IAW is organized by Al-Madinah Cultural Center and the Muslim Student Association.
It's Islam Awareness Week at the University of Minnesota; this evening I attend Islam and the Economy: Alternative Solution to the U.S. Economic Meltdown. This evening's event features one real economist--Dr. Felix Meschke--and two religious hobbyists who, for all their fervor, have nothing of interest to say on economics.The event is convened with a bearded youth singing a prayer. Our emcee then announces we'll have two short presentations before breaking for the evening prayer. Then we'll reconvene for the final presentation and Q&A. Meschke starts; he's going to explain how we got into the present economic mess. His presentation is straightforward; he uses this animation to give the audience the basics on the crisis.
Meschke essentially describes a problem of moral hazard: Key players are borrowing hugely knowing if they win they'll be zillionaires and if they lose they'll get bailed out by the rest of us. It's a failure of insufficient regulation or of a society too soft-hearted to build debtors' prisons. Meschke doesn't offer a hint of any belief in a religious solution to the crisis--let alone any preference for Islamic economics over the dismal science's Zoroastrian, Shinto or Pentecostal versions.
Next up is Mustafa Hamida, who begins with a religious invocation. Hamida speaks on Islamic economics, which we learn has almost nothing to do with real economics as practiced people like Tyler Cowen or Robin Hanson. Hamida is simply confusing social thought or history of economic thought with the social science called economics. He PowerPoints about the great medieval Islamic economic thinkers as he glibly asserts the benefits of dispensing with evidence-based reason and replacing it with on-your-knees groveling and dogma. Hamida notes that the non-religious stance of contemporary western economists is only a few centuries old.
Hamida continues: The non-religious perspective [of western economists, i.e.] is no less a faith than is his 'Islamic economics' folktale.
There's a unifying feature of all religious belief: It rejects evidence and refuses to admit prior error [as Eliezer Yudkowsky says]. The economics profession has shown far greater willingness to jettison failed theories and policy recommendations than have the major monotheisms. Non-belief is not a type of faith--it's the rejection of faith.
Hamida's job this evening is to convince us that the present crisis could be fixed with a spiritual cure. He has failed.
During the prayer break I chide Dr. Felix Meschke a bit. Isn't it your job, in this kind of forum, to cry 'bullshit'? Aren't you going to defend evidence-based thinking at all? (I remind him of Mustafa Hamida's statement equating reason with faith.) But Meschke is sitting on a fence; he puts forward Pascal's wager in defense of the plausible rationality of religious belief. (Was it Yudkowsky who recently said that--if you find Pascal's wager persuasive--you should adopt all religions, not just one?)
After the prayer break Wafiq Fannoun begins with his bilingual prayer and then gives a PowerPoint talk on Islamic banking and finance. Islamic banking is simply a three-card monte game that allows Muslims to charge interest without calling it interest. Fannoun puts forward the full-bore Islamic dogma. Dozens of devout-looking young Muslims are in the audience; they have to circle their wagons--I sense they think--given 'America's anti-Islamic ignorance'. (And they're sometimes justified in thinking so, I admit.) But left unpruned, this religion seeks hegemony over both individual and society; Islam clearly hasn't yet been beaten into a manageable little jewelry box. It even seeks submission from the academy itself. And the University of Minnesota appears willing. It shouldn't.







