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Time Preference and Price Control in Islamic Economics

In: The Causes and Consequences of Interest Theory

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  • Cem Eyerci

    (Central Bank of the Republic of Turkey)

Abstract

This chapter reviews the interpretation of Islamic economists on the concepts of the time value of money and time preference in detail. In particular, it overviews their approach to Böhm-Bawerk’s time preference theory of interest. It also evaluates the Islamic economists’ consideration of the consequences of interest rate control within the frame of price control phenomena. The work presents that the views of the Islamic economists on the concepts of the time value of money and the time preference are highly diversified. It concludes that the relevant literature is not comprehensive enough to help in building an opinion on the role of time preference in the existence of interest. It also states that the issue of the consequences of interest rate control has received far less attention compared to the concept of time preference among Islamic economists, and almost nothing asserted regarding the adverse effects of interest rate control.

Suggested Citation

  • Cem Eyerci, 2021. "Time Preference and Price Control in Islamic Economics," Springer Books, in: The Causes and Consequences of Interest Theory, chapter 0, pages 131-145, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-78702-8_7
    DOI: 10.1007/978-3-030-78702-8_7
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