(Re)-reading Keynes – Part 1

Dr. Asad Zaman Education Leave a Comment

The parentheses around (re) in the title reflects that fact that despite his central importance as the creator of the entire field of economics, most people have not actually read Keynes. Instead, they have absorbed the lessons of Keynes at second hand, from interpreters who never absorbed Keynesian insights, because they were unable to escape the old habits of thought …

Homo Economicus: Cold, Calculating & Callous

Dr. Asad Zaman Books, Current Issues in Islamic Finance, Education, Islamic Economy, Islamic Finance Education Leave a Comment

Modern economic theory is founded on the  principle that human beings “maximize utility”; that is, they choose the best action from among a collection of choices. This axiom is considered self-evident: why would anyone make an inferior choice, when a better option is available? However, the mathematical formulation of this axiom is far from realistic. After all, it is self-evident …