(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 …

The Rise and Fall of Logical Positivism

Dr. Asad Zaman Education, Islamic Economy Leave a Comment

The rise and fall of logical positivism is the most spectacular story of 20th century philosophy. Logical positivism was wildly successful, and some of its key ideas became widely accepted as common-sense truths among the general public. For instance, people routinely make a sharp distinction between facts and opinions, thinking that this is trite and obvious. They do not realise ...