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The social sciences, the humanities, politics, geography and the like are looked upon with the same reverence as natural sciences. And the queen of these sciences is economic science. Economists in the new era have convinced us that they have unearthed the universal truth of human economic activity and the markets are infallible. We often hear newsreaders speak of ‘the markets’ as if they were a natural law, a deity that cannot be questioned.

Our guest this week is Dr Asad Zaman from Pakistan. Dr Zaman has a unique view of modern economics and he concludes capitalism is a house of cards masquerading as objective truths. He should know, he spent many years studying and then lecturing at America’s most elite institutions, mixing with the likes of Joseph Stiglitz. He calls for a revival of Islamic thinking on the subject. In future sessions we hope to spend time drilling down into specific details, but today discuss his concerns about how Muslims, especially in his home country, are ready to embrace economic policies that harm human beings. 

Dr Zaman is currently serving on the Economic Advisory Committee of the Prime Minister of Pakistan and as a member of the Monetary Policy Committee of the State Bank of Pakistan. Previously he has served as vice chancellor of the Pakistan Institute of Development Economics, Islamabad and director general of the International Institute of Islamic Economics, International Islamic University, Islamabad. He earned his PhD in Economics from Stanford University in 1978, MS in Statistics from Stanford University in 1976 and BS in Mathematics from MIT in 1974.

Riaz Hassan spoke to him from his home in Pakistan.