habib dolgun

Property rights are among the most important human rights that are
carefully protected in Islam. Property rights are clearly defined in
Islam and there are many institutions designed to safeguard these
rights. Moreover, there are distinct ethical and legal obligations in
Islamic jurisprudence that govern the acquisition of private ownership.
Generally, the use of property is restricted by the prohibitions of ribā
(interest), gharar (uncertainty), hoarding and other prohibitions
of the Sharīʿah (Islamic law). Moreover, the Sharīʿah prescribes
certain obligations on wealth such as paying zakāh (mandatory
alms) and recommendations such as ṣadaqah (charity). Ostensibly,
these legal and moral limits have the benefit of protecting property
rights, promoting more equal income distribution and realising the
well-being of individuals and society at large. Success or failure
in protecting property rights has contributed to many civilisations’
emergence or collapse. Since the main role is given to the individual
for obeying rules, it is not expected that the government plays an
active role in protecting property rights in Islam because a priori
all individuals should be rule compliant. Moreover, the individual
is given the most critical role to facilitate the efficient allocation of
resources. For this reason, individuals’ rights, including property
rights, are protected carefully. This paper reviews the theoretical evidence supporting the legal views of property rights according
to Islam. The differences between the Islamic perspective and
conventional theories are discussed and the rules governing property
rights are clearly specified. The paper also assesses the implications
of the protection of property rights on economic matters in modern
times. Likewise it argues that property rights formulated by the rules
and principles of the Qurʾān and Sunnah (prophetic traditions)
directly result in societal development and economic growth.

One of the major problems that currently all states have is to provide enough employment and fair income for all its individuals. Full employment is very vital for resource utilisation. Thus, the most common measure of sustainable resource utilisation is the concept of the NAIRU – the non-accelerating inflation rate of unemployment. There are different views regarding the usefulness of the NAIRU concept. Moreover, economists, who analyse inflation trends, the sustainability of fiscal positions, structural reforms use this concept as a benchmark to identify sustainable or unsustainable trends in output and unemployment. Estimates of the NAIRU make clear what assumptions lie behind policy analysis and recommendations and therefore increase the transparency of policy advice. The measurement of the NAIRU is non-observable and depends on a wide range of institutional and economic factors. It follows that even if one accepts the concept, it can only be estimated with uncertainty. The aim of the study is to present a critical review of the article of Marco Espinosa-Vega and Steven Russell (1997), which is very detailed and factually reviewed the history and theory of the NAIRU. For this specific aim, the literature of unemployment, NAIRU, Phillips Curve and many other concepts and reasons of unemployment will be discussed and Espinosa and Russell (1997)'s approach will be assessed. Moreover, main reasons for unemployment which are structural problems, high labour cost and growth which does not create employment will be debated.