Zaman, Md Monowaruz (2007): The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'.
Download (207kB) | Preview
Poverty is an irrevocable curse of our existing institutional structure and a grey area of existing economic theories. The micro-credit can support a mere semi-subsistence economic structure since its targets are those poor people who are dependent on borrowings for their subsistence. The concept of social business described by professor Yunus is insufficient to put “poverty in museums” because the social businesses can not provide the incentives required for the entrepreneurs to stretch their business for the poor people beyond their existing business pace. This article describes an Unbiased Pareto Improvement (UPI) model to steadily integrate the poor people with mainstream economic activities. Eventually the economy will be benefited in terms of new values, welfare and employment opportunities.
|Item Type:||MPRA Paper|
|Original Title:||The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'|
|Keywords:||Grameen Bank; Greenhouse Care, Inefficiency Equilibrium; Micro Credit; Pareto improvement; Pareto optimality; Poverty Alleviation; Social Business; Welfare;|
|Subjects:||I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty > I30 - General
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism Design
O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O21 - Planning Models ; Planning Policy
O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development
I - Health, Education, and Welfare > I1 - Health > I18 - Government Policy ; Regulation ; Public Health
O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D52 - Incomplete Markets
D - Microeconomics > D6 - Welfare Economics > D60 - General
J - Labor and Demographic Economics > J8 - Labor Standards: National and International > J83 - Workers' Rights
|Depositing User:||MD MONOWARUZ ZAMAN|
|Date Deposited:||26. Aug 2008 14:00|
|Last Modified:||02. Mar 2013 12:53|
Arrow, Kenneth (1964). ‘The Role of Securities in the Optimal Allocation of Risk Bearing’, Review of Economic Studies, XXXI, p-91-96.
Coase, Ronald, (1960). ‘The Problem of Social Cost’, Journal of Law and Economics 3(1), p-l-44.
Debreu, G. (1959), The Theory of Value, John Wiley and Sons, New York.
Deane, Phyllis (1978).The Evolution of Economic Ideas, Cambridge University Press, p-175-204.
Fundenberg, D. and Tirole, J.(1996). Game Theory, Cambridge, MA: M.I.T. Press.
Hodgson, Geoffrey M. (2003). ‘The Hidden Persuaders: Institutions and Individuals in Economic Theory’, Cambridge Journal of Economics 27, no 2, p-159-175.
Hodgson, Geoffrey M. (2006). ‘What Are Institutions’, Journal of Economic Issues, XL, p-1-24.
Hodgson, Geoffrey M. (2007). ‘Meaning of Methodological Individualism’, Journal of Economic Methodology, 14:2, p-211-226.
Madsen, Jakob and Davis, E. P. (2006). ‘Equity prices, productivity growth and new economy’, The Journal of the Royal Economic Society, vol.116, pp791-811.
North, Douglass C., (1990a). Institutions, Institutional Change, and Economic Performance, New York: Cambridge University Press.
Nelson, Richard, and Sidney G. Winter, (1982). An Evolutionary Theory of Economic Change. Cambridge: Harvard University Press.
North, Douglass C., (1990b). ‘A Transactions Cost Theory of Politics’, Journal of Theoretical Politics 2 (4): 355-67
North, Douglass C., (1994). ‘Economic Performance through Time’, American Economic Review, Vol.84, No.3, pp-359-368
Prahalad, C.K. and Hart,Stuart L. (2002) 'The Fortune at the Bottom of the Pyramid', Strategy + Business, Issue 26.
Ross, S. (1973). ‘The Economic Theory of Agency: The Principal’s Problem’, American Economic Review, LXIII, p-134-139.
Rotering, Frank (2002). ‘Towards a New Economics’, Post-autistic Economics Review, issue no. 14, article 10. (http://www.btinternet.com/~pae_news/review/issue14.htm)
Rothschild,M., and J. E. Stiglitz (1976). ‘Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information’, Quarterly Journal of Economics, XC p-629–649.
Sen, Amartya (1975), Employment, Technology and Development, Oxford: Clarendon Press.
Sen, Amartya (1981), Poverty and Famines: An Essay on Entitlement and Deprivation, Oxford: Clarendon Press. Simon, Herbert A. (1982). Models of Bounded Rationality. Cambridge, MA: MIT Press.
Simon, Herbert. (1986). ‘Rationality in Psychology and Economics’, Rational choice: The contrast between economics and psychology, University of Chicago Press, pp. 25-40.
Sperry, Roger W. (1991). ‘In Defence of Mentalism and Emergent Interaction’, Journal of Mind and Behavior 12, no 2, p-221-246.
Stigler, George J. (1967), ‘Imperfections in the Capital Market’, Journal of Political Economy, LXXV, p-213–225.
Stiglitz, Joseph E. (2000). ‘The Contributions of the Economics of Information to Twentieth Century Economics’, The Quarterly Journal of Economics, November 2000, p-1441-1478.
Stiglitz, Joseph E. (1987). ‘The Causes and Consequences of the Dependence of Quality on Prices’, Journal of Economic Literature, XXV, p-1-48.
Weintraub, E.R. (1985). General Equilibrium Analysis: Studies in Appraisal, Historical Perspectives on Modern Economics, Cambridge University Press.
Yunus, Mohammad (2006). ‘The Nobel Peace Prize Laureate 2006’, Oslo. The fipbel Foundation. Stockholm, Sweden.
Zaman, Monowaruz (2001). ‘Greenhouse Care-a Proposal of a New Economic Development Model for the Poorest People of an Economy’, Journal of Business Administration, Volume 27, No3&4.
Zaman, Monowaruz (2008a). ‘An Introduction to Economics of Information Biasing’, Social Science Research Network. (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1146323)
Zaman, Monowaruz (2008b). ‘Welfare Dynamics Based on a New Concept of Inefficiency Equilibrium’, Social Science Research Network. (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1233609)
Available Versions of this Item
The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'. (deposited 03. Jan 2007)
- The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'. (deposited 26. Aug 2008 14:00) [Currently Displayed]