nep-com New Economics Papers
on Industrial Competition
Issue of 2021‒03‒29
twenty-one papers chosen by
Russell Pittman
United States Department of Justice

  1. Global Giants and Local Stars: How Changes in Brand Ownership Affect Competition By Vanessa Alviarez; Keith Head; Thierry Mayer
  2. Partial Compatibility in Oligopoly By Federico Innocenti; Domenico Menicucci
  3. Does Envelopment through Data Advantage Call for New Regulation? By Gregor Langus; Vilen Lipatov
  4. Evidence Production in Merger Control: The Role of Remedies By Markus Dertwinkel-Kalt; Christian Wey
  5. Rising Corporate Market Power; Emerging Policy Issues By Ufuk Akcigit; Wenjie Chen; Federico J Diez; Romain A Duval; Philipp Engler; Jiayue Fan; Chiara Maggi; Marina Mendes Tavares; Daniel A Schwarz; Ippei Shibata; Carolina Villegas-Sánchez
  6. Pricing Coordination in a Spatial Context: Evidence from the Retail Vehicular Natural Gas Market of Peru By Vásquez Cordano, Arturo Leonardo; Rojas, Pedro; Aurazo, José
  7. Competition in French hospital: Does it impact the patient management in healthcare? By Carine Milcent
  8. Price and Fulfillment Strategies in Omnichannel Retailing By Yasuyuki Kusuda
  9. Post-M&A Innovation in Indian firms – An Empirical Investigation By Sandeep Yadav; M.K. Nandakumar
  10. A Note on Democracy and Competition: The Role of Ownership Structure in a General Equilibrium Model with Vertical Preferences By Hend Ghazzai; Wided Hemissi; Rim Lahmandi-Ayed; Sana Kefi
  11. The Economics of Platform Liability By Yassine Lefouili; Leonardo Madio
  12. Multiproduct Intermediaries By Andrew Rhodes; Makoto Watanabe; Jidong Zhou
  13. Defending home against giants: Exclusive dealing as a survival strategy for local firms By Hiroshi Kitamura; Noriaki Matsushima; Misato Sato
  14. Multinationals and Domestic TFP: Market Shares, Agglomerations Gains and Foreign Ownership By Bournakis, Ioannis; Papanastassiou, Marina; Papaioannou, Sotiris
  15. Diffusion of Innovation In Competitive Markets-A Study on the Global Smartphone Diffusion By Semra Gunduc
  16. Price setting on a network By Toomas Hinnosaar
  17. When Do Consumers Talk? By Ishita Chakraborty; Joyee Deb; Aniko Oery
  18. Beyond retail stores: Managing product proliferation along the supply chain By Işık Biçer,; Florian Lücker,; Tamer Boyaci,
  19. The impact of the German "DEAL" on competition in the academic publishing market By Haucap, Justus; Moshgbar, Nima; Schmal, Wolfgang Benedikt
  20. Locational Marginal Pricing: Towards a Free Market in Power By Martin Higgins
  21. Tugas 1 Sejarah Pemikiran ekonomi Islam (Ainun Musfira 90100118005) By Musfira, Ainun

  1. By: Vanessa Alviarez (UBC Sauder School of Business); Keith Head (UBC Sauder School of Business); Thierry Mayer (Sciences Po)
    Abstract: We assess the consequences for consumers in 76 countries of multinational acquisitions in beer and spirits. Outcomes depend on how changes in ownership affect markups versus efficiency. We find that owner fixed effects contribute very little to the performance of brands. On average, foreign ownership tends to raise costs and lower appeal. Using the estimated model, we simulate the consequences of counterfactual national merger regulation. The US beer price index would have been 4–7% higher without divestitures. Up to 30% savings could have been obtained in Latin America by emulating the pro-competition policies of the US and EU.
    Keywords: Multinationals, oligopoly, markups, concentration, firm effects, brands, frictions, mergers and acquisitions, competition policy.
