PakistanAs discussed in previous post (RG4: History, Methodology, & Economic Theory), economic systems have changed and evolved through history. The purpose of this post is to go over, very briefly, how the economic system has changed over time, to arrive at the capitalist economic system that we all live in today. Evolution of Economic Systems … Continue reading »
[bit.ly/wp0rg4] This is the 4th Readers Guide to Goodhart’s book on Evolution of Central Banking. See: Reading Course on Central Banking for more details about this online Reading Course. We have completed Chapter 1, and before beginning Chapter 2, I would like to add some notes on the importance of History for Economic Theory – … Continue reading »
[bit.ly/wp0rg3] This continues from previous post RG2: Goodhart on Central Banks of our online READING Course on the Evolution of Central Banks by Charles Goodhart. This post (Readers Guide 3) covers pages 6-11, or the last half of Chapter 1. Writeup is given following the 10m video lecture. Central Banks were not designed for macro and micro management roles. … Continue reading »
RG2 (Reading Guide 2) – Continues from previous posts on Reading Course: Central Banking and Readers Guide: Goodhart on Central Banks. Writeup is given following the ten minute video: Goodhart starts by discussing discontent with Central Banking System. He wrote this book well before the GFC 2007 -8, which has created much greater discontent. There are two different … Continue reading »
This is the first readers guide RG1 of our online Reading Course: Central Bank History Here are a few questions to ponder while reading the introductory chapter of Goodhart. In addition to the 5 questions, an explanation of some theoretical material which is covered very briefly in the Goodhart book is given after the questions. … Continue reading »
I am in process of creating an online course on the history of Central Banking. The era of online courses has been forced upon us by the Corona Virus, though I have been meaning to do this for a long time. The WEA Pakistan Blog seems like a great place to do a beta-test. I … Continue reading »
Article by Nadia Hassan, published in Daily Times, Jan 16th, 2020. See Dealing with Educational Poverty Educational poverty is most prevalent among the several diverse forms of poverty. It is the one that originates and amplifies the other issues for the poor, such as lack of opportunities, awareness, discrimination and so on. Therefore, development theory … Continue reading »
Continued from previous post on Subjectivity Concealed in Index Numbers. Because modern epistemology rejects values as being just opinions, and only accepts facts as knowledge, values have be to disguised in the shape of facts. What better way to do this than by embodying them in cold hard and indisputable numbers? This post discussed how the … Continue reading »
Empiricism holds that observations are all that we have. We cannot penetrate through the observations to the hidden reality which generates these observations. Here is a picture which illustrates the empiricist view of the world: The wild and complex reality generates signals which we observe using our five senses. The aspects of reality which we … Continue reading »
When we think about epistemology (theory of knowledge), then we are doing meta-thinking. That is, we are thinking about thoughts people have, which they think is “knowledge”. Because there are many many wrong ideas, and very few right ideas, we must learn to think critically. Unless we do so, our thoughts will be captured by … Continue reading »