Adam smith father of capitalism Video
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Economic history is a treasure trove of extraordinary theories, intellectual currents and imaginations. And yet, a large section of the history of economic thought has been left in the shadows despite some efforts in recent years by historians and economists.
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Arab-Muslim economic thought has been one of these forgotten areas. I would like to start by asking you, how did you become interested on the topic of Islamic economic thought?
DO: Primarily I ftaher interested in a more plural form of economics with a more honest history of the profession. I would say there is a larger role for ideologies in economics than in natural sciences. Hence, if you would like to think about the society and economy, understanding and being able to make predictions, you need to know heterodox schools and ideas.
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The need for a wider focus directed me towards this research area. ADA: You are quoting one of the most seminal works in the field of history of economic thought: History of Economic Analysis written by Joseph Schumpeter. My question is, how did this book seal a false narrative created by neoclassicals economists?
Many researchers proved that this is a aram narrative.
Adam Smith: Can Capitalism Be Justified?
Since economics is not a value-free, objective science, the history of economic thought could also be seen through the different lenses of different economists. Some economic schools tend to draw a grand story verifying their current ideas, presenting a historical development path directly resulting in the current state of economics, which is of course the state-of-the-art version of it. This is a way of increasing the legitimacy of a school of thought. And sometimes you make the mistake of presentism during this endeavor, meaning an anachronistic and ahistorical use of present-day ideas into the description of vapitalism
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