    JEL: F12 F23 F61 K21 L13
    Date: 2020–06
  2. By: Federico Innocenti; Domenico Menicucci
    Abstract: This paper examines the issue of product compatibility in an oligopoly with three multi-product firms. Whereas most of the existing literature focuses on the extreme cases of full compatibility or full incompatibility, we look at asymmetric settings in which some firms make their products compatible with a standard technology and others do not. Our analysis reveals each firm’s individual incentive to adopt the standard, and allows to study a two-stage game in which first each firm chooses its technological regime (compatibility or incompatibility), then price competition occurs given the regime each firm has selected at stage one. When firms are ex ante symmetric, we find that for each firm, compatibility weakly dominates incompatibility. In a setting in which a firm’s products have higher quality than its rivals’ products, individual incentives to make products incompatible emerge, first for the firm with higher quality products, then also for the other firms, as the quality difference increases. This paper sheds lights on markets in which some firms adopt the standard technology but other firms use proprietary systems.
    Keywords: Compatibility, Spatial competition, Vertical differentiation, Asymmetric equilibrium, Competitive Bundling
    JEL: D43 L13
    Date: 2021–03
  3. By: Gregor Langus; Vilen Lipatov
    Abstract: Envelopment is an effective form of market entry that facilitates competition among platforms. Nevertheless, many commentators have focused on the anticompetitive potential of envelopment, and some have argued for regulation of platforms because of that concern. These calls for regulation are not supported by robust formal analysis or comprehensive empirical evidence. We analyze a visible recent contribution by Condorelli and Padilla (2020a,b) and explain why the model that they put forward is not ripe for policy advice in relation to concerns with envelopment.
    Keywords: envelopment, entry deterrence, data, competition of multi-market platforms
    JEL: K21 L13 L40
    Date: 2021
  4. By: Markus Dertwinkel-Kalt; Christian Wey
    Abstract: We analyze evidence production in merger control as a delegation problem in an inquisitorial competition policy system. The antitrust agency’s incentives to produce evidence on the efficiency of a merger proposal depend critically on its action set. Allowing for a compromising remedy solution reduces information acquisition incentives, and could therefore reduce consumer welfare. The effort-frustrating effect of the remedy solution can be eliminated if a remedy solution can be implemented only after evidence on the efficiency of a merger proposal has been produced.
    Keywords: merger remedies, merger control, antitrust
    JEL: L13 L40 K21
    Date: 2021
  5. By: Ufuk Akcigit; Wenjie Chen; Federico J Diez; Romain A Duval; Philipp Engler; Jiayue Fan; Chiara Maggi; Marina Mendes Tavares; Daniel A Schwarz; Ippei Shibata; Carolina Villegas-Sánchez
    Abstract: Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is hotly debated. This note provides new evidence on the policy relevance of rising market power and highlights possible implications for the design of competition policy frameworks and macroeconomic policies.
    Keywords: Market competitions;Digital economy;Monetary policy;Business environment;Market power;business dynamism;Mergers and acquisitions;competition policy;digital economy;monetary policy
    Date: 2021–03–15
  6. By: Vásquez Cordano, Arturo Leonardo; Rojas, Pedro; Aurazo, José
    Abstract: This paper aims to assess the degree of market power in the Peruvian retail market for Vehicular Natural Gas (VNG) using a generalized spatial competition model proposed by Capozza and Van Order (1978). This model nests Loschian, Hotelling-Smithies, and Greenhut-Ohta models through a single coefficient, so-called the spatial conjectural variation parameter. This paper exploits the fact that the marginal cost of natural gas is known and constant for all VNG stations due to the regulatory treatment in Peru, which ensures the proper identification of the conjectural variation parameter and gives information about the behavior of pricing coordination among firms. Our database contains information on retail VNG prices, sold VNG quantities, and other characteristics of 34 counties in Metropolitan Lima and Callao in Peru from 2011 to 2015. The results suggest the existence of some degree of coordination in prices associated with spatial collusion. This result is consistent with the Peruvian Antitrust Authority verdict that determined the existence of a case of price collusion in this retail market in 2019.
    Keywords: Vehicular Natural Gas, Market Power Measurement, Spatial Competition, Peru, Oligopoly, Generalized Method of Moments, Collusive Behavior, Energy Cartel.
