Modern Money and Inflation

Milton Friedman was a powerful magician. His words charmed people into believing that night was day, against the evidence of their own eyes. Friedman’s maxim that “inflation is everywhere and always a monetary phenomenon” is widely believed by economists, even though it is abundantly obvious that costs of production, especially energy costs, play a major… Read More Modern Money and Inflation

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: – 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

Feminist Economics: contributions and challenges

Feminist Economics: contributions and challenges is the new WEA Conference, led by the Professors Alicia Puyana and Maria Alejandra Madi. This WEA Conference calls for a pluralist reflection about current knowledge in Feminist Economics in terms of theories, empirical research and policies.  This WEA Conference aims to discuss new contributions to Feminist Economics while bridging… Read More Feminist Economics: contributions and challenges

Fisher’s Flawed Foundations of Statistics

This lecture is about the personality of Sr Ronald Fisher and his foundational ideas about statistics. The idea that statistics is all about “data reduction”, is due to lack of computational capabilities at the time of Fisher – it was not possible to analyze thousands of data points, without reducing them to manageable summaries. Even… Read More Fisher’s Flawed Foundations of Statistics