the shortage of capital problem in the developing countries is solved, poverty will vanish and an autonomous process of development will come into motion. Economic dualism – the existence of, on the one hand, a modern export-oriented sector in the economy and a local sector producing domestic commodities on the other hand – is being seen as an obstacle. The traditional sector (or informal sector) must be eliminated in this view.

The developing countries in turn, reacted by introducing their own theories. In the years 1949-1950, Prebisch (the secretary of the Economic Commission for Latin America) posed a theory called the center-periphery vision. The economies of the Latin American countries are situated in the periphery, whereas the industrialized western countries are situated in the center. In order to change this situation, which only preserved underdevelopment, Prebisch proposed to introduce rapid industrialization by substitution. The dependencia school (advocated by Frank and Dos Santos) goes even further than the center-periphery school. In this school, the importance of the form and intensity of international relations are being stressed as a strong variable which affects economic progress in developing countries.

In the west, new thoughts arose as a reaction to the deficiencies of the ‘traditional’ views. The so-called unified approach emerged (advocated by Myrdal and Gamini Corea – secretary of UNCTAD and UNRISD). The most important argument of this approach is that aid must be directed towards the groups with lowest incomes or who are the poorest. But the developing countries did not accept this modified view because they experienced it as an intervention in their own internal affairs. In addition, the developing countries demanded a New International Economic Order. This New Economic Order should be based on justice, sovereign equality, mutual dependency, common interests and cooperation between all states. Unfortunately, the structural changes of the international system in favor of the third world have not happened. But the discussion around the New Economic Order resulted in the so-called Rio-project. The members of the Rio-project developed a new development strategy where the emphasis is laid on the self-reliance aspect of the developing countries. But the western nations have not stimulated this self-reliance concept.

Personal reflections

I have lived for more than 30 years in a developing country (Indonesia) and this country has received billions of dollars in terms of aid and loans. What is the end result Tens of millions still live in poverty. With the exception of the lucky few, some have been able to improve their lives thanks to a combination of education and luck. A minority (mostly of Chinese descent) has been able to improve their situation due to their skills as traders. However, corruption is rampant and the new-born democracy has not been able to solve all these problems. It will take many years before so-called ‘sustainable development’ can be achieved. Even with educating more people, the situation will not improve in the short term. Despite the availability of abundant natural resources, the situation remains dim. If nothing is done against deforestation, all the tropical forests in this country will be gone in 2010; that is only four years from now. The situation might even get worse due to the inability of the majority to compete with other countries in terms of industry, trade, and services.

Better future

Nowadays, everybody is talking about globalization as the ‘cure for all diseases’.
The developing countries, however, are still suffering from underdevelopment, poverty, and human rights violations. How can globalization solve all these problems The dawn of the 21st century is not marked by a better global situation, but by more global instability with individual states scrambling for nuclear weapons, a senseless ‘war against terrorism’, destruction of the environment, and doubling of the population in the next 40 years. It will take a lot effort from all people in the developed and the developing world to solve all these problems and create a better world for our children and grandchildren.

Economics – to the great dismay of economists – is merely a branch of psychology. It deals with individual behaviour and with mass behaviour. Many of its practitioners sought to disguise its nature as a social science by applying complex mathematics where common sense and direct experimentation would have yielded far better results.

The outcome has been an embarrassing divorce between economic theory and its subjects.

The economic actor is assumed to be constantly engaged in the rational pursuit of self interest. This is not a realistic model – merely a useful approximation. According to this latter day – rational – version of the dismal science, people refrain from repeating their mistakes systematically. They seek to optimize their preferences. Altruism can be such a preference, as well.

Still, many people are non-rational or only nearly rational in certain situations. And the definition of self-interest as the pursuit of the fulfillment of preferences is a tautology.

The theory fails to predict important phenomena such as strong reciprocity – the propensity to irrationally sacrifice resources to reward forthcoming collaborators and punish free-riders. It even fails to account for simpler forms of apparent selflessness, such as reciprocal altruism (motivated by hopes of reciprocal benevolent treatment in the future).

