The renowned economist and professor at the American University in Cairo, Galal Amin, often complains that his bestselling book What Has Happened to the Egyptians? overshadows his other works, which he believes are just as valuable, if not more so. In his latest critique, Amin turns his sharp analytical eye to the field of economics itself in his book The Philosophy of Economics: A Study of Economists’ Biases and the Unscientific Foundations of Economic Thought. With his characteristic wit—sometimes light-hearted, sometimes painfully incisive—Amin paints what could be described as a ‘tragic’ portrait of economics as a discipline. He argues that it is inherently class-based, shaped by the societies in which it emerged, and that its principles are not necessarily applicable to other cultures.
In this book, aimed at both general readers and specialists, Amin systematically explores various economic themes, beginning with basic concepts and progressing to more advanced theories and applications. He covers topics such as national income, employment, economic development, and international trade, all while resisting the temptation to align himself with any particular school of thought—despite his well-known socialist leanings. He accuses economists of falsely claiming neutrality while, in reality, representing the interests of the social class to which they belong. According to Amin, their theories are shaped by their philosophical and social perspectives, making economics inherently biased rather than an objective science. As a result, he argues, there is no reason why other nations should accept these theories as universally valid.
Amin is particularly critical of the fixed assumptions underlying economic theories, describing them as misleading and illogical—an intentional ‘distortion of reality’ designed to produce preordained conclusions. He suggests that these conclusions are often rooted in the cultural and social backgrounds of economists, or even in a broader ideology that seeks to establish the superiority of one nation over another. He sees modern economic theory as a continuation of historical power structures, evolving from classical colonialism to globalisation, ultimately serving to perpetuate the dominance of certain countries over others.
Despite Amin’s well-documented scepticism towards capitalism, he struggles to maintain a neutral stance in this book. He even acknowledges capitalism’s resilience, praising its ability to withstand crises and convince societies that economic downturns are natural occurrences within its dynamic philosophical framework. In contrast, he notes that socialism collapsed with the fall of the Soviet Union in the early 1990s—a point he previously discussed in a seminar on the global financial crisis. At its core, Amin’s book is an intellectual challenge to economists and a warning to politicians against claiming expertise in all matters, including economics. His writing retains the same depth and literary humour that characterises his public speeches, making complex ideas accessible without losing their sharpness. In this work, he echoes the view of Stanley Fischer, the former International Monetary Fund economist, who once said: ‘There is no single economic theory that all economists agree on, unless it is either self-evident or entirely redundant.’
This article is originally published by AlBorsa in Arabic and later AI-translated by South Push.