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1
Kato, Takeshi, and Yoshinori Hiroi. "Wealth disparities and economic flow: Assessment using an asset exchange model with the surplus stock of the wealthy." PLOS ONE 16, no. 11 (November 4, 2021): e0259323. http://dx.doi.org/10.1371/journal.pone.0259323.
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How can we limit wealth disparities while stimulating economic flows in sustainable societies? To examine the link between these concepts, we propose an econophysics asset exchange model with the surplus stock of the wealthy. The wealthy are one of the two exchange agents and have more assets than the poor. Our simulation model converts the surplus contribution rate of the wealthy to a new variable parameter alongside the saving rate and introduces the total exchange (flow) and rank correlation coefficient (metabolism) as new evaluation indexes, adding to the Gini index (disparities), thereby assessing both wealth distribution and the relationships among the disparities, flow, and metabolism. We show that these result in a gamma-like wealth distribution, and our model reveals a trade-off between limiting disparities and vitalizing the market. To limit disparities and increase flow and metabolism, we also find the need to restrain savings and use the wealthy surplus stock. This relationship is explicitly expressed in the new equation introduced herein. The insights gained by uncovering the root of disparities may present a persuasive case for investments in social security measures or social businesses involving stock redistribution or sharing.
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Astuti, Hikmah Fuji, and Erinos NR. "Pengaruh Intergovernmental Revenue, Kekayaan Daerah dan Sisa Lebih Pembiayaan Anggaran terhadap Belanja Modal (Studi Empiris pada Kabupaten/Kota di Sumatra Barat)." JURNAL EKSPLORASI AKUNTANSI 3, no. 3 (October 9, 2021): 624–39. http://dx.doi.org/10.24036/jea.v3i3.383.
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This study aims to examine the effect of intergovernmental revenue, regional wealht and financing surplus budget of capital expenditure. Population in this study were districts/cities in West Sumatera Province in 2015-2019. The analytical tool used in this study Is multiple linear regression analysis. The results of this study indicate that intergovernmental revenue and regional wealth has positive significant influence of capital expenditure. Financing surplus budget doesn’t significant influence of capital expenditure.
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MANNINO, MICHAEL V., and ELIZABETH S. COOPERMAN. "Surplus deferred pension compensation for long-term K-12 employees: an empirical analysis for the Denver Public School Retirement System and four state plans." Journal of Pension Economics and Finance 10, no. 3 (November 22, 2010): 457–83. http://dx.doi.org/10.1017/s1474747210000387.
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AbstractThis study uses a unique data set of retiree characteristics and salary histories for administrators, teachers, and non-professional employees of the Denver Public School Retirement System (DPSRS) to analyze surplus deferred compensation for DPSRS and four state K-12 defined benefit pension plans. We find sizable levels of surplus deferred compensation for each plan, with significant differences across plans, job classes, and age groups. Across plans, differences in cost of living allowances impact the expected present value of retirement benefits more than benefit table differences when controlling for each respective factor. Somewhat surprisingly, the plans in our study with the largest present value of future benefits had lower employee contribution rates. Pension wealth for reduced benefits showed larger wealth accrual at younger ages than full, unreduced benefits, and younger cohorts starting work at an earlier age received significantly higher surplus deferred compensation.
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Kincaid, Jim. "Marx after Minsky: Capital Surplus and the Current Crisis." Historical Materialism 24, no. 3 (September 27, 2016): 105–46. http://dx.doi.org/10.1163/1569206x-12341455.
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Minsky’s theory of financial instability helps clarify how Marxist theory can explain the highly financialised capitalism of today, and the crisis which started in 2008. The advanced economies currently have high realised profits in the productive sector and lagging rates of investment. Shareholder pressures encourage corporate strategies which focus on stock-market ratings and M&A operations, less on productive investment. Tax evasion and the build-up of reserve cash piles by corporations have contributed to a global surplus of what Marx calledloanable capital. This surplus has been augmented by the increasing inequality of personal wealth ownership and, in the international economy by, large current-account surpluses. The results include: huge profits for the financial system; low interest rates; recurrent boom and bust in asset markets; the fuelling of huge increases in household and government debt; and the combination of instability and stagnation which results from an excess supply of loanable capital.
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Senner, Richard, and Didier Sornette. "Explaining global imbalances: the role of central-bank intervention and the rise of sovereign wealth funds." Review of Keynesian Economics 9, no. 1 (January 19, 2021): 61–82. http://dx.doi.org/10.4337/roke.2021.01.04.
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Neoclassical economic theory views current-account imbalances as the result of (individual) decisions to save more than to invest domestically. Monetary analysis in the Keynesian tradition rejects such approaches and emphasizes that a country's net savings are the result, not the cause, of net selling of goods and services to foreigners. The latter, in turn, depends on global demand patterns and absolute advantages between countries. We complement this Keynesian approach, taking a closer look at the financial account of the balance of payments: a necessary condition for countries to net-sell goods and services to foreigners is the willingness of domestic sector(s) to accumulate net foreign assets. While previous analysis of global imbalances has partially discussed the role of central banks' reserve accumulation it has failed to incorporate the macroeconomic role of sovereign wealth funds (SWFs). We analyse eight surplus countries' external positions and find that the public sector typically purchases and manages significant amounts of foreign assets via both central banks and SWFs. This, in turn, supports current-account surpluses. We then consider the particular case of Switzerland where, contrary to other surplus countries, public-sector purchases of foreign assets had been absent for a long time, yet set in massively after 2008.
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Dmitrieva, O. "Deformation of Fiscal Policy and Debt Management as a Result of the Stabilization Fund Forming." Voprosy Ekonomiki, no. 3 (March 20, 2013): 20–32. http://dx.doi.org/10.32609/0042-8736-2013-3-20-32.
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The article shows the systematic mistake in the form of underestimation of project budget revenues. It is accompanied by the artificial increase in budget deficit which causes excessive borrowings and debt growth while in fact budget surplus takes place. It is proved that state borrowing and saving of assets in the sovereign funds (Reserve Fund and National Wealth Fund) lead to a combination of negative effects related to both deficit and surplus budgets: artificial slowdown of economic growth and increase in expenses for debt service.
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Kato, Takeshi. "Wealth Redistribution and Mutual Aid: Comparison Using Equivalent/Non-Equivalent Exchange Models of Econophysics." Entropy 25, no. 2 (January 24, 2023): 224. http://dx.doi.org/10.3390/e25020224.
