Asad Zaman
I have taught at leading universities like Columbia, U. Penn., Johns Hopkins and Cal. Tech. My textbook Statistical Foundations of Econometric Techniques (Academic Press, NY, 1996) is widely used in advanced graduate courses. My research on Islamic economics is widely cited, and has been highly influential in shaping the field. I am deeply engaged in a project to create a revolutionary alternative to mainstream economics and econometrics. Both disciplines are based on flawed foundations of logical positivist ideas. My publications in top ranked journals like Annals of Statistics, Journal of Econometrics, Econometric Theory, Journal of Labor Economics, etc. have more than a thousand citations as per Google Scholar.
Phone: +92 334 5164905
Address: House 5A, Street 33, F8/1, Islamabad, Pakistan
Phone: +92 334 5164905
Address: House 5A, Street 33, F8/1, Islamabad, Pakistan
less
Related Authors
InterestsView All (12)
Uploads
Courses by Asad Zaman
Videos by Asad Zaman
Papers by Asad Zaman
estimate for a regression model. The validity of the usual variance estimate depends on
some assumptions, most critically the validity of the model being estimated. This is often
violated in model selection contexts, where model search takes place over invalid models.
A cross validated variance estimate is more robust to specification errors (see, for
example, Efron, 1983). We consider the effects of replacing the usual variance estimate
by a cross validated variance estimate, namely, the Prediction Sum of Squares (PRESS) in
the functions of several model selection criteria. Such replacements improve the
probability of finding the true model, at least in large samples.
estimate for a regression model. The validity of the usual variance estimate depends on
some assumptions, most critically the validity of the model being estimated. This is often
violated in model selection contexts, where model search takes place over invalid models.
A cross validated variance estimate is more robust to specification errors (see, for
example, Efron, 1983). We consider the effects of replacing the usual variance estimate
by a cross validated variance estimate, namely, the Prediction Sum of Squares (PRESS) in
the functions of several model selection criteria. Such replacements improve the
probability of finding the true model, at least in large samples.
ÖZET:Literatürde çok sayıda İslam Ekonomisi tanımı mevcuttur. Büyük çoğunluk, mevcut tanımları batı literatür dan alıyor ve onları İslami bir bakış açısı içerecek şekilde değiştiriyor. Bu, İslâmi İktisat'ın geleneksel bir iktisadın bir çeşidi ya da bir dalı olduğu inancına yol açmaktadır. Bir şeyin ancak Kuran ve Sünnet'e dayanması durumunda “İslami” olarak adlandırılabileceğini savunuyoruz. Bu yazıda tamamen ve doğrudan İslami fikir ve kaynaklara dayanan yeni bir tanım öneriyoruz. Bu tanımın, İslami Ekonomistler tarafından önerilen tanımların büyük çoğunluğunun yanı sıra, Batı'da mevcut olan herhangi birinden kökten farklı olduğunu gösteriyoruz. İktisat konusuna bakmak ve örgütlemek için tamamen yeni yollar yaratır. Bu yazıda, yeni tanımımızın İslami Ekonomi metodolojisinin doğrudan batı metodolojisine karşı olduğunu öne sürdüğü tezatın on boyutu tartışılmaktadır.
Zaman (2012, İslam Ekonomisinde Kriz), İslami Ekonomideki mevcut krizi, bu alandaki liderler tarafından geniş çapta kabul gören bir tanımıyla anlatıyor. Geleneksel görüşler, İslam Ekonomisinin, homo islamicus'ta somutlaştırılmış İslami idealler ile homo Economicus'ta somutlaştırılmış gerçekçi görüşler arasında bir uzlaşma olması gerektiği yönündedir. Bununla birlikte, gereken uzlaşmanın niteliği ve kapsamı hakkında ciddi bir anlaşmazlık var. “İslam Ekonomisini” tanımlama konusundaki fikir birliği, ilerleme için ön koşul gibi görünüyor. Tamamen ve doğrudan İslami kaynaklardan gerekçelendirilebilecek bir tanımın, uzlaşmaya varamayacağı konusunda uzlaşmaya hükmedebileceğine inanıyorum. Ayrıca, bu tanım, başlangıçta İslami İktisat tarafından verilen vaadi yerine getirebilecek radikal biçimde yeni yaklaşımların yolunu açmaktadır. Bu (şimdi büyük ölçüde unutulmuş olan) vaadi, İslam Ekonomisinin adalet sağlayacak ve kapitalist, komünist ve sosyalist ekonomik sistemlerle ilgili baskı ve eşitsizlikleri ortadan kaldıracağı yönünde oldu.
