 answer this first question. Why do economists use it today? So, first, let me document that. There's an article by Romer written recently after the global financial crisis saying that macroeconomics has been going backwards. We used to know more, but we have been losing knowledge. After the financial crisis, the Queen of England went to London School of Economics to ask the economists, why did no one see that this was about to happen? So, there are many, many leading economists who said that economics as a whole is in big trouble. No economist could predict this global financial crisis. So, why is that? We are looking at why do economists start keep using failed theories. So, one of the keys to understanding is the Keynesian Revolution and the Monetist Counterrevolution. This graph is a picture of what happened in the 20th century. So, a classical theory dominated until 1929 when the Great Depression took place. After the Great Depression, which took classical economists by surprise, nobody had foreseen that that would happen. And the theory said that it could not happen. And then there was long unemployment. And again, economic theory says that that cannot happen because the labor market will equilibrate. There will be no unemployment. A free market will automatically create full employment. So, one of the key points of Keynesian theory was that the free market does not create full employment and the government must intervene to create full employment. So, when this was done and the banks were regulated, there was about a 50 year the share of income of the masses increased the bottom 90 percent and the share of the top 1 percent, which is in the middle of this graph, started to decrease. So, the top 1 percent plotted the counterrevolution. When I was studying in the 1970s, the Chicago School was considered a school of crack parts. They did not do serious economics. They were ideologues. But now the opposite is true. Keynesians are considered crack parts and the Chicago schools are firmly dominant throughout the profession. So, there was a coup that was engineered against Keynesian economics and this had the desired effect. If you look at the blue line, the share of the top 1 percent started to rise and it is at very high levels today with less than 50 people owning half of the wealth of the planet. So, the main insight here is that capitalism works by not by forcibly exploiting laborers, but by making the laborers agree to their own exploitation and this agreement is created by education into false economic theories. Modern economic theory is a tool of propaganda, which is built to create the impression that our extremely bad economic system is the best for all peoples. So, there are many, many different techniques which are used to carry out this propaganda and one of these is the deceptive. Now, the thing is that economics is still a branch of moral philosophy, but this has been hidden. This has been concealed under the pretense that economics is an objective description of reality. It is actually trying to say how things should be, but it says that. So, one very specific example of how economics is deceptive is the production function. There is a very nice article by Bergman and she writes that when economists study the behavior of bottlenose dolphins, they spent hundreds of hours watching what bottlenose dolphins actually do, but if you look at economic theory of the firm, it is based on zero study of real world firms. Economists just use pencil and paper and just make up these theories without ever actually looking at any real world firms. There is a book by Alan Blinder, which has a survey of real firms asking about prices and he says that what we learned by asking the firms about how you set prices contradicts everything that you find in the textbooks. In particular, the key of supply and demand for firm, one of the key elements is that firms are price takers, but Alan Blinder finds that most of the firms are price setters. So, the theories of the firm given in the economics textbooks do not apply to most of the firms in the real world. So, again, we come up the same questions. Why do economists persist in presenting false theories to students all over the world? So, that's because the real arguments that we are, the economists are trying to make are concealed behind a wall of mathematics. Marx argued that capitalist, Marx argued that capitalists exploit labor, but when you look at the production function, which is a big mathematical thing and nobody understands what is actually being done. But basically what is being done is that the production function teaches us that both of the capitalists and the laborers earn their own marginal product. The laborers earn the marginal product of labor and the capitalists earn the marginal product of capital, which means that they both get their just reward. They are getting what they deserve because of their contribution to the output. Now, as I've said, this works only when you have a competitive market and not when capitalists are big and laborers are multiple and have no power, but also the mathematics that is done is actually wrong. You can find mistakes in the error, mistakes because the total product cannot actually be allocated to both the product of labor and the marginal product of capital does not add up in many different real world cases. So, by a lot of hocus pocus, economists have convinced students that capitalists are getting a fair share and laborers are getting a fair share mainly by hiding this behind the wall, which no one understands. So, basically, anywhere you look, you find that there are norms hidden underneath and there's a pretense that the concept is objective. So, scarcity, which is the foundation of modern economics, is also one such concept. Scarcity arises when you confuse needs and wants, as economists do. They say that the goal of economics is to fulfill all the needs and the wants. But actually, if you look at Islamic teachings, it encourages the fulfillment of needs. So, eat and drink and wear your nice clothings. So, a lot of consumption, which is useful, is permissible. But Walla Tushrifu, Allah ta'ala forbids Israaf and forbids the tubsir. And he says that Allah ta'ala says in the Quran that if you follow your idol desires, you will go to Jahannam. So, you cannot follow your wants. So, if you follow the Quranic prescription that if you have more than what you access to those who have need, and this was done in the Islamic civilization for a thousand years, the Waqf used to actually give the rich people, took their excess money and created Waqf. And the Waqf was used to provide social services to the society. So, today, what happens when you, when a rich person has excess wealth is he puts it in the bank and he gets more wealth, which is a useless thing to do. So, the fundamental economic problem is not scarcity. The fundamental economic problem is greed, which is created by capitalism. Is these qualities which you have discussed. If we develop tabakul qanaat and contentment and gratitude, shukr to Allah, then we will not be always wanting more and more. And then we will be happy to give from our, give from our wealth to those who do not have, because that is a great amal. It is a, it is something which is pleasing to Allah. So, I have discussed this issue in scarcity east and west about how western treatment of scarcity is very different from the eastern scarcity. This is eastern because it is more than Islamic. This is how all civilizations have viewed the matter except for the western capitalism which arose only recently.