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The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --

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  • Ahamed Kameel Mydin Meera

    (Former Professor and Dean of Institute of Islamic Banking and Finance International Islamic University Malaysia)

Abstract

The paper touches upon one of the most important issues of modern economics and finance, i.e. the nature of money. It is clear from the observations of global events and the frequent economic and monetary crises that are plaguing modern economies, that money has a lot to do with those events. I totally agree with the writers’ observation that the nature of money is among the most neglected and misunderstood concepts when it is so fundamental to the working of a just, stable and sustainable econo-my. Lietaer (2012) clearly illustrates the link between money and sustainability – both economic and ecosystem sustainability. In other words, money is so fundamental that we cannot take it for granted. If it is flawed or messed, then the society would be messed too. John Maynard Keynes is reported to have said, “I know of only three people who really understand money. A professor at another university; one of my students; and a rather junior clerk at the Bank of England” (quoted in Lietaer, 2001, 33). --

Suggested Citation

  • Ahamed Kameel Mydin Meera, 2016. "The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 115-118, July.
    • Handle: RePEc:abd:kauiea:v:29:y:2016:i:2:no:10:p:115-118
    DOI: 10.4197/Islec.29-2.10
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