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This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream.

The purpose of this study is to examine the effectiveness of mainstream economic policies in addressing unemployment. Furthermore, it critically assesses the mainstream perspective on unemployment within the contexts of Islamic economics and behavioral economics, separately. The commonalities and disparities between the approaches of Islamic economics and behavioral economics regarding unemployment are evaluated. Subsequently, the conventional viewpoint on unemployment is scrutinized from the combined standpoint of Islamic economics and behavioral economics. This article employs a theoretical approach to address these concerns.

Although there are some differences, the recommendations and values of Islamic Economics and behavioral economics in the context of unemployment are almost the same. And, more importantly, both approaches are similar in their emphasis on the ineffectiveness and distance from human values of mainstream economic policies.

This article is the first to examine unemployment from the joint perspectives of Islamic economics and behavioral economics. It is also the first article to criticize the mainstream view of unemployment from the common framework of these two approaches.

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.

This study aims to investigate the viewpoints of heterodox economic thoughts and Islamic economic thought concerning the concept of waste. Additionally, it explores the shared criticisms that both perspectives hold against mainstream economic thought in relation to waste.

First of all, the concept of waste is examined and the global effects of waste are investigated. Criticisms directed in the context of waste in mainstream economics in the context of heterodox school thoughts are examined. Likewise, criticisms directed in the context of waste in mainstream economics in the context of Islamic economic thoughts are examined. Finally, the common and different aspects of heterodox and Islamic economic thoughts were discussed, and the common criticisms of mainstream economic thought’s point of view toward waste were examined. This study is a theoretical, qualitative study.

Although both ideas have different aspects, heterodox and Islamic economic thoughts believe that the mainstream economy, which is based on capitalism and materialism, creates waste by ignoring the long-term social and environmental consequences of economic activity. They argue that the pursuit of profits and growth, without considering the impact on society and the environment, leads to an inefficient and unsustainable use of resources.

The best author’s knowledge, by emphasizing the common and different aspects of Islamic economics and heterodox thoughts, this study is the first to examine the concept of waste in the context of the common aspects of these ideas.

The global financial crisis (GFC) has undermined the legitimacy of orthodox neo-classical economic assumptions, which nevertheless continue to frame the philosophical assumptions of teaching in business schools. The purpose of this paper is to make a case in favour of an expansion of the business school curriculum to incorporate behavioural economics. The paper will also contend that behavioural economics can be connected to social economics, as they are both heterodox in this study and analyse economic phenomenon outside of a neo-classical framework. The aim is to contribute to arguments for an expanded curriculum, beyond the framing assumptions of neo-classical rationalism. This paper will also support its case by reviewing behavioural economics to make the case that this literature can be connected to social economics. This assertion is based on shared connections, including the importance of Kantianism in behavioural economics and in social economics. These connections will be discussed as a common point of reference points, or ties that can serve to broker links between these two economic paradigms. Practical implications (if applicable) the GFC presents an opportunity to re-shape the business school curriculum to acknowledge the centrality of socio-economics and behavioural economics, and consequently to offer an alternative to the dominant ontological assumptions – taken from the economic understanding of rationality – that have previously underpinned business school pedagogy.

The paper presents an inter-disciplinary teaching case, which incorporates socio-economic and behavioural economics perspectives. The teaching case concerned a socio-economic understanding of corruption and white-collar crime. It was also inter-disciplinary to include inputs from business history and criminology. The teaching case developed an appreciation among students that corruption, white-collar crime and entrepreneurship can be analysed within a social economics and behavioural economics lens.

The teaching case example discussed an alternative socio-economic and behavioural economics understanding to core areas of the MBA curriculum with the potential to be included in other academic disciplines. This enabled students to apply a behavioural economic approach to white-collar crime. The findings derived from this case study are that behavioural economics has the potential to enhance the teaching of socio-economics.

The originality of this paper is to apply behavioural economics to a socio-economic teaching case, in core subject areas of the MBA curriculum.

Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance.

This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel.

This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration.

The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities.

Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications.

This comprehensive meta-analysis in Islamic economics and finance is expected to impact the development and sustainability of the Islamic economic and financial ecosystem, promoting societal welfare through applying Islamic economics and finance.

