Maududi dismissed the need for a "new science of economics, embodied in voluminous books, with high-sounding terminology and large organisation", or other "experts and specialists" which he believed to be "one of the many calamities of modern age". One of the major fallacies of economics was that it regarded "as foolish and morally reprehensible" spending "all that one earns, and everyone is told that he should save something out of his income and have his savings deposited in the bank or purchase an insurance policy or invest it in stocks and shares of joint-stock companies." In fact, the practice of saving and not spending some income is "ruinous for humanity".