Flawed Theories & Harmful Effects

RELATED: For a collection of writings presenting critiques of conventional economic theories, see: Guide to Economics.

This page collects material shows that ECONOMIC THEORY itself is a cause of great economic damage to humanity. That is why we need to UNLEARN ECONOMICS

A correct diagnosis of a disease is essential. If the wrong medicine is applied on the basis of a wrong diagnosis, the patient will die. The twentieth century is full of wrong theories of development, on the basis of which wrong policies were made, which resulted in incalculable harm to humanity. This process continues today. Several examples will be provided in this article. The first step towards a remedy is to reject the erroneous theories and provide the right diagnoses. This article is an attempt in this direction.

Dear GM Sajid AoA

The article should be about the FAILURE OF WASHINGTON CONSENSUS: Lessons for Pakistan

The RODRIK article attached is the most basic one - it provides the CORE of the ideas to be covered. We should look at WHY WC failed, and what we can learn from this failure in terms of Policy for Pakistan.

I am attaching a darft of the proposed article. This is cut out of scraps I have written from here and there, and the title is one that I have been meaning to write on.

In fact, I think this is too spread out and should be narrowed in focus and examples should be cut down to display a small number of themes in an organized and coherent way. I have added several articles which provide enough background materials that you should not need more in the way of readings.

Although individually the facts are known (more or less) the big picture which emerges is not known and so this should be eminently publishable.

It is relevant to note the Power/Knowledge connection here. The reason why these flawed theories continue to be propagated despite repeated failures, is because they serve the interests of power. Another paper of mine explores this connection: [link]

This article is closely related to Anti-Poor Philosophies and Anti-Poverty Policies: [link]