scholarly journals The Islamic Need for Investing Inherited Wealth and Accounting Treatments

2021 ◽  
pp. 1-13
Author(s):  
Umar Habibu Umar ◽  
Md Harashid Haron
Keyword(s):  
Inherited Wealth

Islamic inheritance involves the allocation of the wealth of a Muslim deceased among his/her heirs after the settlement of legacies and debts. Irrespective of the amount given to each heir, if not invested, one day it will be finished through consumption, which could sooner or later make them live in poverty. Hence, this study intends to justify the Islamic need for investing inherited wealth. Another objective is to provide accounting treatments for basic Islamic inheritance transactions and the admission of heirs into an inherited business through the adaption of the provisions of AAOFI accounting and Bank Negara Malaysia (BNM) Shariah standards for musharakah and mudarabah. The study established that the investment of inherited wealth in either musharakah or mudarabah ventures is in line with the Shariah to enable heirs to generate income sustainably to afford their needs. The study also showed the accounting treatments for basic Islamic inheritance transactions in order to determine the share of the equity and profit or loss of each heir from the business properly and correctly.

Libertarianisms

2018 ◽  
Author(s):  
Daniel Halliday
Keyword(s):  
Property Rights ◽  
Private Property ◽  
Private Property Rights ◽  
Classical Liberal ◽  
Inherited Wealth ◽  
Left And Right ◽  
The Common

This chapter considers various arguments both for and against taxing inherited wealth, each of these being associated with some or other type of libertarian outlook. Libertarianism in the Lockean guises (‘left’ and ‘right’ varieties) is distinguished from its classical liberal alternative, which downplays the Lockean emphasis on private property rights in favour of a more defeasible case for small government and low taxation. These different perspectives generate a variety of quite different arguments about inheritance, some more persuasive than others. Some attention is paid to the common claim that inheritance taxes ‘punish’ virtue and generosity. It is then argued that a Rignano scheme may be particularly attractive in light of certain left-libertarian commitments and as a way of accommodating a classical liberal concern about perpetual savings.

Inheritance and Luck

2018 ◽  
Author(s):  
Daniel Halliday
Keyword(s):  
Luck Egalitarianism ◽  
Mediating Effects ◽  
Inherited Wealth ◽  
Luck Egalitarian

This chapter reviews and criticizes varieties of the luck egalitarian conception of justice. It begins with the ‘naïve’ distinction between choice and circumstance, on which inequalities are permissible insofar as they depend on the former rather than the latter. The bulk of the chapter discusses more sophisticated versions of luck egalitarianism, which either supplement the naïve view with some countervailing principle (e.g. by appeal to personal prerogatives) or by constraining its scope (e.g. by focusing on the mediating effects of institutions). Later parts of the chapter evaluate other contemporary oppositions to inherited wealth grounded in interpretations of reciprocity and a concern about the role of inheritance in enabling freeriding. The chapter ends with a discussion of Ronald Dworkin’s views, which bear a formal resemblance to the position defended in the following two chapters.

Curtailing Inherited Wealth

1990 ◽  
Vol 89 (1) ◽  
pp. 69 ◽  
Author(s):  
Mark L. Ascher
Keyword(s):  
Inherited Wealth

Conclusion

2017 ◽  
Author(s):  
Ron Formisano
Keyword(s):  
Inherited Wealth

America’s oligarchy is creating an aristocracy of inherited wealth.

scholarly journals INTERGENERATIONAL MOBILITY IN EDUCATION AND OCCUPATION

2018 ◽  
Vol 24 (2) ◽  
pp. 291-326
Author(s):  
Jaime Alonso-Carrera ◽  
Jordi Caballé ◽  
Xavier Raurich
Keyword(s):  
Empirical Evidence ◽  
Social Stratification ◽  
Intergenerational Mobility ◽  
Minimum Cost ◽  
Borrowing Constraints ◽  
Education Attainment ◽  
Education Investment ◽  
Long Run ◽  
Inherited Wealth ◽  
Different Levels

We build a model that, according to the empirical evidence, gives rise to oscillations in wealth within a dynasty while keeping intergenerational persistence in education attainment. We propose a mechanism based on the interaction between wealth and effort as suggested by the Carnegie conjecture, according to which wealthier individuals devote less effort in their job occupations than poorer. Oscillations in wealth arise from changes in the occupation chosen by different generations of the same dynasty as a response to both inherited wealth and college premium. Our mechanism generates a rich social stratification with several classes in the long run due to the combination of different levels of education and occupation types. Furthermore, we generate a large mobility in wealth among classes even in the long run. Our model highlights the role played by the minimum cost on education investment, the borrowing constraints, and the complementarity between education and occupational effort.

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