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Schlock economics

Azmat, Hayat (2010): Schlock economics. Published in: www.get-morebooks.com (13 August 2011)

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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.

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