social values associated with capitalist society are compatible with Islam. Islamic financial institutions attempt to modify the form of the institutions without affecting the spirit. Thus they end up performing the same functions as capitalist institutions and do not represent a genuine Islamic alternative.
There is a huge number of definitions of Islamic Economics available in the literature. The vast majority take existing definitions from the western literature and modify them to incorporate an Islamic angle. This leads to the widespread belief that Islamic Economics is a variant or a branch of conventional economics. We argue that something can be called “Islamic” only if it is based on the Quran and Sunnah. In this paper we propose a new definition based purely and directly on Islamic ideas and sources. We show that this definition differs radically from any available in the West, as well as the vast majority of definitions proposed by Islamic Economists. It creates entirely new ways of looking at and organizing the subject matter of Economics. This paper discusses ten dimensions of contrast, where our new definition suggests that the methodology of Islamic Economics is directly opposed to western methodology.
Zaman (2012, Crisis In Islamic Economics) describes the current crisis in Islamic Economics, widely acknowledged by leaders in the field. Conventional views are that Islamic Economics must be a compromise between Islamic ideals embodied in homo islamicus, and realistic views embodied in homo economicus. However, there is substantial disagreement on the nature and extent of the compromise required. Consensus on defining “Islamic Economics” appears to be a pre-requisite for progress. I believe that a definition which can be justified purely and directly from Islamic sources will be able to command consensus that compromises cannot. Furthermore, this definition opens the way to radically new approaches, which can fulfill the promise initially held out by Islamic Economics. This (now largely forgotten) promise was that Islamic Economics will provide justice, and eliminate oppression and inequities associated with capitalist, communist and socialist economic systems.
Özet İlk kuşak İslam iktisatçıları, kapitalizm ve komünizmin ötesinde adil bir ekonomik düzen oluşturmayı umut ediyordu. Tarihsel koşullar, ikinci kuşağın bu umutları hatırdan çıkarmasına ve İslam ekonomisini kapitalizmin bir uzantısı olarak görmesine yol açtı. İkinci kuşak, şeklin İslami fakat özün kapitalist olduğu şeriata uyumlu bir sistem inşa etmeyi denedi. Şeriata uyumlu olmasından ziyade şeriat temelli yani şekilde ve özde gerçek İslami sistem kurulması için meselenin köklerine gidilmesi gerekmektedir. Üçüncü kuşak bunu yaparak, İslam ekonomisi umudunu yeniden canlandırabilir ve ilk kuşağın umut ettiği ekonomik sistem modelini oluşturabilir.
Measures of corruption produced by different sources are highly unsatisfactory. Useful measures
may be possible for specific purposes in limited contexts. Reasons why highly unsatisfactory
measures are in use have to do with politics and power, rather than utility of these measures.
Design/methodology/approach – The paper shows that different dimensions of corruption cannot
be reduced to a single number without serious loss of information. For example the number and size
of bribes cannot be reduced to a single index. The difference between perceptions of corruption and
the reality also makes most popular indices useless.
Findings – The paper shows that commonly used measures of corruption are useless for their
ostensible purposes. Evidence is presented that they are calculated and used for political purposes. In
particular, they provide convenient excuses for the widespread failure of the structural adjustment
programs of IMF and World Bank.
Originality/value – The paper’s findings cast doubt on the vast amount of research which takes the
corruption measures as objective and factual, and attempts to find causal factors for corruption, as
well as effects of corruption on growth and other variables."
by force, as well as disinformation. To resolve crises on myriad fronts caused by the unregulated market, it is the need of the hour to find viable alternatives."