Journal of Critical Realism in Socio-Economics (JOCRISE)

The Moral Case to Pay Male Athletes More than Female Athletes

Walter E. Block Block, Robert W. McGee — Mon, 29 Jul 2024 00:00:00 +0700

Professional female athletes have long and bitterly complained that their compensation seriously lags behind that awarded to their male counterparts, and that this situation is unjust. The problem with this argument is that it is based on the labor theory of value, a long-discredited theory that bases worth on inputs rather than outputs. The authors propose a market-based approach whereby male and female athletes are compensated based on what they add to the bottom line. The $24 million dollar lawsuit settlement awarded to the U.S. women’s national soccer (football) team on the basis of discrimination is analyzed from the perspective of economic theory and justice and found to be defective. The arguments used to obtain that settlement are being used in other sports and in other countries to obtain equal pay for women. If this defective line of reasoning is successful, the result will be to actually harm both men’s and women’s sports.

Building Bridges: Public Research Initiatives in Public Education Implementation of Wellbeing Methodology in the Case study of Harmony Index at Bantul Regency, Yogyakarta

Jadi Suriadi Suriadi — Mon, 29 Jul 2024 00:00:00 +0700

This paper presents a comprehensive overview of the findings derived from a public research initiative utilizing the Harmony Index (IHaI) methodology in Bantul Regency, Yogyakarta. The study aimed to assess community perceptions and experiences related to harmony and wellbeing, with a focus on public education initiatives. A participation rate of 40.48% among the targeted 10,000 respondents underscores the success of educational outreach efforts in engaging the community and communicating the significance of the research endeavor. The Harmony Index (IM) score of 7.22, along with 30 Perception, Participation, and Acceptability (PPA) points, all 100% under “significant” category. Non-engaged People (NEP) and a reference value of below 10% for non-engaged individuals is allow all (100%). Qualitative figure is highlights the strong community involvement and overall harmony levels exceeding established benchmarks. Furthermore, qualitative data analysis complements quantitative findings, providing valuable insights into nuanced aspects of harmony-related issues within the region. By disseminating these findings through well-organized scripts and short videos, researchers aim to promote public education and facilitate evidence-based decision-making for positive social change.

The Evolution of Currency: Bridging Traditional Banking and Cryptocurrency with TNT

Joseph Mark Haykov — Mon, 29 Jul 2024 00:00:00 +0700

Transparent Network Technology (TNT) merges established banking practices with Decentralized Finance (DeFi), prioritizing the reduction of asymmetric information through increased transparency. Unlike the continuous, real-time processing typical in cryptocurrencies such as Bitcoin, TNT adopts a batch processing approach similar to that traditionally used by banks, where transactions are accumulated throughout the day and processed overnight. This method, employed by banks since the Italian Renaissance, significantly enhances both efficiency and security. We highlight how TNT utilizes the Nash equilibrium concept from game theory to ensure transaction integrity and mitigate prevalent risks such as double-spending in decentralized systems. Furthermore, we explore the legal ramifications of integrating dual signatures in TNT-bank transactions, an additional advantage of batch processing, which establishes these transactions as legally enforceable contracts. By critiquing the limitations of Bitcoin’s framework and illustrating the enhanced capabilities of TNT, we advocate for a paradigm shift in cryptocurrency practices to better align with those of traditional banks, suggesting a model that could redefine money.

Freely Floating Fiat Money and Riba

Hifzur Rab — Tue, 30 Jul 2024 00:00:00 +0700

Rationally, logically and scientifically unit of measurement and unit of account must be precisely defined quantity of what is measured/accounted. Where such a unit doesn’t exist it ought to be the best available. This is also essential Shariah requirement. Money especially common medium of exchange is measure of value therefore it should be most stable measure of value. Price stability and ease in use as medium of exchange is money-ness (Thamaniah). Therefore common medium of exchange will be highly stable unless manipulated or where people are forced to use it. Monetary manipulation corrupts market mechanism that determine/set just/efficient prices and it is a massive fraud impermissible in Shariah. If government fails to address this problem people must use appropriate standard of value as unit of account. In case of gold and silver coins subject to debasement it is quantity of gold and silver respectively. In case of freely floating fiat money it amounts to accounting in real terms. Riba is measurable excess of quantity. In presence of monetary manipulation, money not being acceptable unit of account appropriate unit of account for money must be used and any excess as accounted will be profit in case the matter relate to profit and Riba in case it relate to lending or payment of dues. Use of appropriate unit of account will resolve most of the related real problems and modes of finance Shariah prefers will become efficient and viable while system of interest will not be able to continue its dominance. This will stifle fraud and corruption and remove basic cause of poverty and deprivation. It will support justice and righteousness and prevent marginalization institutions based on justice

BOOK REVIEW: Critical Realism: Basics and Beyond, by Hubert Buch-Hansen & Peter Nielson, Sept. 2020. London, Macmillan, 2020

Masud Choudhury — Tue, 30 Jul 2024 00:00:00 +0700

This book provides a review of the book “Critical Realism: Basics and Beyond”, by Hubert Buch-Hansen & Peter Nielson, Sept. 2020. London, Macmillan pp. 168 (ISBN 978 1 352 01065 7). This is an original contribution, explained in informative content and written in clear language that is accessible to knowledgeable readers