After completing his primary education in Istanbul, Akat studied in the USA for a year and returned to Istanbul to graduate from Galatasaray High School. Akat entered the Faculty of Economics of Istanbul University, then he completed his university education in Norwich, England (East Anglia University) in 1968. completed. He completed his PhD at Istanbul University. He started to work as an assistant at the same school in 1966 and became an associate professor in 1973. In 1970, he did research as a visitor at the London University of Economics. Working as a lecturer at the State Security Academy in 1974, Asaf Savaş Akat became a professor at Istanbul University in 1980.

He was dismissed from his duty in 1980 with the September 12 Coup and joined the 1402 squad. He wrote for the weekly Yeni Gündem magazine for a while and worked for İletişim Publications. Although he was mentioned in the early days of the Democratic Left Party, he later joined the Social Democratic Populist Party. Having changed his mind after 1993, he became one of the founders of the New Democracy Movement led by Cem Boyner. He undertook duties such as consultancy and board member in some private companies and holdings.

Akat, who is also a member of the Royal Economic Society and TUSIAD, participated in the economy program called "Ekodialog" on NTV television channel after working as a faculty member at Istanbul Bilgi University Rectorate and Economics Department (1996-1998), and wrote columns in Sabah and then Vatan newspapers. started. Professor Akat, who made his first marriage to journalist-writer Emine Uşaklıgil, married Nilüfer Göle after her divorce. He is still among the speakers of the CSA Celebrity Speakers office.

Akat, who speaks English very well, is also a founding member of the Turkish Simultaneous Interpreters Association and a member of some social institutions and organizations, and won the Sedat Simavi Foundation Award in 1984 for his book "Alternative Growth Strategy".