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Given wealth inequality worldwide, there is an urgent need to identify the mode of wealth exchange through which it arises. To address the research gap regarding models that combine equivalent exchange and redistribution, this study compares an equivalent market exchange with redistribution based on power centers and a non-equivalent exchange with mutual aid using the Polanyi, Graeber, and Karatani modes of exchange. Two new exchange models based on multi-agent interactions are reconstructed following an econophysics-based approach for evaluating the Gini index (inequality) and total exchange (economic flow). Exchange simulations indicate that the evaluation parameter of the total exchange divided by the Gini index can be expressed by the same saturated curvilinear approximate equation using the wealth transfer rate and time period of redistribution, the surplus contribution rate of the wealthy, and the saving rate. However, considering the coercion of taxes and its associated costs and independence based on the morality of mutual aid, a non-equivalent exchange without return obligation is preferred. This is oriented toward Graeber's baseline communism and Karatani's mode of exchange D, with implications for alternatives to the capitalist economy.
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Evans, John H., R. Lynn Hannan, Ranjani Krishnan, and Donald V. Moser. "Honesty in Managerial Reporting." Accounting Review 76, no. 4 (October 1, 2001): 537–59. http://dx.doi.org/10.2308/accr.2001.76.4.537.
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This study reports the results of three experiments that examine how preferences for wealth and honesty affect managerial reporting. We find that subjects often sacrifice wealth to make honest or partially honest reports, and they generally do not lie more as the payoff to lying increases. We also find less honesty under a contract that provides a smaller share of the total surplus to the manager than under one that provides a larger share, suggesting that the extent of honesty may depend on how the surplus is divided between the manager and the firm. The optimal agency contract yields more firm profit than a contract that relies exclusively on honest reporting. However, a modified version of the optimal agency contract, which makes use of subjects' preferences for honest reporting, yields the highest firm profit. These results suggest that firms may be able to design more profitable employment contracts than those identified by conventional economic analysis.
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Chaput, Catherine. "Trumponomics, Neoliberal Branding, and the Rhetorical Circulation of Affect." Journal for the History of Rhetoric 21, no. 2 (May 2018): 194–209. http://dx.doi.org/10.5325/jhistrhetoric.21.2.0194.
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ABSTRACT This article studies Trumponomics as a brand that derives its economic and political purchase from the patterns of affective circulation opened up by the contemporary political economy. Because neoliberalism enables branding to both extract surplus wealth and appropriate surplus affect directly from consumers, it changes the rhetorical terrain. In this new landscape, Trump’s incoherent economic policies fade into the background as the production of his economic brand occupies the foreground. My argument theorizes affect within the labor theory of value, analyzes the Trump brand within that framework, and explores the implications of including affective value within the rhetorical toolbox.
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Angle, John. "The Surplus Theory of Social Stratification and the Size Distribution of Personal Wealth." Social Forces 65, no. 2 (December 1986): 293. http://dx.doi.org/10.2307/2578675.
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Angle, J. "The Surplus Theory of Social Stratification and the Size Distribution of Personal Wealth." Social Forces 65, no. 2 (December 1, 1986): 293–326. http://dx.doi.org/10.1093/sf/65.2.293.
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Reznikova, N., and O. Ivashchenko. "SOVEREIGN WEALTH FUNDS IN THE SYSTEM OF GLOBAL FINANCIAL IMBALANCES: AN ANALYSIS OF BENEFITS AND THREADS FROM THE PERSPECTIVE OF GLOBAL FINANCIAL STABILITY." Actual Problems of International Relations, no. 136 (2018): 60–66. http://dx.doi.org/10.17721/apmv.2018.136.0.60-66.
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A new active component has appeared in the contemporary global financial system, Sovereign Wealth Funds, demonstrating the growing investment capacities in some countries. This newly born category of investors reflects a wide array of economic policy intentions in the realities when current consumption or investment of considerable funds resulting from budget surplus and positive payment balance becomes either undesirable or unfeasible. The article’s objective is to analyze operation of Sovereign Wealth Funds as an innovative and leading actor of the global financial market, coming in place of hedge funds and private investment funds and challenging the role of central banks as biggest lenders. The position of Sovereign wealth Funds in the system of global financial imbalances is studied; benefits and threats from their operation are analyzed from the perspective of global financial stability.
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LIN, XIANG, and PENG YANG. "OPTIMAL INVESTMENT AND REINSURANCE IN A JUMP DIFFUSION RISK MODEL." ANZIAM Journal 52, no. 3 (January 2011): 250–62. http://dx.doi.org/10.1017/s144618111100068x.
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AbstractWe consider an insurance company whose surplus is governed by a jump diffusion risk process. The insurance company can purchase proportional reinsurance for claims and invest its surplus in a risk-free asset and a risky asset whose return follows a jump diffusion process. Our main goal is to find an optimal investment and proportional reinsurance policy which maximizes the expected exponential utility of the terminal wealth. By solving the corresponding Hamilton–Jacobi–Bellman equation, closed-form solutions for the value function as well as the optimal investment and proportional reinsurance policy are obtained. We also discuss the effects of parameters on the optimal investment and proportional reinsurance policy by numerical calculations.
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Mattingly, D. J. "The Olive Boom. Oil Surpluses, Wealth and Power in Roman Tripolitania." Libyan Studies 19 (1988): 21–41. http://dx.doi.org/10.1017/s0263718900001060.
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AbstractThis paper is a sequel to an earlier study of the archaeological evidence for olive oil production in Roman Tripolitania, and combines archaeological information on olive presses with the evidence for trade in Tripolitanian oil, as manifested by the identification of Tripolitanian containers (amphorae). Attention is drawn, in particular, to the apparent correspondence between conclusions made in respect of the settlement data and of the socio-economic significance of stamps on Tripolitanian amphorae. Both sets of data support the view that the urban elite of the region, and in particular that of Lepcis Magna, had control of a very considerable quantity of surplus oil production and that this constituted a major source of individual prosperity, in part manifested by the extravagant donations of public buildings. The notable wealth of the Lepcitanian aristocracy enabled increasing numbers from amongst it to participate at a high level in the central government of the Roman Empire as senators or equestrians. The culmination of this process was the elevation of Septimius Severus as the first African Emperor in AD 193. His reign brought clear short term advantages to his home town, but after his death and the assassination of both his sons by AD 217, the fortunes of the town changed for the worst. Under Severus the town had offered the Roman State a voluntary ‘tax’ in olive oil and this together with the absorption of much land into Imperial estates must have taken a significant amount of agricultural surplus out of local control. In an Appendix, some comments are made on the problems of attempting to quantify the scale of oil production, and some broad estimates are suggested.
