Lecture 9

Lecture 9 9(full)-Discussion on research topics and historical background of Economics

Student Zahra Batool

Reg. No. 282-FE/Ms( Eco) 2/F11

Dated 08/05/2013

Summary:

This lecture is all about how to do the research and historical background of economics. in this lecture Dr Asad Zaman discuse the two differend school of thoughts old school of thought according to them economics is concider like field of history and and according to new school of thought economics is like physical science due to this current economoic that we study is become a branch of western social science that follow the rules of physical science.and according to new school of thought solution of all economic problems is free markets and perfect competition. but in reality evidence of Chile and shock treatment in Russia shows clear failure of free market economy.After Success of communism in Russia in 20th century Russia was a 1st successful agricultural county which have been industrialize. In a result west who are in favor of capitalism are trying to stop people to follow communism Establish the branch of economics that is “Development economies” . But find no single example of success of development economics.but according to west failure of development Lack of sequencing ,No perfect understanding of development policies,Corruption and Not practicing free market they never accept their mistakes. they present materialistic approach for progress that is totally different from islamic approach. 2ndly in this lecture Dr. Asad Zaman discuss research topics of the students and give them suggestions.