Azmat, Hayat (2010): Schlock economics. Published in: www.get-morebooks.com (13 August 2011)
This is the latest version of this item.
Download (113kB) | Preview
Economists are blind to reality which is evident from the recent financial crisis. The superstructures of mainstream economics are based on scarcity of resources, pursuit of self-interest, and the policy of Laissez Faire. Ground reality exhibits that there is no such thing like scarcity of resources but rather abundance of resources. In the earth there are enough resources for everyone needs but not enough resources for everyone greed. Self interest makes individual indifferent to collectiveness. Humans which are the best among all creatures lose the ability to see beyond self interest and behave like animals. Similarly Laissez Faire/non intervention gave the humanity a free hand for using immoral and unfair practices. Multilateral institutions like the World Bank and IMF (Washington Consensus) made this philosophy of Laissez-Faire via free trade, freedom of capital movements and unrestricted access by multinational firms to markets around the globe as the policy prescription for the exploitation of third world countries. In research the professional job of economist were either to create new models or extend the existing one which was unsuccessful until today for giving a single solid discovery. Ground reality exhibits that the science of economics can claim neither scientific laws nor universal truths. It is a well known fact that the laws of economics are based on discredited fairy tales.
|Item Type:||MPRA Paper|
|Original Title:||Schlock economics|
|Keywords:||Errors in capitalism, Unreal, irrelevant and schlock Economics|
|Subjects:||A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values
C - Mathematical and Quantitative Methods > C0 - General > C00 - General
|Depositing User:||Azmat Hayat|
|Date Deposited:||04 Aug 2011 13:15|
|Last Modified:||08 Feb 2016 10:08|
Gilpin, R (2001), Understanding the International Economic Order: Global Political Economy, Princeton and Oxford, Princeton University Press.
Hernando, D.S (2003), The mystery of Capital: Why capitalism triumph in the west and failed everywhere else.
Zaman, A. (2009). Causal Relations via Econometrics”, Social Science Research Network. Available at http://ssrn.com/abstract=1374208
Joseph stiglitz, Globalization and its Discontents, Allen Lane, London, 2002, pp. 6-8.
Lawson, T. (1997). Economics and Reality. London: Routledge.
Todaro P M and Stephan S.C (2010), Economic Development”, Eight Edition P 13. The Addison-Wesley Publishers.
Lawson T (2009), Contemporary economics and the crisis: real-world economics review, issue no. 50. Cambridge University, UK
GERRING, J (2007). Review of Julian Reiss’s Error in economics: Towards a more evidence-based methodology. London: Routledge, pp 272. (Boston University).
Frey, B.S.(2001) 'Why economists disregard economic methodology', Journal of Economic Methodology, 8: 1, 41 — 47.
Joseph P. D and VanHoose D.D (2006), Global Economic issues and Policies. Thomson Sout Western publisher PP 206.
Bukhari S, Divine will (Al-Qadar), Volume 8, Book 77 Hadith 611.
Keith S, Global thought leader, Real Insights and authority. Available at www.Global-Directions.com
S. Akbar Zaidi, Issues in Pakistan’s Economy, Oxford University Press (PP 181)
Abdul H.D & Mian M .A, Islamic Economics. Publisher Ilmi Kitab Khana.
Mufti Mohammad Taqi Usmani, “Islam and Modern Business and Economics, published by Quranic studies publishers (www.quranicstudiespublishers.com).
THOMAS MALTHUS AND THE MAKING OF THE MODERN WORLD Alan Macfarlane
Various issues of different newspapers and blogs of scholars
Available Versions of this Item
Schlock economics. (deposited 02 Jun 2011 13:27)
- Schlock economics. (deposited 04 Aug 2011 13:15) [Currently Displayed]