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Braun, Barry, and Alissa Newman. "Accounting for the Nutritional Context to Correctly Interpret Results from Studies of Exercise and Sedentary Behavior." Nutrients 11, no. 9 (September 16, 2019): 2230. http://dx.doi.org/10.3390/nu11092230.
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There is a wealth of research lauding the benefits of exercise to oppose cardiometabolic disease such as diabetes, CVD and hypertension. However, in the great majority of these studies, the nutritional context (energy balance, deficit, or surplus) has been ignored, despite its profound effect on responses to both exercise and inactivity. Even a minor energy deficit or surplus can strongly modulate the magnitude and duration of the metabolic responses to an intervention; therefore, failure to account for this important confounding variable obscures clear interpretation of the results from studies of exercise or inactivity. The aim of this review is to highlight key lessons from studies examining the interaction between exercise and sedentary behavior, energy status, and glucose and insulin regulation. In addition to identifying notable problems, we suggest a few potential solutions.
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Yang, Peng. "Optimal Reinsurance-Investment Problem under Mean-Variance Criterion with n Risky Assets." Discrete Dynamics in Nature and Society 2020 (June 1, 2020): 1–16. http://dx.doi.org/10.1155/2020/6489532.
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Based on the mean-variance criterion, this paper investigates the continuous-time reinsurance and investment problem. The insurer’s surplus process is assumed to follow Cramér–Lundberg model. The insurer is allowed to purchase reinsurance for reducing claim risk. The reinsurance pattern that the insurer adopts is combining proportional and excess of loss reinsurance. In addition, the insurer can invest in financial market to increase his wealth. The financial market consists of one risk-free asset and n correlated risky assets. The objective is to minimize the variance of the terminal wealth under the given expected value of the terminal wealth. By applying the principle of dynamic programming, we establish a Hamilton–Jacobi–Bellman (HJB) equation. Furthermore, we derive the explicit solutions for the optimal reinsurance-investment strategy and the corresponding efficient frontier by solving the HJB equation. Finally, numerical examples are provided to illustrate how the optimal reinsurance-investment strategy changes with model parameters.
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Bonner, Michael. "The Kitāb al-kasb Attributed to al-Shaybānī: Poverty, Surplus, and the Circulation of Wealth." Journal of the American Oriental Society 121, no. 3 (July 2001): 410. http://dx.doi.org/10.2307/606670.
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Renaud, Jean-François. "On the Time Spent in the Red by a Refracted Lévy Risk Process." Journal of Applied Probability 51, no. 4 (December 2014): 1171–88. http://dx.doi.org/10.1239/jap/1421763334.
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In this paper we introduce an insurance ruin model with an adaptive premium rate, henceforth referred to as restructuring/refraction, in which classical ruin and bankruptcy are distinguished. In this model the premium rate is increased as soon as the wealth process falls into the red zone and is brought back to its regular level when the wealth process recovers. The analysis is focused mainly on the time a refracted Lévy risk process spends in the red zone (analogous to the duration of the negative surplus). Building on results from [11] and [16], we identify the distribution of various functionals related to occupation times of refracted spectrally negative Lévy processes. For example, these results are used to compute both the probability of bankruptcy and the probability of Parisian ruin in this model with restructuring.
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Renaud, Jean-François. "On the Time Spent in the Red by a Refracted Lévy Risk Process." Journal of Applied Probability 51, no. 04 (December 2014): 1171–88. http://dx.doi.org/10.1017/s0021900200012043.
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In this paper we introduce an insurance ruin model with an adaptive premium rate, henceforth referred to as restructuring/refraction, in which classical ruin and bankruptcy are distinguished. In this model the premium rate is increased as soon as the wealth process falls into the red zone and is brought back to its regular level when the wealth process recovers. The analysis is focused mainly on the time a refracted Lévy risk process spends in the red zone (analogous to the duration of the negative surplus). Building on results from [11] and [16], we identify the distribution of various functionals related to occupation times of refracted spectrally negative Lévy processes. For example, these results are used to compute both the probability of bankruptcy and the probability of Parisian ruin in this model with restructuring.
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Chiu, Mei Choi. "Mean-variance equilibrium asset-liability management strategy with cointegrated assets." ANZIAM Journal 62 (January 13, 2021): 209–34. http://dx.doi.org/10.21914/anziamj.v62.14649.
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This paper investigates asset-liability management problems in a continuous-time economy. When the financial market consists of cointegrated risky assets, institutional investors attempt to make profit from the cointegration feature on the one hand, while on the other hand they need to maintain a stable surplus level, that is, the company’s wealth less its liability. Challenges occur when the liability is random and cannot be fully financed or hedged through the financial market. For mean–variance investors, an additional concern is the rational time-consistency issue, which ensures that a decision made in the future will not be restricted by the current surplus level. By putting all these factors together, this paper derives a closed-form feedback equilibrium control for time-consistent mean–variance asset-liability management problems with cointegrated risky assets. The solution is built upon the Hamilton–Jacobi–Bellman framework addressing time inconsistency. doi: 10.1017/S1446181120000164
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Williams-Oerberg, Elizabeth. "Buddhist Business and Benevolence in Leh, Ladakh." Journal of Human Values 27, no. 1 (December 27, 2020): 60–71. http://dx.doi.org/10.1177/0971685820973188.
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Due to a burgeoning tourism industry in the Indian Himalayan region of Ladakh, Buddhist monasteries now have lucrative means for generating income through tourism-related business and financial support from international sponsors and local business owners. Where previously Buddhist monasteries were dependent on the donations and labour of the lay community, currently, with the accumulation of surplus wealth, many Buddhist leaders of prominent monasteries have begun flipping this donor system around. Throughout this article, I look at how Buddhist monastic leaders have invested surplus economic resources into philanthropic projects as a way to ‘give back’ to the wider community. I argue that the philanthropic initiatives by Buddhist leaders in Ladakh help to position Buddhist monastics as taking a leading role in the social and economic transformation of the region, thus working to push back against processes of secularization that threaten to decrease the influence of Buddhist monastic institutions.
