Now, i have accepted why Islam forbids 'the earned interest' gains from 'the fixed deposit' to be given to the social charity of the needy poors...InsyaAllah!(God Willing!)
Isn't this whole issue (of the origin or profits and the unification of the micro and the macro) resolved since the Marginal Revolution and the abandonment of Labor Theory by the Austrian School? I feel that his undertaking is like a modern physicist trying to explain planetary motions by resorting back to aristotelian physics and trying to contort it to make it somehow work. At the risk of ruining his life's project, maybe someone should gently inform Prof Shaikh of the names Menger, von Bawerk, and von Mises. I get it, he said he's "progressive" and works at a "progressive" school and he has the "engineer's" (i.e. central planner) mentality, and austrian economists are not in favor of redistribution, central planning and all these "progressive" things. But if his goal is to understand profit, the funding of investment, business cycles etc., he would benefit a lot from the work others have done outside of the marxist rabbit hole.
The Austrian "School" is just a pitiful attempt at slipping a solipsistic idealist philosophy into bourgeois political economy in order to justify the social relations of capitalism and to strawman Marxist political economy to a very, very, very tiny and misinformed sector of people who cultishly and uncritically accept a theory of economics that, in its own terms, refuses the very idea of a non subjectivist standard for understanding how economic thought might be conceived. They even reject the very same forms of economic ideas that the founding thinkers of bourgeois political economy (the formulation of the labor theory of value by Smith, Ricardo, etc) while giving a sanitized version for their sociopathic and reactionary audience. And before you go to the most likely ad hominem, I actually HAVE read Mises, Rothbard, Hayek, Block, Konkin, etc so I do have an understanding of these ideas from study and firsthand experience and I conclude, with conviction and not with uncritical 'faith', that these ideas are nothing but the ideologically driven, unscientific, and inconsistent feedback loops meant to keep a blindfold over the eyes of people who are unwilling to take the time and make the effort in uncovering the foundations of the most basic assumptions that are driven into our minds throughout our 'education'. And while youre at it, maybe YOU should read the works of the same people youre taught to criticize with the same or greater amount of energy you spend listening to somebody else telling you what Marx or engels or whomever else in the tradition of Marxist political economy.
what a garbage you are man. ignorance is a hell of a drug. yes man socialism is central planning and socialism is also gobrnment does stuff. believe in that.
also i read (as shaikh also did) austrian economists. they are mostly garbage idealist. (well, mostly because there are some elements which is not bad)
