Economics for the 21st Century

IoBM hosts a talk by Dr. Asad Zaman

The Institute of Business Management (IoBM) organized a talk by Dr. Asad Zaman, Vice Chancellor, Pakistan Institute of Development Economics and a member of Prime Minister of Pakistan’s Economic Advisory Council, on the topic of “Economics for the 21st Century: Launching a Revolution in Economics ” at the Entrepreneurship and Management Excellence Center (EMEC), IoBM on Monday, April 29, 2019.

Dr. Zaman is currently serving as a member of the Economic Advisory Council. Previously he has served as Vice Chancellor of Pakistan Institute of Development Economics (PIDE) and Director General of International Islamic University Islamabad (IIUI). He has a PhD in econometrics from Stanford University, and has taught at various international universities including Johns Hopkins, Columbia, California Institute of Technology and the University of Pennsylvania. He frequently writes on issues pertaining to macroeconomics, Islamic economics and meta-economics.

Besides the presence of IoBM’s President, Mr. Talib Karim, this talk was well-attended by Deans, HoDs, faculty and students pursuing their MS, MPhil, PhD. This program was organized at the behest of Dr. Syed Irfan Hyder, Rector IoBM, and coordinated by Dr. Omar Javaid, Assistant Professor and Coordinator, Entrepreneurship Department, IoBM

Dr. Syed Irfan Hyder mentioned the objective of this thought-provoking session as challenging the status quo of prevalent economic theory and practice, providing an overview of how to utilize available resources in the managerial perspective and facilitating participants to question fundamental assumptions of life at stake on this planet today as it never was ever before.

During his talk, Dr. Asad Zaman analyzed social science as a flawed model of human behavior as he explored Western intellectual tradition and pondered on the ‘Fundamental Flaws in Economic Theories’ and the ‘Flaws in Economics exposed by the Global Financial Crisis’. Dr. Asad Zaman also shared theories in violent conflict with facts in accordance with views of international scholars and economists including Robert Solow, Joseph Stiglitz, Olivier Blanchard, Paul Romer and Paul Krugman.  Dr. Asad Zaman further explained that orthodoxy is deeply entrenched in the US and Europe and these nations strongly resist change. He opined that the academia should re-create the fundamental micro, macro and econometrics courses to bring a revolution in Economics. Moreover, he said that the business model followed in the world is to serve people to make a profit which should be changed to ‘we need to make a profit to serve people’. He then said that the ultimate business model must be ‘to love all and serve all and Allah will reward you for your endeavors’

Dr. Shahida Wizarat, Dean, College of Economics and Social Development (CESD) and HoD, Economics Department, IoBM, shared her views regarding such mainstream economists of the US and their overwhelmed policy-makers of the so-called developing countries who ridicule and rebuff those predicting a global economic crisis and take it as an integrity offence to be dealt with dire consequences.    

Parvez Jamil – 021-35091905 – Cell: 0324-2899563 – 0334-3013971- parvez@iobm.edu.pk