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Schlock economics

Author

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  • Azmat, Hayat

Abstract

After the collapse of USSR, Communism came to an end in 1990 and Capitalism emerged alone as the only feasible way to organize a modern economy. But the recent financial crisis which erupted in the US and spread almost in the entire globe proved Capitalism as well a failed economic system. Laissez Faire/Non intervention in the market which is the essence of capitalism was the reason for the current financial crisis. The hegemonic west propagates the rules of capitalism through the subject of economics. The professional job of economist is either to create new models or extend the existing one which always gives misleading results for understanding the ground realities of the Universe. For more than 100 years this tradition was unable to give a single solid discovery. Since there is no concept of intervention in the economic affairs of individuals as well as states therefore immoral and unfair practices are used without any hesitation for running the affairs of business. Ground reality exhibits that the science of economics can claim neither scientific laws nor universal truths. In short there is utmost need for reassessing the entire academy of mainstream Economics.

Suggested Citation

  • Azmat, Hayat, 2010. "Schlock economics," MPRA Paper 31238, University Library of Munich, Germany, revised 01 Jun 2011.
  • Handle: RePEc:pra:mprapa:31238
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    File URL: https://mpra.ub.uni-muenchen.de/32568/1/MPRA_paper_32568.pdf
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    References listed on IDEAS

    as
    1. Andrea-Rosalinde Hofer & Jonathan Potter & Alain Fayolle & Magnus Gulbrandsen & Paul Hannon & Rebecca Harding & ├ůsa Lindholm Dahlstrand & Phillip H. Phan, 2010. "From Strategy to Practice in University Entrepreneurship Support: Strengthening Entrepreneurship and Local Economic Development in Eastern Germany: Youth, Entrepreneurship and Innovation," OECD Local Economic and Employment Development (LEED) Working Papers 2010/9, OECD Publishing.
    2. Nam, Yunju & Han, Chang-Keun, 2010. "A new approach to promote economic independence among at-risk children: Child Development Accounts (CDAs) in Korea," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1548-1554, November.
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    More about this item

    Keywords

    Errors in capitalism; Unreal; irrelevant and schlock Economics;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C00 - Mathematical and Quantitative Methods - - General - - - General

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