    JEL: L11 L95 Q4 L41 C31 C36
    Date: 2021–02
  7. By: Carine Milcent (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: We explore the competition impact on patient management in healthcare (length of stay and technical procedure's probability to be performed) by difference-indifference , exploiting time variations in the intensity of local competition caused by the French pro-competition reform (2004-2008). Models are estimated with hospital fixed effects to take into account hospital unobserved heterogeneity. We use an exhaustive dataset of in-hospital patients over 35 admitted for a heart attack. We consider the period before the reform from 2001 to 2003 and a period after the reform from 2009 to 2011. Before the reform, there were two types of reimbursement systems. Hospitals from private sector, were paid by fee-for-service. Hospitals from public sector were paid by global budget. They had no current activity's link, and a weak competition incentive. After the DRG-based payment reform, all hospitals compete with each other to attract patients. We find the reform a sizeable positive competition effect on high-technical procedure for the private sector as well as a negative competition effect on the length of stay for public hospitals. However, the overall local competition effect of the reform explained a very marginal part of the explanatory power of the model. Actually, this period is characterised by two contradictory components: a competition effect of the reform and in-patients who are more concentrated. Results suggest that if competition impacted management patient's change, it is through a global competition included in a global trend much more than a local competitive aspect of the reform.
    Keywords: Competition,Hospital ownership,Policy evaluation,Length of stay,High-tech procedure,Difference-in-difference,Measure of market structure,Heart attack competition
    Date: 2021–03
  8. By: Yasuyuki Kusuda
    Abstract: Omnichannel retailing, a new form of distribution system, seamlessly integrates the Internet and physical stores. This study considers the pricing and fulfillment strategies of a retailer that has two sales channels: online and one physical store. The retailer offers consumers three purchasing options: delivery from the fulfillment center, buy online and pick up in-store (BOPS), and purchasing at the store. Consumers choose one of these options to maximize their utility, dividing them into several segments. Given the retailer can induce consumers to the profitable segment by adjusting the online and store prices, our analysis shows that it has three optimal strategies: (1) The retailer excludes consumers far from the physical store from the market and lets the others choose BOPS or purchasing at the store. (2) It lets consumers far from the physical store choose delivery from the fulfillment center and the others choose BOPS or purchasing at the store. (3) It lets all consumers choose delivery from the fulfillment center. Finally, we present simple dynamic simulations that considers how the retailer's optimal strategy changes as consumers' subjective probability of believing the product is in stock decreases. The results show that the retailer should offer BOPS in later periods of the selling season to maximize its profit as the subjective probability decreases.
    Date: 2021–03
  9. By: Sandeep Yadav (Indian Institute of Management Kozhikode); M.K. Nandakumar (Indian Institute of Management Kozhikode)
    Abstract: A large number of studies have examined the antecedents of post-M&A performance especially in the case of cross-border acquisitions. However the literature on post-M&A innovation is very limited. Furthermore, not many studies examining M&As in the Indian context have been published in leading journals. We try to fill this gap by conducting an empirical study on postM&A innovation. We analyzed a sample of 85 domestic M&As by Indian firms during the period between 2000 and 2015. We found a positive relationship between relative absorptive capacity of the acquirer and post-M&A innovation performance. Size of the firm positively moderated the relationship between relative absorptive capacity and post-merger innovation performance. The M&A activities between firms in the same industry increased post-merger innovation performance.
    Keywords: Post M&A innovations, Indian firms
    Date: 2020–03
  10. By: Hend Ghazzai (UR MASE - Modélisation et Analyse Statistique et Economique - ESSAIT - Ecole Supérieure de la Statistique et de l'Analyse de l'Information - Université de Carthage - University of Carthage); Wided Hemissi; Rim Lahmandi-Ayed (UR MASE - Modélisation et Analyse Statistique et Economique - ESSAIT - Ecole Supérieure de la Statistique et de l'Analyse de l'Information - Université de Carthage - University of Carthage); Sana Kefi
    Abstract: This note extends the results already obtained by Khaloul et al. (2017) on the majority vote between monopoly and duopoly by a heterogeneous population composed of individuals who are potentially consumers, workers, and shareholders to the general case where firms are owned by a given proportion of the population. Results show that duopoly is preferred when non-shareholders constitute a majority of the population. Otherwise, the majority vote depends on the relative dispersion of the individuals with respect to their intensity of preference for quality and their sensitivity to effort.