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CHIU, MEI CHOI. "MEAN–VARIANCE EQUILIBRIUM ASSET-LIABILITY MANAGEMENT STRATEGY WITH COINTEGRATED ASSETS." ANZIAM Journal 62, no. 2 (April 2020): 209–34. http://dx.doi.org/10.1017/s1446181120000164.
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AbstractThis paper investigates asset-liability management problems in a continuous-time economy. When the financial market consists of cointegrated risky assets, institutional investors attempt to make profit from the cointegration feature on the one hand, while on the other hand they need to maintain a stable surplus level, that is, the company’s wealth less its liability. Challenges occur when the liability is random and cannot be fully financed or hedged through the financial market. For mean–variance investors, an additional concern is the rational time-consistency issue, which ensures that a decision made in the future will not be restricted by the current surplus level. By putting all these factors together, this paper derives a closed-form feedback equilibrium control for time-consistent mean–variance asset-liability management problems with cointegrated risky assets. The solution is built upon the Hamilton–Jacobi–Bellman framework addressing time inconsistency.
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Haldon, John. "The army and the economy: The allocation and redistribution of surplus wealth in the Byzantine state." Mediterranean Historical Review 7, no. 2 (December 1992): 133–53. http://dx.doi.org/10.1080/09518969208569638.
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XUE, Juan, Chuanyu WANG, and Lan WANG. "Optimal Investment Strategy of Defined Contribution Pension Based on Bequest Motivation and Loss Aversion." Wuhan University Journal of Natural Sciences 27, no. 4 (August 2022): 321–30. http://dx.doi.org/10.1051/wujns/2022274321.
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Under the S-shaped utility of loss aversion, this paper considers the bequest motivation of pension plan participants, random salary income before retirement and the substitution rate between receiving pension benefits after retirement and wages before retirement, and studies the optimal investment strategy of defined contribution (DC) pension. Assuming that pension funds can invest in a financial market consisting of three assets (risk-free asset cash, rolling bonds and stocks), inflation is considered by discount. Under the S-shaped utility, the Lagrange method is used to find the terminal optimal surplus of pensions in retirement, so as to find the terminal optimal wealth, and then the martingale method is used to find the optimal wealth process and investment strategy. Finally, a sensitivity analysis is carried out on the the influence of bequest motivation and loss aversion on the optimal investment strategy of DC pension.
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Finn, Daniel R. "Creativity as a Problem for Moral Theology: John Locke's 99 Percent Challenge to the Catholic Doctrine of Property." Horizons 27, no. 1 (2000): 44–62. http://dx.doi.org/10.1017/s036096690002079x.
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AbstractAccording to the classic Catholic doctrine of property, owners who have more than they need are obliged to share their surplus with others who have less than they need. From the patristic era to the work of John Paul II, this obligation has been understood to arise most fundamentally from the character of the objects owned: the material world is a gift from the Creator, intended to meet the needs of all humanity. Three centuries ago, John Locke argued that 99 percent of the value of modern wealth is attributable not to natural resources but to human labor and invention, implicitly restricting the classic obligations of property owners to a mere 1 percent of wealth. Catholic moral theology has yet to integrate Locke's insight about human creativity and economic productivity into an adequate doctrine of property. This article surveys the problem and provides an outline of a constructive response.
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Sumardi, Sumardi, Aryni Ayu, and M. Naim. "Surplus Dutch Colonial Big Profits in Indonesia 1878-1942." GATR Journal of Business and Economics Review 4, no. 2 (June 26, 2019): 74–82. http://dx.doi.org/10.35609/jber.2019.4.2(1).
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Objective – This study aims to analyse the Colonial Drain process to prove the colonial land profits based on the theoretical framework. The Surplus Colonial Profit is conceptualized through the term "colonial drain". The study uses historical economics based on the theories of Lenin Imperialism and Gramsci’s Hegemony. Methodology/Technique –This research will draw upon both primary and secondary sources. The primary sources include official and organizational publications including The Netherlands-Indies. The secondary sources include all relevant published and unpublished materials collected from diverse sources. Findings –The calculation of the surplus of colonial profits is scrutinized using historical causality by Gramsci's Hegemony theory to strengthen the data where the profits are obtained from public and private companies, and beyond predictions, "private profits" became the biggest commodity. Research Limitations / Implications – This research provides a basis for determining the direction of Indonesia's future economic development, and can also be a consideration of recent Indonesian lawsuits regarding Dutch debt, and can be a useful for reference material for further research. Novelty – Royal Dutch wealth was obtained from international trade and shipping of goods to Europe and ranges from 5.29 billion in 1878-1939 in the trade, services, international shipping sectors for and from Indonesia. This means that about 1 billion guilders missed from the recording of previous research that was around 4.12 billion. Type of Paper: Empirical. Keywords: Colonial Drain; Profits; Surplus; Metropolitan Economics; Dutch. Reference to this paper should be made as follows: Sumardi, Ayu, A.; Naim, M. 2019. Surplus Dutch Colonial Big Profits in Indonesia 1878-1942, J. Bus. Econ. Review 4 (2): 74 – 82 https://doi.org/10.35609/jber.2019.4.2(1) JEL Classification: N00, N.
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Walsh, Sean Noah, and Arielle Kay Johnson. "Lest Voting Also Become Theft." Political Research Quarterly 69, no. 4 (July 28, 2016): 667–77. http://dx.doi.org/10.1177/1065912916658129.
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Along with inequality in wealth, politics is increasingly divided between a very small percentage who can afford access and the vast majority who are effectively marginalized. In 2014, billionaire Tom Perkins essentially proposed eliminating that last trace of fairness by arguing that one ought to be able to purchase as many votes as he or she could afford. Ostensibly, one million dollars would buy one million votes. Given the current state of inequality, we concur that “one person, one vote” is no longer sensible. However, following from the political philosophy of Pierre Proudhon, we take the position that “property is theft.” Accordingly, the possession of wealth, far from being a source of increased rights, is exactly what disqualifies an individual from supernumerary votes. Instead, drawing upon Proudhon’s views, and those of other nineteenth-century anarchists, we argue that the poorest in society, those who have the least property and have therefore committed the least theft, ought to have a surplus of votes. Using anarchism as a framework for critique within the parameters of existing politics, we will argue that as wealth declines, individuals ought to be bestowed with additional votes as compensation.
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Andersen, Christian Ulrik, and Geoff Cox. "Most and Least of Research Value/s." A Peer-Reviewed Journal About 7, no. 1 (July 6, 2018): 4–7. http://dx.doi.org/10.7146/aprja.v7i1.115055.
