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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

The first objective of this article is to analyse the reasons to pursue inclusive growth, that is economic growth accompanied by a reduction of social inequalities in different dimensions. The second objective of the article is to develop a systematised framework to understand the different channels and enablers by which heritage can contribute to inclusive growth through a review of specialised literature.

The methodology of this article is based on an exhaustive review of existing literature around models of economic development and their ability to decrease social inequalities. It critically reviews theoretical and empirical studies on existing economic approaches and links them with the heritage policy field.

The article finds that countries should pursue inclusive development since it is a fundamental condition for social cohesion, trust and society's overall well-being and because it enables economic growth to be sustainable through time. It also identifies four channels through which heritage can contribute to inclusive development: in its public good dimension, in its capacity to equalise opportunities, in its ability to reduce social, educational and health disparities and in its capacity to decrease spatial income inequalities through regeneration processes.

The framework, that is developed to categorise the different channels and enablers through which heritage could contribute to inclusive growth, is not empirically tested. Further research could approach this by estimating a difference in difference model. However, data limitations could limit this objective in the short-term.

Its originality relies in the development of a conceptual framework that is aimed at shaping heritage policies that target, at the same time, the reduction of inequalities and economic growth.

This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes economic growth as its main objective and argues that environmental problems will largely disappear when economic growth is achieved.

In this study, there was no intention to conduct a detailed analysis of heterodox economic models and Islamic economics. Instead, the approaches to the “environment,” which can be considered as an urgent need of the planet, were evaluated, and the inadequate proposals of the mainstream economics’ environmental approach were theoretically criticized and heterodox economics and Islamic economics were proposed as an alternative model.

Heterodox and Islamic economics offer alternative models of development prioritizing social and ecological justice to address environmental problems, which is in contrast to mainstream economics’ narrow focus on market mechanisms and individual rationality. Thus, engaging in more dialogue in the context of the environment is inevitable for both schools, considering the vast geography inhabited by Muslims and the proposed heterodox economic policies, and moreover, these approaches are modeled for the first time.

This article presents a synthesis of Islamic economics and heterodox thinking in contrast to mainstream economic policy, highlighting their similarities and differences and providing a more comprehensive understanding of the complexities and potential solutions of environmental problems. To the best of the authors’ knowledge, this approach has not been previously explored, making it an original contribution to the literature.

Firstly, the authors aimed at offering a general perspective on poverty, highlighting important directions of thinking from the theoretical development, including poverty's main causes (like education, health, social protection, economic growth, employment and good governance). Secondly, it was investigated the problem of poverty in Romania after its accession to the European Union (EU), aiming to show (1) Romania's position among the EU member states, nearby (2) the direct and indirect effects of the selected factors particularly in this country.

Based on data from Eurostat and Global Competitiveness Index (GCI), descriptive and path analyses were performed for the period between 2007 and 2020.

The main results emphasized (1) the critical position of Romania among the EU member states in 2020 and the progress recorded since 2007, nearby (2) the direct and indirect effects of the selected factors on poverty in this country. The study highlighted the limited chances for the full participation of the poor people of Romania in the progress of the entire society, especially in terms of education and economic growth.

The major contribution of this study is that it assumes to investigate a profound and persistent societal phenomenon in Romania that is not sufficiently analyzed, discussed and understood. Consequently, this study attained its main objective of showing that the main traditional socio-economic causes of poverty are still pertinent in the actual Romanian society.

This study aims to investigate the role of Islamic finance in supporting sustainable economic growth, innovation and digital transformation in the Gulf Cooperation Council (GCC) region. Amid global challenges like the Russia–Ukraine conflict and COVID-19, the focus extends beyond the GCC’s oil dependency to explore how Islamic finance can enable technological advancements and foster a digitally innovative economy. The research aims to reveal the potential of Islamic finance in driving economic diversification, technological progress and sustainable development in the GCC.

Using a content analysis approach, this study critically examines the economic repercussions of recent global crises, shedding light on how Islamic finance contributes to socio-economic justice and the provision of social goods in the GCC. The research synthesises findings from various secondary sources, including academic literature, reports and industry standards, to analyse Islamic finance’s role from an ethical and strategic perspective within the GCC’s evolving economic landscape.

The findings reveal Islamic finance’s potential to significantly contribute to the GCC’s economic diversification and resilience against global economic downturns. The study highlights how Islamic finance aligns with the sustainable development goals and its effectiveness in promoting ethical financial practices and socio-economic justice.

Future research should focus on global comparative studies to understand Islamic finance’s impact on sustainable development beyond the GCC. Longitudinal studies are also essential to assess the long-term effects of Islamic financial instruments on economic stability.

The research advocates for incorporating Islamic finance principles into the GCC’s economic strategies, emphasising its role in providing resilient and ethical financial alternatives conducive to sustainable development. It underscores the need for policy initiatives integrating Islamic finance to bolster socio-economic welfare and environmental sustainability.

Offering a novel perspective, this paper enriches the discourse on the contribution of Islamic finance to sustainable economic development. It presents critical insights into how Islamic finance can underpin long-term economic resilience and growth in the GCC. It provides valuable implications for academia and policymaking, particularly in emerging economies’ science and technology policy management.

This study holds the objective of evaluating the impact of formal (e.g. ease of doing business score, start-up procedures to register a business, property rights) and informal (e.g. school life expectancy, collaboration between companies and human capital) institutions on the economic performance of countries in conjunction with the mediating effect of entrepreneurial activities and social performance.

