Islamic economic system: from principles to microeconomics and macroeconomics fields (34)

Continuation

The authors write:

The framework has a venerable history in the economics profession, with roots in the:

ü infinite horizon models (including our life hereafter);

ü and the finite horizon models.

Developments since the 1950s have considerably increased the breadth, depth and coherence of the framework.

The modern version provides a guide to thinking about the modeling of many life-cycle choices such as:

o   consumption;

o   saving;

o   education;

o   human capital;

o   marriage;

o   fertility;

o   and labor supply.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad