Prosperity as Human Development, not Wealth

1000 word summary of Quaid-e-Azam Lecture at PSDE 33rd AGM held on 14th Dec, 2017 at Islamabad. Published in Express Tribune & the Nation 13th Jan 2018. 43m Video Lecture on YouTube: The main thesis of our lecture is that our quest for prosperity has failed to deliver the sought-after goals because we have misunderstood the meaning of prosperity , and looked… Read More Prosperity as Human Development, not Wealth

A Crisis-Prone & Fragile Financial System

Prior to the Global Financial Crisis (GFC 2007), many senior economists and policy makers expressed confidence that they had finally solved the problem of business cycles, booms and busts, that plagues capitalism. Because of this over-confidence, early warnings of a looming crisis by Nouriel Roubini, Ann Pettifor, Peter Schiff, Steven Keen, Dean Baker, and Raghuram… Read More A Crisis-Prone & Fragile Financial System

The Keynesian Revolution and the Monetarist Counter-Revolution

{bitl.ly/KRMCR} Post 4/4 about Economic Methodology Before Keynes, Classical Economic Theory (CET) was based on three principles. The First Principle is that Unemployment is automatically eliminated by the free market. The Second Principle is the Quantity Theory of Money, which states that money supply makes no difference to real economic outcomes. The Third Principle is… Read More The Keynesian Revolution and the Monetarist Counter-Revolution

Honouring Mahbub ul Haq

The anniversary of his birth on 24th Feb 1934 is an appropriate occasion to remember Mahbubul Haq, our unsung national hero. The depth of his achievements remain vastly under-appreciated, especially in his own country.  Virtually single-handedly, he changed the direction of the development discourse from a single-minded and harmful focus on wealth production, towards attention… Read More Honouring Mahbub ul Haq

Public policies, corporations and social needs: rethinking development

The target of economics education is the comprehension of the reality in its economic dimensions, that is to say, the understanding of the practices and ideas that support the evolution of the reproduction of material life. However, following John Kenneth Galbraith, we can say that economics is overwhelmed by an “uncorrected obsolescence”.   Consequently, each generation… Read More Public policies, corporations and social needs: rethinking development

Central Banking at the forefront

During the last thirty years, most governments around the world have supported the long-run process of financial expansion that turned out to be characterized as the “financialization” of the capitalist economy. In this historical scenario, monopoly-finance capital became increasingly dependent on bubbles that, both in credit and capital markets, proved to be global sources of… Read More Central Banking at the forefront