A historical glimpse of how economists of the 19th century debated the usefulness of mathematics to economics
In the history of the social sciences, few individuals have exerted as much influence as has Jeremy Bentham. His attempt to become “the Newton of morals” has left a marked impression upon the methodology and form of analysis that social sciences like economics and political science have chosen as modus operandi.
Austrian economics focuses on the economic coordination of individuals in a market economy. Austrian economics emphasises individualism, subjectivism, laissez-faire politics, uncertainty and the role of the entrepreneur, amongst others.
Institutional economics focuses on the role of social institutions in terms of laws or contracts, but also those of social norms and patterns of human behaviour that are connected to the social organisation of production, distribution and consumption in the economy.
This essay focuses on the sources of government revenue within the Middle East and North African (MENA) region and proposes the implementation of a regional tax reset through increased taxation and tax reforms, deregulation in the private sector and economic diversification to reduce macroeconomic volatilities caused by the hydrocarbon industry.