    Keywords: Imperfect Competition,Democracy,Vertical Differentiation,General Equilibrium
    Date: 2021
  11. By: Yassine Lefouili; Leonardo Madio
    Abstract: Public authorities in many jurisdictions are concerned about the proliferation of illegal content and products on online platforms. In this paper, we provide an economic appraisal of platform liability that highlights the effects of a stricter liability rule on several key variables such as prices, terms and conditions, business models, and investments. We also discuss the impact of the liability regime applying to online platforms on competition between them and the incentives of third parties relying on them. Finally, we analyze the potential costs and benefits of measures that have received much attention in recent policy discussions.
    Keywords: liabilities rules, online platforms, illegal content and products, intellectual property
    JEL: K40 K42 K13 L22 L86
    Date: 2021
  12. By: Andrew Rhodes (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Makoto Watanabe; Jidong Zhou
    Abstract: This paper develops a new framework for studying multiproduct intermediaries when consumers demand multiple products and face search frictions. We show that a multiproduct intermediary is profitable even when it does not improve consumer search efficiency. The intermediary optimally stocks high-value products exclusively to attract consumers to visit and then profits by selling nonexclusive products that are relatively cheap to buy from upstream suppliers. Relative to the social optimum, the intermediary tends to be too big and stock too many products exclusively. We use the framework to study the design of shopping malls and the impact of direct-to-consumer sales by upstream suppliers on the retail market.
    Date: 2021–02
  13. By: Hiroshi Kitamura; Noriaki Matsushima; Misato Sato
    Abstract: We consider exclusive contracts as a survival strategy for a local incumbent manufacturer facing a multinational manufacturer's entry. Although both manufacturers prefer to trade with an efficient local distributor, trading with inefficient competitive distributors is acceptable only to the entrant, owing to the entrant's efficiency. Hence, such competitive distributors can be an outside option for the entrant. As the entrant becomes efficient, the outside option works effectively, implying that the entry does not considerably benefit the efficient local distributor. Thus, the local manufacturer is more likely to sign an exclusive contract with the efficient distributor as the entrant becomes efficient.
    Date: 2021–03
  14. By: Bournakis, Ioannis; Papanastassiou, Marina; Papaioannou, Sotiris
    Abstract: We revisit the puzzle regarding the role of Multinational Enterprises (MNEs) on Total Factor Productivity (TFP) of domestic firms by drawing attention to foreign ownership structure. First, we differentiate between market share (MS) due to competition effects and knowledge agglomeration gains (AG). The former induces market pressure, due to foreign presence, and makes domestic firms to charge lower price mark-ups. Second, we investigate whether intra-industry (horizontal) and inter-industry (vertical) spillovers vary with the degree of foreign control. Using a sample of manufacturing firms from six European countries, we find that higher presence of MNEs in the domestic market makes domestic firms to charge lower mark-ups. Only majority and wholly-owned MNEs generate statistically significant horizontal spillovers. The economic size of these spillovers is low. We also detect backward spillovers from MNEs in downstream industries. However, forward spillovers from MNEs in upstream industries are negative. When we control for absorptive capacity, direct linkages with MNEs, scope of product differentiation and geographical proximity, the economic size of AG increases substantially.
    Keywords: MNEs, Foreign ownership, Spillovers, Market Share, Agglomeration Gains, Mark-up, Total Factor Productivity
    JEL: D23 D4 F14 F23
    Date: 2020–05–17
  15. By: Semra Gunduc
    Abstract: In this work, the aim is to study the diffusion of innovation of two competing products. The main focus has been to understand the effects of the competitive dynamic market on the diffusion of innovation. The global smartphone operating system sales are chosen as an example. The availability of the sales and the number of users data, as well as the predictions for the future number of users, make the smartphone diffusion a new laboratory to test the innovation of diffusion models for the competitive markets. In this work, the Bass model and its extensions which incorporate the competition between the brands are used. The diffusion of smartphones can be considered on two levels: the product level and the brand level. The diffusion of the smartphone as a category is studied by using the Bass equation (category-level diffusion). The diffusion of each competing operating system (iOS and Android) are considered as the competition of the brands, and it is studied in the context of competitive market models (product-level diffusion). It is shown that the effects of personal interactions play the dominant role in the diffusion process. Moreover, the volume of near future sales can be predicted by introducing appropriate dynamic market potential which helps to extrapolate the model results for the future.
