A response to Robert Skidelsky's "economic education is failling" article

Article link: https://www.weforum.org/agenda/2017/01/is-economics-education-failing

By: Iliyas Ismail

(snippet of written assignment below)

Do you agree with Robert Skidelsky’s strong view that the present mainstream economics education is failing? Justify your position clearly with TWO arguments.      

Skidelsy’s point is a valid one. Two arguments that I would like to posit is firstly, the secular nature of the current education system provides a lesser emphasis on ethics as a substantial component, leading to the problem, secondly the nature of the current system leads to the current condition of segregated worldview.

The nature of the current dominant economic education has been from a secular perspective, based mostly on Western secular thinking, though universal in nature thus easily acceptable by everyone. Conventional economics’ secular approach as opposed to a religious approach can arguably be said to be a factor for Skidelsky’s argument. One point is the lesser emphasis on ethics as a fundamental doctrine. This is as opposed to conventional economics in past history, of once having this as one a main point in their discussion (Alvey, 1999).  This leads to Joseph Stiglitz’ point of moral depravity, on how economists’ view of maximum utility leads to the exploitation of the low and middle class. The view of economic as a machine and ignoring the people component is understandably how things could be as it is.

The disenchantment of values and even of nature as part of secularism, would in a way lead to more self-centredness in viewing economy.

Secondly, the increasing specialisation in one particular field of economics instead of a wide breadth of fields is arguably attributable to the current system. Looking at economics from a secular perspective alone, the motivation to view it as much as a worldview involving many parties is not that high, not as much as a doctrinal force ie. a worldview. Economic theory, presented as it is now, it would seem, cannot provide an understanding of human nature, and theology claims that it provides a higher concept of that nature.

How can Islamic economics save the discipline of economics?

Islamic economics can be viewed as a saving tool by its presentation of economy as more holistic, especially on its emphasis on religious values which more specifically is about ethics and morality. Whether one agrees with Islam or otherwise, the ethical values that it brings will have individuals taking consideration of their actions that would affect them long term (in terms of results in the Hereafter) and also their relationship with God.

As defined by Yusri (2002), it is a study in the “best possible use of all available economic resources, endowed by God” and Khan’s (1994) definition of how Islamic economics is to achieve falah, by cooperation and participation, shows how Islamic economics is not just pure mathematics or theories as how Skidelsky view the current study of economics has come to.

Islamic economics it would seem, directly answers the problem raised by Skidelsky, it is not just mere economics, but an economic that draws attention to areas such as sociology and psychology with its many descriptive statements regarding relationship of man and the affects of accumulating wealth, as mentioned by Zarqa (2003). In other words, learning Islamic economics also takes into consideration the various aspects touched upon it which would lead someone to researching those fields as well. Chopra (2009) argued for the necessity of Islamic economics and stated moral values, human brotherhood and socio-economic justice as the underlying important aspects that Islamic economics presents. This helps to combine rather than segregate a person’s outlook when viewing economics.

Iliyas Ismail is a financial analyst.