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There is value and there are values. There is the measure of wealth, metrified and calculated in numerous ways, and there are ideas, ethics, preferences of taste, and customs of ideology. That the two can be associated together is nothing new. It is easy to value values and quantify how well we like, prefer or perform values (on a scale from one to ten; and ironicized here in the reworking of this introduction by Pip Thornton). Likewise, such processes of valorization in themselves imply particular values, ideologies and ethi- cal or aesthetical preferences (the beauty and rightfulness of valorization, wealth and surplus). But what really happens when the two are conflated? How do we understand how the values associated with something give it value; or, how giving something a value affords certain values? And, in what ways are the conflations of value and values tied to the circulation of value and values in contemporary technical infrastructures?
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Sheldon, Marie, and Garry Young. "The UK Economy." National Institute Economic Review 163 (January 1998): 9–26. http://dx.doi.org/10.1177/002795019816300105.
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By almost any criteria 1997 turned out to be a very good year for the British economy. As in the preceding three years, real growth was faster than the rate of consumer price inflation. Unemployment fell very sharply, by almost half a million on the claimant count definition, and around 350,000 mostly full-time jobs were created over the course of the year. The balance of payments showed a surplus on current account of an estimated £4 billion and the fiscal position strengthened significantly. Among the demand components, consumers' expenditure rose by about 4 per cent, largely as a consequence of fast income growth. The windfall payments received by the personal sector on the conversion of some building societies into banks appear to have been mainly saved rather than spent, thereby adding to wealth. Personal sector wealth also benefited from increases in house prices of about 10 per cent and a rise in equity prices of around 20 per cent.
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Lahjouji, Hamida, and Monzer Kahf. "Poverty Alleviation Through Potential Zakat Collection." International Journal of Islamic Economics 3, no. 2 (December 31, 2021): 164. http://dx.doi.org/10.32332/ijie.v3i2.3509.
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Morocco, is one of the many countries that still suffer from inequality and a high poverty index despite the economic growth over the last few years. Indeed, This paper aims to demonstrate the effect of Zakat on poverty alleviation and redistribution of wealth by estimating potential Zakat collection in Morocco. The results of this study indicate that potential zakat collection can fill the resources shortfall for the poverty alleviation under 1.9$ and 3.2$ a day. The total of all zakat potential in Morocco are not only sufficient to provide for the shortfall and eliminate the extreme poverty but also can generate surplus.
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Liu, Xiaotao, and Hailong Liu. "Optimal Investment Policy for Insurers under the Constant Elasticity of Variance Model with a Correlated Random Risk Process." Mathematical Problems in Engineering 2020 (May 20, 2020): 1–10. http://dx.doi.org/10.1155/2020/3143840.
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This paper investigates the optimal portfolio choice problem for a large insurer with negative exponential utility over terminal wealth under the constant elasticity of variance (CEV) model. The surplus process is assumed to follow a diffusion approximation model with the Brownian motion in which is correlated with that driving the price of the risky asset. We first derive the corresponding Hamilton–Jacobi–Bellman (HJB) equation and then obtain explicit solutions to the value function as well as the optimal control by applying a variable change technique and the Feynman–Kac formula. Finally, we discuss the economic implications of the optimal policy.
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Stanfield, Kellin Chandler. "Persistent Racial Disparity, Wealth and the Economic Surplus as the Fund for Reparations in the United States." Journal of Economic Issues 45, no. 2 (June 2011): 343–52. http://dx.doi.org/10.2753/jei0021-3624450211.
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Fuentes-Ramírez, Ricardo R. "The Political Economy of Puerto Rico: Surplus Use and Class Structure." Latin American Perspectives 47, no. 3 (May 2020): 18–29. http://dx.doi.org/10.1177/0094582x20912529.
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Assuming that the first claim on a society’s output is to meet the essential consumption needs of its citizens, the remainder of its output, or surplus, can be conceptualized as discretionary income that it may use in various ways. An analysis of the use of the surplus in Puerto Rico suggests that most of the economic surplus remains within the island, unproductively utilized by domestic capitalists. By redirecting this surplus to productive investment, Puerto Rico could initiate a process of recovery. The task is developing the political will to transfer this wealth from high-income Puerto Ricans and unproductive sectors to a radical industrial policy initiative. Emphasizing that there are in fact alternatives to austerity may facilitate social movements’ coalescing around this policy and thus contribute to the development of the political conditions necessary for restoring growth and development. Asumiendo que el primer reclamo sobre la producción de una sociedad es satisfacer las necesidades esenciales de consumo de sus ciudadanos, el resto de su producción, o excedente, puede conceptualizarse como un ingreso discrecional que se puede usar de varias maneras. Un análisis del uso del excedente en Puerto Rico sugiere que la mayor parte del excedente económico permanece dentro de la isla, utilizada de manera improductiva por los capitalistas nacionales. Al redirigir este excedente a la inversión productiva, Puerto Rico podría iniciar un proceso de reactivación. La tarea es desarrollar la voluntad política para transferir esta riqueza de puertorriqueños de altos ingresos y sectores improductivos a una iniciativa de política industrial radical. Enfatizar que, de hecho, existen alternativas a la austeridad puede facilitar que los movimientos sociales se aglutinan en torno a esta política y contribuir así al desarrollo de las condiciones políticas necesarias para restaurar el crecimiento y el desarrollo.
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Kornilakis, Angelos. "The Social Cooperative Enterprise in Greece: A Vehicle for the Social and Solidarity Economy." European Company Law 13, Issue 1 (January 1, 2016): 23–26. http://dx.doi.org/10.54648/eucl2016004.
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The Social Cooperative Enterprise (SCE) was introduced in Greece by Law 4019/2011 as a particular form of civil cooperative with an explicit social purpose. One issue that need to be addressed is that the necessity of a distinct management organ such as the executive board is not always obvious and could prove to be even counterproductive. Also, since a Social Enterprise is not a wealth maximizing vehicle for its members it is clear that the profits should not be distributed to them. Nevertheless the Greek law provides for the possibility to distribute up to 35% of the surplus to the workers, regardless of their member status.
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Karunakaran, N., and B. Sajith Kumar. "Relevance of trusteeship model in modern business world." Journal of Management Research and Analysis 9, no. 1 (April 15, 2022): 37–41. http://dx.doi.org/10.18231/j.jmra.2022.008.
