State or Market: Mystery of Money

{bit.ly/azGian01A} There is a huge controversy about what money is – especially since the role and function of money has evolved and changed substantially over time. Curzio Giannini’s book “The Age of Central Banks” provides clarity and insight into this topic not easily available elsewhere. We will cover this book in a sequence of posts… Read More State or Market: Mystery of Money

Four Flaws in Foundations of Statistics

This is a write-up of Section E of Chapter 1 “Why We Need A New Approach to Statistics?” of Real Statistics: A Radical Approach. To register for the ongoing online course: http://bit.ly/AZRealStats – This section describes four fundamental flaws in modern statistics, which make it necessary to rebuild the entire discipline on new foundations for the 21st Century.… Read More Four Flaws in Foundations of Statistics

European Rejection of Unobservables

O, wad some Power the giftie gie us. To see oursels as others see us! – Robert Burns. The essay below is my personal perspective, from an Islamic point of view, of certain aspects of the European intellectual traditions. The abstract mathematics of modern economics contain messages directly opposite to teachings of Islam. Economics says that rational behavior… Read More European Rejection of Unobservables

Making thoughts unthinkable – the soft power of economic theory

The 1932 science fiction novel Brave New World portrays a dystopian future where history is rewritten and words are redefined in order to make undesirable ideas “unthinkable.”footnote 1 The book is often associated with George Orwell’s 1984, where those who do anything undesired by those in power are made into an “unperson,” with all evidence… Read More Making thoughts unthinkable – the soft power of economic theory