Azmat Hayat

Schlock Economics: Critique on Economics Azmat Hayat

Economists are blind to reality which is evident from the recent financial crisis. The superstructures of economics are based on scarcity of resources, pursuit of self-interest, and the policy of Laissez-Faire. Ground reality exhibits that in the earth there are enough resources for everyone needs but not enough resources for everyone greed. Similarly self interest makes individual indifferent to collectiveness and behave like animals. Multilateral institutions like the World Bank and IMF (Washington Consensus) made Laissez-Faire the third important pillar of Capitalism 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 developing 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".