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The background of Gandhian economy is very strong. Gandhi was fighting against extreme poverty, backwardness and socio-economic challenges as a part of the freedom movement. While the world has progressed manifold over the past century, the past few decades has forced to pursue that progress, mostly in terms of economic growth. The poster word for development, capitalism, has been busy in most countries. Trusteeship is a unique concept advocated by Gandhi to establish social and economic equality. It is a concept that has its origins in spirituality, in which a person voluntarily surrenders his surplus wealth, and entrusts it for the welfare of the poor section of the society.
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LESHEM, DOTAN. "OIKONOMIA REDEFINED." Journal of the History of Economic Thought 35, no. 1 (January 21, 2013): 43–61. http://dx.doi.org/10.1017/s1053837212000624.
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The paper argues that oikonomia was defined by the ancient Greek philosophers as a sphere in which man, when faced with excessive means, acquires a theoretical and practical prudent disposition in order to comply with his needs and so as to generate a man-made surplus that is to be found outside economy’s boundaries. In order to extricate this meaning, I focus on how the following categories are presented in ancient texts dedicated to the study of the oikonomia in its meaning of household management: i) oikonomia’s form of knowledge; ii) the essence of wealth and its end; and iii) the origin of the excess that appears in the economic sphere.
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Broxmeyer, Jeffrey D. "Bringing The “Ring” Back In: The Politics Of Booty Capitalism." Journal of the Gilded Age and Progressive Era 19, no. 2 (February 6, 2020): 235–45. http://dx.doi.org/10.1017/s1537781419000665.
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AbstractOne striking parallel between the Gilded Age and today is the return of the “ring” as a volatile form of governance. Rings are small bands of entrepreneurs who, through capture of key political institutions, exploit the coalition-building imperatives of party politics to rapidly accumulate large personal fortunes. The vernacular hails from the 1860s and 1870s, when the Tweed Ring, Gold Ring, Whiskey Ring, and Bank Ring, among others, scandalized the public with smash and grab practices. In the Trump era, Paul Manafort's career and the president's family business share many similarities to these classic episodes, both in the contested origin of private wealth and the circulation of profits throughout the political system. Rings thus have a tendency to recur in American political development. When electoral politics becomes financialized, speculators may seize opportunities to extract a hefty surplus from the public domain. In premodern contexts, Max Weber called this plundering phenomenon “booty capitalism.” The variant specific to American electoral institutions highlights a periodic conflict in democratic capitalism that arises over the legitimacy of political wealth accumulation.
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Ramaiah Ramasamy, Rajamohan, and Sathish Pachiyappan. "Holding period for positive return from Indian mutual funds." Investment Management and Financial Innovations 16, no. 1 (April 2, 2019): 346–64. http://dx.doi.org/10.21511/imfi.16(1).2019.27.
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In India, households predominantly prefer to invest their surplus in financial securities, which provide stable return irrespective of whether they beat inflation or help in creating wealth. However, financial planners advise their clients to invest their surplus for long term in risky assets such as mutual funds to generate inflation beating returns. But when households ask for the meaning of long term in a definite number, it varies among the financial advisors. Hence, the study made an attempt to answer this question by calculating the minimum time duration required to generate a minimum positive return for two indices (NIFTY 50, S&P BSE SENSEX) and 6 mutual fund schemes for a period of 23 years and the same two indices (NIFTY 50, S&P BSE SENSEX) and 20 mutual fund schemes for a period of 12 years and found out that the time horizon or the long term to ensure minimum positive return ranges from 5 years to 9 years depending up on the type of fund or the level of risk associated with the mutual fund schemes.
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Iyer, Vibha. "A Tangible Concept of Imperialism: Utsa Patnaik’s Estimates of Colonial Transfers From India." Indian Economic Journal 71, no. 1 (January 2023): 229–46. http://dx.doi.org/10.1177/00194662221146647.
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The earliest work on colonial transfers from India originated in the Drain of wealth theory of the nineteenth century nationalists Dadabhai Naoroji and R. C. Dutt. While the theory displays an implicit understanding of the linking of India’s internal budget and its external accounts to facilitate tax financed transfers to Britain—a feature unique to the colonial economy, it lacked the macroeconomic concepts to make explicit its details. Utsa Patnaik’s methodological framework over the last four decades on imperialism and colonial transfers in particular has contributed significantly towards revealing not only the precise mechanism of extraction of tax financed transfers from India but also formulating accurate estimates of the same. This article focuses on two of Patnaik’s methodological contributions. The first being the use of suitably modified modern macroeconomic concepts in a sovereign economy to lay bare the link between India’s tax revenues and trade surplus and second, the use of Council Bills as a proxy for India’s merchandise surplus which has helped overcome conceptual lacunae in the existing trade data and literature about the colonial period and enabled greater accuracy in the estimation of the transfers. JEL Codes: N01, N10, P16
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Terlep, Michael L., Francis E. Smiley, and Randall Haas. "Iridescent Beetle Adornments Suggest Incipient Status Competition among the Earliest Horticulturalists in Bears Ears National Monument." American Antiquity 88, no. 1 (January 2023): 2–19. http://dx.doi.org/10.1017/aaq.2022.96.
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AbstractAnthropological research has long theorized that emergent food-producing economies catalyzed high levels of inequality in human societies, as evident in the earliest use of jewelry made from gold, copper, and other precious minerals among early agricultural populations. Although the US Southwest appears to have been an exception, we report the discovery of two Basketmaker II period necklaces constructed of green iridescent scarab beetle femora, which suggests a homologous association between emergent agriculture and inequality. Drawing insight from ethnography, archaeology, entomology, and evolutionary ecology, we hypothesize that these and other jewelry items of Basketmaker II culture were visually prominent, honest signals of socioeconomic capital that emerged during a period of surplus food production and incipient wealth accumulation. It appears that Basketmaker II societies—like other emergent food-producing economies around the world—grappled with the opportunities and challenges that arise with surplus production, albeit in a distinct way that involved visually striking insect and feather adornments as status signals. Archaeologists may have previously overlooked this behavior due to Western biases that privilege precious metals and minerals as prestige objects and archaeological biases that tend to view insects as food or agents of site disturbance.
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Rappoport, Jill. "CONSERVATION OF SYMPATHY INCRANFORD." Victorian Literature and Culture 36, no. 1 (March 2008): 95–110. http://dx.doi.org/10.1017/s1060150308080066.
