Why Do Economists Persist in Using False Theories?
Channel: Asad Zaman
Date: 2023-03-03

{writeup: bit.ly/naie1F} This is part F of lec 1 on A New Approach to Islamic Economics. Register for free ongoing online course at http://bit.ly/AZIEML In a previous segment, we have shown how core theories of mainstream textbook economics are false. In this section, we discuss the deeper question of why economists continue to use these core theories, even though there is overwhelming empirical evidence against them. As we discuss, through detailed analysis of three examples, this is because the false theories support the interests of the powerful against the masses.