This pioneering bibliometric analysis of Islamic economics and finance papers aims to offer insights and projections for future research in the field. This research contributes to the literature by examining various aspects, including evaluating literature on trending topics, analyzing papers related to research areas and conducting content analysis of existing bibliometric studies in Islamic economics and finance. It specifically groups these studies around fundamental topics, summarizes findings from contemporary research and identifies emerging research gaps.

Transaction cost economics sees a broad spectrum of governance structures spanned by two types of economic adaptation: autonomous and cooperative. Stakeholder theorists have drawn much inspiration from transaction cost economics but have not paid explicit attention to the centrality of the idea of adaptation in this literature. This study aims to address this gap.

The authors develop a novel conceptual framework applying the distinction between the two types of economic adaptation to stakeholder theory.

The authors argue that the idea of cooperative adaptation is particularly useful for describing the firm’s collaboration with primary stakeholders in the joint value creation process. In contrast, autonomous adaptation is more relevant for firms interacting with secondary stakeholders who are not directly engaged in joint value creation and may not have formal contractual relationships with the firm. Accordingly, cooperative adaptation can be seen as vital for resolving team production problems affecting joint value creation, whereas autonomous adaptation addresses how the firm maintains legitimacy within the larger stakeholder environment.

Similar to its significance for transaction cost economics, the distinction between the two types of adaptation equips stakeholder theory with a new systematic understanding of a potentially broad spectrum of firm–stakeholder collaboration forms.

Illicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes.

This paper develops a more advanced version of the embezzler test in terms of definitions and practical implementation methodology.

In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multistage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation and tax evasion.

Future research can use the version of this test to stress test a large range of economic norms, laws and regulations.

This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws and regulation.

To the best of the author’s knowledge, this is the first explicit test that has been presented to identify norms, laws and regulations that facilitate illicit financial flows and related financial crimes.

The main purpose of this study is to examine the impact of imported inputs on firms' productivity in selected South Asian economies, namely Pakistan, India and Bangladesh. Furthermore, this study explores the complementarity between firms' capabilities and imported inputs in an augmented productivity framework.

A dataset comprising 7117 manufacturing firms of selected South Asian economies was taken from the World Bank for 2013 and 2014. The empirical analysis was based on stochastic frontier models, the ordinary least square method and instrumental variable estimation techniques.

The empirical results show that imported inputs have positive and significant effects on the firms' productivity in the selected countries. Moreover, the study findings demonstrate that firms' capabilities play a complementary role in expanding the firms' production frontier.

The study outcomes suggest that reducing tariffs on imported inputs will enhance the firms' productivity in the selected emerging economies. However, the study further finds that the potential gain of imported inputs is conditional on the firm's capabilities. It implies that firms operating in these countries can improve their performance by allocating more resources to capabilities, such as workers’ training, management and internal R&D effort.

The existing literature on the subject is sceptical about the positive impact of imported inputs on firms' productivity in the case of developing countries. In this regard, the shortage of skilled labour and firms' capabilities are compelling rationales that need to be explored. Thus, the potential contribution of the study lies in explaining the moderating role of firm's capabilities operating in the selected emerging economies in the nexus of imported inputs and productivity.

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.

This study aims to investigate the effects of the historical prevalence of infectious diseases on contemporary entrepreneurship. Previous studies reveal numerous proximate causes of entrepreneurship, but little is known about the fundamental determinants of this widespread economic concern.

The central hypothesis is that historical pathogens exert persistent impacts on present-day entrepreneurship. The authors provide support for the underlying hypothesis using ordinary least squares and two-stage least squares with cross-sectional data from 125 countries consisting of the averages between 2006 and 2018.

Past diseases reduce entrepreneurship both directly and indirectly. The strongest indirect effects occur through GDP per capita, property rights, innovation, entrepreneurial attitudes, entrepreneurial abilities, entrepreneurial aspirations and skills. This result is robust to many sensitivity tests. Policymakers may take these findings into account and incorporate disease pathogens into the design of entrepreneurship.

The novelty of this paper lies in the adoption of a historical approach that sheds light on the deep historical roots of cross-country differences in entrepreneurship.