In a nutshell, it began my mental acceptance of what Prof Dr Asad Zaman has shown through his research that modern economics, like other western social sciences, is simply wrong from Islamic point of view and observable evidence. In this lecture he produces evidence that can demolish some of the basic tenets of western economics, and is being demolished in West as well*: The Crisis in Islamic Economics. Judging the arguments, following words of Dr Zaman struck me:
"4. Data on Firms, Consumers CONTRADICTS theories in Samuelson.
That is, economic theories as presented in leading conventional textbooks (Mankiw, Varian, etc.) are basically wrong – these theories do not describe the realities of economics in the real world. That means we can throw it all away without any loss in knowledge to us. What pretends to be concrete and factual is simply incorrect." [Emphasis mine.]Then he goes on to give a set of examples of the incorrectness of the concepts presented in such books which render it entirely useless.
I took a bold step. And in afternoon today threw two books by Georgy N. Mankiw in the big dustbin near my home's gate, which I had read in economic courses and which I used to refer to in case I needed to know something about economic principles. Next thing I want to do is to inform Mr Zaman of this act of intelligence coupled with a leap of faith.
How do you feel?
Update: I just informed Prof Dr Asad Zaman in one of his discussion forums. you read the thread here.
* For instance, in an article in recent Harvard Business Review, two fundamental doctrines of capitalism/economics have been ruthlessly destroyed by their own scholars in light of evidence of recent global financial crisis: a) Humans behave rationally, b) invisible hand of market leads people to the good of society at large.