Muhammad Riyadh Ghozali Lubis

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Author / Dewan Bahasa Pustaka
Dewan Bahasa Pustaka


Bachelor of Economics, 2001
Master of Economics, 2005
Doctor of Philosophy (Economics), 2020


Macroeconomics (FDI, Foreign Reserve Accumulation, International Trade, and Exchange Rate)


Economics as a Pure Science: Narratives against the Mathematization of Economics

This paper is about narratives against the mathematization of economics. Based on Stuart Mill's scientific inquiries, quoted from A System of Logic, Ratiocinative, and Inductive (1851), some important points are parallel with the essence of the mathematization of economics. However, writings of Nobel Laureates are offered to criticize it, and thus provide the disfavor to the mathematization of economics. This paper conceives that even if mathematics is applied to economics, it should only be complimentary and subject to improvement. It should not act forcibly upon equating economics to natural or pure science.

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The Impact of Infrastructure Development on Poverty in Developing Countries: A Panel Pooled Mean Group Estimation

The paper investigates the impact of infrastructure development on income per capita using a panel data set covering 12 developing countries from 1983 to 2020. The paper applies three estimation methods Panel Pooled Mean Group (PMG), Full-Modified OLS (FMOLS), and Dynamic-OLS (DOLS) to deal with the issues of heterogeneity and endogeneity. The PMG estimator shows income per capita positively is influenced by infrastructure investment and remittance inflow, but the result for trade is insignificant. For the robustness examination, the study performed the FMOLS and DOLS methods. The results also show the positive impact of infrastructure investment on income per capita. Thus, one of the key policy implications of the study is that the policy authorities need to support proper infrastructure investment as means of promoting income and alleviating poverty.

Applications Invited


Lubis, Muhammad. R. G., & Hassan, Sallahuddin. (2022). The Impact of Foreign Reserves Accumulation on Macroeconomic Performance: A Panel Analysis. Journal of Economic Cooperation and Development, vol. 43(2), 161-190. ISSN: 1308-7800.

Lubis, Muhammad. R. G., & Abdul Karim, N. A. (2021). The effect of nominal exchange rate depreciation on trade in eleven developing countries. Malaysian Management Journal, 25(July), 25-48. ISSN: 0128-6226 / E-ISSN: 2289-6651

Lubis, Muhammad. R. G., NAHA, Karim., GP, Tha., & N, Rambeli (2017). Exchange rate effects on gross domestic product in the five founding member of ASEAN. International Journal of Academic Research in Business and Social Sciences, 7(11), 1284-1293. ISSN: 2222-6990

Muhammad Riyadh Ghozali Lubis & Muhammad Roza Aulia Lubis (2019). 10 Isu Ekonomi Terpilih. Dewan Bahasa Pustaka, Malaysia. ISBN: 978-983-46-1674-8

Muhammad Riyadh Ghozali Lubis & Muhammad Roza Aulia Lubis (2015). Kadar Pertukaran Asing: Satu Pengenalan Teori dan Dasar Kadar Pertukaran, Dewan Bahasa Pustaka, Malaysia. ISBN: 978-983-46-1671-7

Muhammad Riyadh Ghozali Lubis & Muhammad Roza Aulia Lubis (2014). Prinsip Wang dan Kadar Pertukaran Asing, Dewan Bahasa Pustaka, Malaysia.
ISBN: 978-983-46-1155-2