    Date: 2021–03
  16. By: Toomas Hinnosaar
    Abstract: Most products are produced and sold by supply chain networks, where an interconnected network of producers and intermediaries set prices to maximize their profits. I show that there exists a unique equilibrium in a price-setting game on a network. The key distortion reducing both total profits and social welfare is multiple-marginalization, which is magnified by strategic interactions. Individual profits are proportional to influentiality, which is a new measure of network centrality defined by the equilibrium characterization. The results emphasize the importance of the network structure when considering policy questions such as mergers or trade tariffs.
    Keywords: price setting, networks, sequential games, multiple-marginalization, supply chains, mergers, tariffs, trade, centrality.
    JEL: C72 L14 D43
    Date: 2020
  17. By: Ishita Chakraborty (Yale School of Management); Joyee Deb (Cowles Foundation, Yale University); Aniko Oery (Cowles Foundation, Yale University)
    Abstract: The propensity of consumers to engage in word-of-mouth (WOM) can differ after good versus bad experiences. This can result in positive or negative selection of user-generated reviews. We show how the strength of brand image - determined by the dispersion of consumer beliefs about quality - and the informativeness of good and bad experiences impact the selection of WOM in equilibrium. Our premise is that WOM is costly: Early adopters talk only if their information is instrumental for the receiver's purchase decision. If the brand image is strong, i.e., consumers have close to homogeneous beliefs about quality, then only negative WOM can arise. With a weak brand image, positive WOM can occur if positive experiences are sufficiently informative. We show that our theoretical predictions are consistent with restaurant review data from A review rating for a national established chain restaurant is almost 1-star lower (on a 5-star scale) than a review rating for a comparable independent restaurant, controlling for various reviewer and restaurant characteristics. Further, negative chain restaurant reviews have more instances of expectation words, indicating agreement over beliefs about the quality, whereas positive reviews of independent restaurants feature disproportionately many novelty words.
    Keywords: Brand image, Costly communication, Recommendation engines, Review platforms, Word of mouth
    Date: 2020–08
  18. By: Işık Biçer, (Schulich School of Business, York University); Florian Lücker, (Cass Business School, City, University of London); Tamer Boyaci, (ESMT European School of Management and Technology)
    Abstract: Product proliferation occurs in supply chains when manufacturers respond to diverse market needs by trying to produce a range of products from a limited variety of raw materials. In such a setting, manufacturers can establish market responsiveness and/or cost efficiency in alternative ways. Delaying the point of the proliferation helps manufacturers improve their responsiveness by postponing the ordering decisions of the final products until there is partial or full resolution of the demand uncertainty. This strategy can be implemented in two different ways: (1) redesigning the operations so that the point of proliferation is swapped with a downstream operation or (2) reducing the lead times. To establish cost efficiency, manufacturers can systematically reduce their operational costs or postpone the high-cost operations. We consider a multi-echelon and multi-product newsvendor problem with demand forecast evolution to analyze the value of each operational lever of the responsiveness and the efficiency. We use a generalized forecast-evolution model to characterize the demand-updating process, and develop a dynamic optimization model to determine the optimal order quantities at different echelons. Using anonymized data of Kordsa Inc., a global manufacturer of advanced composites and reinforcement materials, we show that our model outperforms a theoretical benchmark of the repetitive newsvendor model. We demonstrate that reducing the lead time of a downstream operation is more beneficial to manufacturers than reducing the lead time of an upstream operation by the same amount, whereas reducing the upstream operational costs is more favorable than reducing the downstream operational costs. We also indicate that delaying the proliferation may cause a loss of profit, even if it can be achieved with no additional costs. Finally, a decision typology is developed, which shows effective operational strategies depending on product/market characteristics and process flexibility.