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By the mid-nineteenth century, British women had ample motivation for imagining forms of charity that did not require money. Property laws continued to deprive most married women of personal wealth and new statistics revealed a “surplus” of unmarried middle-class women lacking employment. Elizabeth Gaskell addressed these financial challenges by envisioning alternative forms of economic power for women. Her novellaCranford(1851–53) depicts a community of shabby-genteel women who support each other, in the virtual absence of men, through gift practices. Using principles of sympathetic and economic conservation,Cranford'ssystem of exchange reworks material limitations, turning these women's lack of private property to their advantage.Cranfordis among a number of mid-century works that treat sympathetic exchange in a sustained manner and on an expanded scale, writing women's charity in terms of sympathy and sisterhood rather than coin. By doing so, it not only co-opts the traditional province of the upper class by pitting middle-class women's care-giving against unfeeling wealth, but also defines a sympathetic gift economy in opposition to the masculinized marketplace essential to such models of charity as that of Dickens's turkey-buying Scrooge.
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Fenichel, Eli P., Joshua K. Abbott, Jude Bayham, Whitney Boone, Erin M. K. Haacker, and Lisa Pfeiffer. "Measuring the value of groundwater and other forms of natural capital." Proceedings of the National Academy of Sciences 113, no. 9 (February 8, 2016): 2382–87. http://dx.doi.org/10.1073/pnas.1513779113.
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Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996−2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996–2005. This annual loss in wealth is approximately equal to the state’s 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas’ depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets.
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Dawson, H. J., and E. Fouksman. "Labour, laziness and distribution: work imaginaries among the South African unemployed." Africa 90, no. 2 (February 2020): 229–51. http://dx.doi.org/10.1017/s0001972019001037.
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AbstractA wealth of new writing has emerged around the future of labour, focusing on thinking beyond employment in imagining the futures of ‘surplus populations’ no longer needed by labour markets. These new imaginaries include radically expanded forms of redistribution, such as unconditional cash transfers or universal basic income. But what are the views of the ‘surplus populations’ themselves? This article uses ethnographic research in an informal settlement in South Africa to understand why the unemployed or precariously employed poor are themselves often reluctant to delink labour and income. In particular, we focus on the discursive use of ‘laziness’ by urban unemployed young men. The varied (and often contradictory) ways in which these men employ the laziness discourse sheds light on the logics linking waged work and money in our informants’ social imaginaries. It illuminates the underlying contradictions and complexities of such logics, including those of gender, relational obligations, expectations of citizenship, and the inevitable tensions between aspirational hopes and economic realities. To begin thinking ‘beyond the proper job’, to use Ferguson and Li's phrase, we must unravel and understand such nuanced logics that continue to bind together hard work, deservingness and cash – even for those left out of labour markets.
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ZHU, HUIMING, YA HUANG, JIEMING ZHOU, XIANGQUN YANG, and CHAO DENG. "OPTIMAL PROPORTIONAL REINSURANCE AND INVESTMENT PROBLEM WITH CONSTRAINTS ON RISK CONTROL IN A GENERAL JUMP-DIFFUSION FINANCIAL MARKET." ANZIAM Journal 57, no. 3 (January 2016): 352–68. http://dx.doi.org/10.1017/s1446181115000280.
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We study the optimal proportional reinsurance and investment problem in a general jump-diffusion financial market. Assuming that the insurer’s surplus process follows a jump-diffusion process, the insurer can purchase proportional reinsurance from the reinsurer and invest in a risk-free asset and a risky asset, whose price is modelled by a general jump-diffusion process. The insurance company wishes to maximize the expected exponential utility of the terminal wealth. By using techniques of stochastic control theory, closed-form expressions for the value function and optimal strategy are obtained. A Monte Carlo simulation is conducted to illustrate that the closed-form expressions we derived are indeed the optimal strategies, and some numerical examples are presented to analyse the impact of model parameters on the optimal strategies.
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Blumberg, Ilana M. "Stealing the “Parson’s Surplice” / the Person’s Surplus: Narratives of Abstraction and Exchange in Silas Marner." Nineteenth-Century Literature 67, no. 4 (March 1, 2013): 490–519. http://dx.doi.org/10.1525/ncl.2013.67.4.490.
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Silas Marner (1861) depicts a stolen hoard of glittering gold at a historical moment that saw an increasing displacement of coinage by paper money in one of the major developments of industrial capitalist modernity. Reading the novel as George Eliot’s aesthetic and ethical response to the modern processes of abstraction that absorbed nineteenth-century thinkers from Auguste Comte to Ludwig Feuerbach and Karl Marx, I suggest that Silas Marner consoles for a potentially impoverishing process of abstraction by refiguring it as an opportunity for a new form of value, one that transcends material limitations and depends upon human networks for its realization. Associating the “abstraction” of gold with the creation of a post-Malthusian modern economy in which giving has little personal cost and, on the contrary, produces collective, practical benefit, Silas Marner reflects the possibilities for abundance, surplus, and shared wealth that could be glimpsed in England at the outset of the 1860s. As the novel shifts from describing money as an unchanging, inanimate object to describing it instead as an exchange-value whose meaning is expressed in relation to the natural growth and repeating cycles of human experience, George Eliot offers a historically relevant fable of moral progress dependent on the abstractions common to material exchange, social sympathy, and narrative itself.
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Yang, Peng. "Closed-Loop Equilibrium Reinsurance-Investment Strategy with Insider Information and Default Risk." Mathematical Problems in Engineering 2021 (January 19, 2021): 1–32. http://dx.doi.org/10.1155/2021/8873473.
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This paper studies the closed-loop equilibrium reinsurance-investment problem with insider information and default risk. The financial market consists of one risky asset, one defaultable bond, and one risk-free asset. The surplus process is governed by a jump-diffusion process. Two kinds of dependencies between the insurance market and the financial market are considered. In addition, the insurer has some extra claims information available from the beginning of the trading interval. The objective of the insurer is to choose a time-consistent reinsurance-investment strategy so as to maximize the expected terminal wealth while minimizing the variance of the terminal wealth. Since this problem is time-inconsistent, using closed-loop control approach from the perspective of game theory, we establish the extended Hamilton–Jacobi–Bellman (HJB) equations for the postdefault case and the predefault case, respectively. Closed-form solutions for the closed-loop equilibrium reinsurance-investment strategy and the corresponding value function are obtained. Finally, we provide a series of numerical examples to illustrate the effects of insider information and other some important model parameters on the closed-loop equilibrium reinsurance and investment strategies. The result analyses reveal some interesting phenomena and provide useful guidances for reinsurance and investment in reality.