Even the authoritative and mainstream 1995 Handbook of Experimental Economics, by John Hagel and Alvin Roth (eds.) admits that people do not behave in accordance with the predictions of basic economic theories, such as the standard theory of utility and the theory of general equilibrium. Irritatingly for economists, people change their preferences mysteriously and irrationally. This is called preference reversals.

Moreover, people’s preferences, as evidenced by their choices and decisions in carefully controlled experiments, are inconsistent. They tend to lose control of their actions or procrastinate because they place greater importance (i.e., greater weight) on the present and the near future than on the far future. This makes most people both irrational and unpredictable.

Either one cannot design an experiment to rigorously and validly test theorems and conjectures in economics – or something is very flawed with the intellectual pillars and models of this field.

Neo-classical economics has failed on several fronts simultaneously. This multiple failure led to despair and the re-examination of basic precepts and tenets.

Consider this sample of outstanding issues

Unlike other economic actors and agents, governments are accorded a special status and receive special treatment in economic theory. Government is alternately cast as a saint, seeking to selflessly maximize social welfare – or as the villain, seeking to perpetuate and increase its power ruthlessly, as per public choice theories.

Both views are caricatures of reality. Governments indeed seek to perpetuate their clout and increase it – but they do so mostly in order to redistribute income and rarely for self-enrichment.

Economics also failed until recently to account for the role of innovation in growth and development. The discipline often ignored the specific nature of knowledge industries (where returns increase rather than diminish and network effects prevail). Thus, current economic thinking is woefully inadequate to deal with information monopolies (such as Microsoft), path dependence, and pervasive externalities.

Classic costbenefit analyses fail to tackle very long term investment horizons (i.e., periods). Their underlying assumption – the opportunity cost of delayed consumption – fails when applied beyond the investor’s useful economic life expectancy. People care less about their grandchildren’s future than about their own. This is because predictions concerned with the far future are highly uncertain and investors refuse to base current decisions on fuzzy what ifs.

This is a problem because many current investments, such as the fight against global warming, are likely to yield results only decades hence. There is no effective method of costbenefit analysis applicable to such time horizons.

How are consumer choices influenced by advertising and by pricing No one seems to have a clear answer. Advertising is concerned with the dissemination of information. Yet it is also a signal sent to consumers that a certain product is useful and qualitative and that the advertiser’s stability, longevity, and profitability are secure. Advertising communicates a long term commitment to a winning product by a firm with deep pockets. This is why patrons react to the level of visual exposure to advertising – regardless of its content.

Humans may be too multi-dimensional and hyper-complex to be usefully captured by econometric models. These either lack predictive powers or lapse into logical fallacies, such as the omitted variable bias or reverse causality. The former is concerned with important variables unaccounted for – the latter with reciprocal causation, when every cause is also caused by its own effect.

These are symptoms of an all-pervasive malaise. Economists are simply not sure what precisely constitutes their subject matter. Is economics about the construction and testing of models in accordance with certain basic assumptions Or should it revolve around the mining of data for emerging patterns, rules, and laws

On the one hand, patterns based on limited – or, worse, non-recurrent – sets of data form a questionable foundation for any kind of science. On the other hand, models based on assumptions are also in doubt because they are bound to be replaced by new models with new, hopefully improved, assumptions.

One way around this apparent quagmire is to put human cognition (i.e., psychology) at the heart of economics. Assuming that being human is an immutable and knowable constant – it should be amenable to scientific treatment. Prospect theory, bounded rationality theories, and the study of hindsight bias as well as other cognitive deficiencies are the outcomes of this approach.

To qualify as science, economic theory must satisfy the following cumulative conditions

All-inclusiveness (anamnetic) – It must encompass, integrate, and incorporate all the facts known about economic behaviour.

Coherence – It must be chronological, structured and causal. It must explain, for instance, why a certain economic policy leads to specific economic outcomes – and why.

Consistency – It must be self-consistent. Its sub-units cannot contradict one another or go against the grain of the main theory. It must also be consistent with the observed phenomena, both those related to economics and those pertaining to non-economic human behaviour. It must adequately cope with irrationality and cognitive deficits.

Logical compatibility – It must not violate the laws of its internal logic and the rules of logic out there, in the real world.