    Keywords: Product proliferation, lead-time reduction, process redesign, delayed differentiation
    Date: 2019–07–22
  19. By: Haucap, Justus; Moshgbar, Nima; Schmal, Wolfgang Benedikt
    Abstract: The German DEAL agreements between German universities and research institutions on the one side and Springer Nature and Wiley on the other side facilitate easy open access publishing for researchers located in Germany. We use a dataset of all publications in chemistry from 2016 to 2020 and apply a difference-in-differences approach to estimate the impact on eligible scientists' choice of publication outlet. We find that even in the short period following the conclusion of these DEAL agreements, publication patterns in the field of chemistry have changed, as eligible researchers have increased their publications in Wiley and Springer Nature journals at the cost of other journals. From that two related competition concerns emerge: First, academic libraries may be, at least in the long run, left with fewer funds and incentives to subscribe to non-DEAL journals published by smaller publishers or to fund open access publications in these journals. Secondly, eligible authors may prefer to publish in journals included in the DEAL agreements, thereby giving DEAL journals a competitive advantage over non-DEAL journals in attracting good papers. Given the two-sided market nature of the academic journal market, these effects may both further spur the concentration process in this market.
    JEL: D43 I23 L86
    Date: 2021
  20. By: Martin Higgins
    Abstract: Nothing has done more to empower the free market, enterprise, and meritocracy than the spread of electricity and power to everyone. The power system has been the precursor to the greatest period of innovation in our history and has meant that visionaries with revolutionary ideas can compete with those with capital, political power, and means. Electricity, therefore, has been the great equalising force of the last 150 years, enhancing the productivity of the masses and granting prosperity to whole swathes of our nation. Whilst electricity has been one of the single largest innovations in enhancing the power of free markets, it is somewhat ironic that the way power is sold to consumers is largely unfree. The market is highly regulated, centralised, and is often used for political football by cynical politicians on both sides of the political spectrum. Introducing Locational Marginal Pricing into the UK grid system will increase economic freedom in the consumer markets for power, reduce prices for the poorest in the UK, decrease transmission losses, increase the permeation of low carbon generation in the grid, and incentivise investment in the UK's Northern Powerhouse initiative.
    Date: 2021–03
  21. By: Musfira, Ainun
    Abstract: Artikel ini memberikan pemahaman terkait sejarah pemikiran ekonomi islam yang dimulai pada zaman klasik Rasulullah SAW. sampai pada saat ini atau biasa disebut dengan zaman kontemporer. Al-Gazali adalah seorang tokoh pemikir ekonomi islam yang terkemuka. Beliau adalah seorang akademisi yang sangat hebat dan banyak menarik perhatian setiap kalangan takterkecuali yang Non-muslim. Pada saat awal kemunculannya sebagai pemikir ekonomi islam, Al-Gazali berada di zaman perbudakan dan masa feodalisme. Pada masa ini segala bentuk kegiatan perburuhan selalu diawasi dan dikendalikan oleh penguasa. Dalam kondisi lain perkembangan dan kemajuan ilmu pengetahuan dan perekonomian sangat pesat. Pesatnya perkembangan dan kemajuan dalam bidang ini sangat didukung oleh pemerintah baik dalam bentuk materi maupun non materi. Kemunculan Al-Gazali ini bisa disebut berada pada tahap atau fase ke II yang mana di latarbelakangi oleh banyaknya tindakan korupsi dan krisis moral dan kesenjangan yang banyak terjadi di masyarakat. Jika dikaji secara menyeluruh, periode sejarah pemikiran ekonomi islam ini terbagi menjadi tiga fase, Pertama, zaman klasik atau masa Rasulullah SAW atau zaman kenabian, Kedua, zaman dinasti, Ketiga, zaman kebangkitan kembali yang terhitung sampai saat ini atau zaman kontemporer. Dalam tahapan pertama merupakan fase perkembangan dari teori eknomi islam klasik yang terjadi dalam tahapan waktu yang cenderung lama yaitu sekitar 9 abad. Pada masa ini sejumlah ulama yang menjadi pemikir ekonomi islam mulai banyak bermunculan tak terkecuali Al-Gazali. Mereka muncul dengan berbagai karya yang menarik perhatian orang banyak bahkan sampai saat ini.
    Date: 2021–03–09

This nep-com issue is ©2021 by Russell Pittman. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.