The authors collected quantitative, secondary data from a range of different sources, specifically the World Bank (WB), Global Entrepreneurship Monitor (GEM), World Economic Forum (WEF), Freedom House (FH) and Doing Business (DB) for the years between 2016 and 2018. The authors deployed a quantitative approach based on estimating structural equation models according to the Partial Least Squares (PLS) method.

The authors find that institutions, whether formal or informal, impact positively on economic and social performance with entrepreneurial activities positively mediating the relationship between informal institutions and economic performance and social performance.

The study research holds key implications for strengthening institutional theory. The authors find that our empirical results draw attention to the impact that institutions and their functioning can have on economic performance. Through this alert, the authors aim for researchers, politicians and other diverse decision-makers involved in public policies to prioritise not only the good working of institutions but also fostering entrepreneurship, in order to boost the resulting economic performance.

The study research contributes to the literature by testing the model that links institutions, entrepreneurial activity and economic performance. The authors also help policymakers to become aware of the importance that the quality of institutions has on entrepreneurial activity, and, consequently on economic performance.

Countries worldwide aim to improve their comparative advantages by efficiently using scarce resources for economic growth and development. While many studies have been conducted to measure intellectual capital at the firm's level, measuring it at the national level has been under-examined. In addition, while the important role of national intellectual capital in economic growth has been theoretically recognized in literature, this important link has largely been ignored in empirical analyses.

This study uses the newly developed index of national intellectual capital from Vo and Tran's (2022) study to examine its effects on national economic growth in the long run. The dynamic common correlated effects technique and the pooled mean group estimation are used on the sample of 23 economies in the Asia–Pacific region from 2000 to 2020.

Findings from this study confirm the positive and significant contribution of the national intellectual capital to economic growth in the region. The authors also find that, as a feedback effect, economic growth will also enhance and improve the accumulation of national intellectual capital.

The findings of this paper provide valuable evidence and implications for policymakers in managing and improving national intellectual capital in the Asia–Pacific region.

To the best of the authors’ knowledge, this is the first empirical study to examine the impact of national intellectual capital on economic growth in the long run in the Asia–Pacific economies.

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.

This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.

As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.

This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.

The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.

To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

This study aims to shed light on the experience of the United Arab Emirates (UAE) in balancing three main pillars: the environmental criteria, the reduction of CO₂ emissions and the economic growth. Based on the environmental Kuznets curve (EKC) framework, it will assess the causal relationship between economic indicators such as gross domestic product (GDP) per capita, trade openness and energy use and environmental indicators such as CO₂ emissions.

The analysis relies on a period of 40 years (1981–2020) where data is extracted from the World Bank database. This study uses the unit root test for time series stationarity, the optimal lag length test, the “Johansen” test for co-integration and the vector error correction model.

The paper concludes to two major findings. On a short-term basis, CO₂ emissions and economic indicators are negatively correlated, whereas on a long-term basis, there is no association between CO₂ emissions and economic indicators in the UAE.

The research ends with important recommendations. It illustrates the importance of rationalizing the use of primary resources and the necessity to embrace successful and efficient policies in the energy production.

More specifically, UAE is urged to address the problem of CO₂ emissions in the electricity sector and increase awareness of the use of environmentally friendly processes in the transport and industrial sectors. While setting their economic agendas, UAE are encouraged to meet environmental criteria and invest in renewable energy projects such as “Shams 1”, the largest solar power plant outside of Spain and the USA.

The current study is significant in its research on the environmental impact of economic development, trade openness and energy use policies in the UAE. It uses CO₂ emissions as an environmental proxy and evaluates the environmental policies adopted in the UAE to reduce its impact.

This study aims to explore the potential of Islamic climate finance in Indonesia and to map Islamic climate finance based on Islamic finance instruments, both commercial and social.

The analysis was conducted in Jakarta, Indonesia, between October 2022 and June 2023. This study adopted a qualitative interpretive approach in two phases. The first phase was desk-based research which focused on document analysis such as official documents, scientific publications, non-governmental organization publications and company reports in Indonesia. This analysis was conducted to identify significant milestones in developing green and eco-friendly finance that used Islamic financial instruments in Indonesia. The second phase consisted of interviews with essential Islamic climate finance project actors, such as green sukuk publishers, zakat and waqf collection agencies, stakeholders, capital market regulators, Shariah supervisory boards and Islamic finance experts.

The main finding of this study is that the development of Islamic green finance in Indonesia can occur through various channels, including greening Islamic capital markets, greening Islamic social finance, Islamic green finance and developing green banking services for the unbanked to support financial inclusion. Green sukuk, or Islamic bonds, are key financial instruments in Islamic green finance. They are used to fund projects in areas such as clean energy, mass transit, water conservation, forestry and low-carbon technology. These green financing initiatives also include socially responsible investments that are designed to improve the lives of people and communities.

First, the availability of data on Islamic green finance practices in Indonesia may be limited, making it difficult to obtain a comprehensive understanding of the current landscape. Second, cultural and religious factors may play a role in the adoption and implementation of Islamic green finance, and these factors may vary across different regions in Indonesia.

The exploration and clustering of Islamic climate finance based on Islamic financial instruments in Indonesia can lead to the development of more sustainable and environmentally friendly practices in the financial industry.

This study serves as a pioneering effort to explore the potential and clustering of Islamic climate finance based on Islamic financial instruments in Indonesia.