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Bidabad, Bijan. "Sovereign Wealth Fund Asset and Liability Management by Rastin Banking Financial Instruments (Rastin Certificates and Rastin Swap Bonds)." American Finance & Banking Review 4, no. 1 (June 1, 2019): 1–16. http://dx.doi.org/10.46281/amfbr.v4i1.285.
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Low rate of return of National Development Fund (NDFI) resources and the concern regarding Sovereign Wealth Funds (SWFs) motivations and incentives to distort financing toward those investments and companies that are influenced by different political pressure groups and other types of corruptions are important problems with these funds.We try to propose a different financing procedure by using Rastin Banking mechanism and standards to fulfill both non-usury financial operations and fruitful supervised investments. This goal is achieved through Rastin Profit and Loss Sharing (PLS) system through Rastin Certificates financial instruments. Moreover, the governments operationally construct SWFs to use their surplus resources of the prosperity period in recession and crises years. We also show that Asset and Liability Management (ALM) of SWFs can be done by using Rastin Swap Bonds (RSBs) that are other Rastin Banking financial instruments.The proposed procedures positively improve NDFI regarding corruption reduction, supervision, preventing usury, availability of resources, funds stability, transactable instruments, operational ALM, rate of return, risk of bad loans, outstanding claims and transparency.
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El Diwany, Tarek. "Growth, Inequality and Globalization." American Journal of Islam and Society 16, no. 4 (January 1, 1999): 140–44. http://dx.doi.org/10.35632/ajis.v16i4.2092.
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To what extent is some poverty necessary for economic growth? Doespoverty motivate the poor to work harder, enabling them to both escape theirpoverty and in the process increase the total wealth of society? Or does povertyon balance promote those negative influences such as ill-health and a lack ofproper education that prevent the poor, and hence society, from attaining itsfull wealth potential? What effect does a redistribution of wealth from rich topoor have upon the growth rate? Would the poor manage the extra wealththereby gained in a manner more beneficial for society than when the rich managedit? How does income disparity within an economy wax and wane asgrowth takes place, and how does income disparity between economies changein the face of globalization? Perhaps most important of all, what can politicaleconomists learn from past experiences in informing policy recommendationsfor the future?Such are the questions to which two professors of economics address inGrowth, Inequality and Globalization: Theory, History, and Policy. In the firstof two discussions on the topic, phillipe Aghion from University CollegeLondon adopts a largely mathematical approach. In the second discussion,Jeffery G. Williamson from Harvard undertakes an empirical analysis. Thesetwo approaches compliment one another rather well.Two ideas are generally handed down to the modem student of economicson the relationship between growth and wealth inequality. One is based uponan incentives theory according to which inequality promotes faster growth. Theother derives from the Kuznet's hypothesis which holds that, as an economypasses through a growth phase, inequality first increases and then decreaseswith the onset of maturity. Aghion labels both of these ideas as fallacies, brieflyciting recent evidence which shows widening income inequality in the UnitedStates. His mathematical modeling further shows that, under certain circumstances,increases in inequality (as measured by the increased dispersion ofinvestment holdings among members of the society) can lead to lower growth.This is because the marginal return on investment for the poor is greater thanfor the rich. In plain language, poor people can create more wealth with anadditional unit of investment assets than the rich can. Hence, if the rich haveall the assets, society as a whole may not achieve the highest available returns.In a perfect capital market, the rich could perhaps lend or invest their surplus ...
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Brachetta, Matteo, and Claudia Ceci. "Optimal Excess-of-Loss Reinsurance for Stochastic Factor Risk Models." Risks 7, no. 2 (May 1, 2019): 48. http://dx.doi.org/10.3390/risks7020048.
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We study the optimal excess-of-loss reinsurance problem when both the intensity of the claims arrival process and the claim size distribution are influenced by an exogenous stochastic factor. We assume that the insurer’s surplus is governed by a marked point process with dual-predictable projection affected by an environmental factor and that the insurance company can borrow and invest money at a constant real-valued risk-free interest rate r. Our model allows for stochastic risk premia, which take into account risk fluctuations. Using stochastic control theory based on the Hamilton-Jacobi-Bellman equation, we analyze the optimal reinsurance strategy under the criterion of maximizing the expected exponential utility of the terminal wealth. A verification theorem for the value function in terms of classical solutions of a backward partial differential equation is provided. Finally, some numerical results are discussed.
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Rodin, Dede. "KHUMUS DALAM PERSPEKTIF MAZHAB JA’FARI." Economica: Jurnal Ekonomi Islam 4, no. 2 (May 4, 2016): 121. http://dx.doi.org/10.21580/economica.2013.4.2.783.
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<p><em>In Islamic tradition, khums (literally one fifth of gain) refers to a religious obligation to contribute one-fifth of a certain type of income to charity. The obligatory giving of alms is observed throughout Islam and is one of the Five Pillars of the faith, but the nature of the tax varies considerably between various Islamic traditions. Khums is paid on all items regarded as ganima. There are differing legal traditions within Islam about what constitutes ganima, and thus how far-reaching khums should be. In certain Shia traditions (Ja’fari) ganima is defined as the year’s profit, including all net income and wealth left over at the end of a year. Within these traditions, Khums involves an annual taxation of one-fifth of all gain, and can be compared to a tithe, or an income tax. Khums includes the zakat, or alms required as one of the five pillaras of Islam.</em></p><p><em>In Sunni tradition, ganima is defined as the spoils of war, and the tradition of paying khums has lapsed. However, Sunnis pay zakat, which involves a one-fortieth taxation of total wealth (and is more akin to a property tax). According to the hadiths of the Ahl al-Bayt Imams, the items that are eligible for khums are seven, and they are: (1) the profit or the surplus of income, (2) the legitimate wealth which is mixed with the illegitimate wealth, (3) mines and minerals, (4) the precious stones obtained from sea by diving, (5) treasures, (6) the land which a dhimmi kafir buys from a Muslim, and (7) the spoils of war.</em></p><p><em>in the Ja’fari school, khums should go to six people: Allah, His Messenger, The near relative of the Messenger (Ahlul-Bayt), Orphan, needy, the person who has fallen away from his home-town (and has no money to comeback to his own place).</em></p>