Insightfulness – It must cast the familiar in a new light, mine patterns and rules from big bodies of data (data mining). Its insights must be the inevitable conclusion of the logic, the language, and the evolution of the theory.

Aesthetic – Economic theory must be both plausible and right, beautiful (aesthetic), not cumbersome, not awkward, not discontinuous, smooth, and so on.

Parsimony – The theory must employ a minimum number of assumptions and entities to explain the maximum number of observed economic behaviours.

Explanatory Powers – It must explain the behaviour of economic actors, their decisions, and why economic events develop the way they do.

Predictive (prognostic) Powers – Economic theory must be able to predict future economic events and trends as well as the future behaviour of economic actors.

Prescriptive Powers – The theory must yield policy prescriptions, much like physics yields technology. Economists must develop economic technology – a set of tools, blueprints, rules of thumb, and mechanisms with the power to change the  economic world.

Imposing – It must be regarded by society as the preferable and guiding organizing principle in the economic sphere of human behaviour.

Elasticity – Economic theory must possess the intrinsic abilities to self organize, reorganize, give room to emerging order, accommodate new data comfortably, and avoid rigid reactions to attacks from within and from without.

Many current economic theories do not meet these cumulative criteria and are, thus, merely glorified narratives.

But meeting the above conditions is not enough. Scientific theories must also pass the crucial hurdles of testability, verifiability, refutability, falsifiability, and repeatability. Yet, many economists go as far as to argue that no experiments can be designed to test the statements of economic theories.

It is difficult – perhaps impossible – to test hypotheses in economics for four reasons.

Ethical – Experiments would have to involve human subjects, ignorant of the reasons for the experiments and their aims. Sometimes even the very existence of an experiment will have to remain a secret (as with double blind experiments). Some experiments may involve unpleasant experiences. This is ethically unacceptable.

Design Problems – The design of experiments in economics is awkward and difficult. Mistakes are often inevitable, however careful and meticulous the designer of the experiment is.

The Psychological Uncertainty Principle – The current mental state of a human subject can be (theoretically) fully known. But the passage of time and, sometimes, the experiment itself, influence the subject and alter his or her mental state – a problem known in economic literature as time inconsistencies. The very processes of measurement and observation influence the subject and change it.

Uniqueness – Experiments in economics, therefore, tend to be unique. They cannot be repeated even when the SAME subjects are involved, simply because no human subject remains the same for long. Repeating the experiments with other subjects casts in doubt the scientific value of the results.

The undergeneration of testable hypotheses – Economic theories do not generate a sufficient number of hypotheses, which can be subjected to scientific testing. This has to do with the fabulous (i.e., storytelling) nature of the discipline.

In a way, economics has an affinity with some private languages. It is a form of art and, as such, it is self-sufficient and self-contained. If certain structural, internal constraints and requirements are met – a statement in economics is deemed to be true even if it does not satisfy external (scientific) requirements. Thus, the standard theory of utility is considered valid in economics despite overwhelming empirical evidence to the contrary – simply because it is aesthetic and mathematically convenient.

So, what are economic theories good for

Economic theories and narratives offer an organizing principle, a sense of order, predictability, and justice. They postulate an inexorable drive toward greater welfare and utility (i.e., the idea of progress). They render our chaotic world meaningful and make us feel part of a larger whole. Economics strives to answer the why’s and how’s of our daily life. It is dialogic and prescriptive (i.e., provides behavioural prescriptions). In certain ways, it is akin to religion.

In its catechism, the believer (let’s say, a politician) asks Why… (and here follows an economic problem or behaviour).

The economist answers

The situation is like this not because the world is whimsically cruel, irrational, and arbitrary – but because … (and here follows a causal explanation based on an economic model). If you were to do this or that the situation is bound to improve.

The believer feels reassured by this explanation and by the explicit affirmation that there is hope providing he follows the prescriptions. His belief in the existence of linear order and justice administered by some supreme, transcendental principle is restored.

This sense of law and order is further enhanced when the theory yields predictions which come true, either because they are self-fulfilling or because some real law, or pattern, has emerged. Alas, this happens rarely. As The Economist notes gloomily, economists have the most disheartening record of failed predictions – and prescriptions.

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