MACROECONOMICS IN EXTINCTION : IMPACTS OF THE GLOBAL ECONOMIC CRISIS
by Dr. Raju M. Mathew, Self Employed Consultant in Education, Knowledge Management / Industry, Peace and Strategic Studies at Calicut University - 1988 - 2005 Associate Professor on Nov 16, 2012
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The Present Global Economic Crisis, emerged as The Great depression II, challenges the value and worth of Macroeconomics. It has become outdated to deal with the Global Economy for they are founded ...
The Present Global Economic Crisis, emerged as The Great depression II, challenges the value and worth of Macroeconomics. It has become outdated to deal with the Global Economy for they are founded in Primitive Tribal Ideology of the 'Chosen People' and 'the Promised Land' without any global or universal outlook. They lost their relevance and ability to solve either national or regional or global economic problems. That is why; in the midst of the Global Economic Crisis grown to the extent of The Great Depression II, even the Keynesian remedies have become counter-productive. There is nothing like micro- or macro economic solutions but only Global Solutions for which Economics must be redesigned and can be called Mega or Universal Economics. There is no American or European or Chinese or Indian or Brazilian or Arab or African Solution or Strategy to deal with the Global Economic Crisis, but only Global or Universal Solution.
What is taught in schools, colleges and universities under Microeconomics or Macroeconomics has become irrelevant in the midst of the unresolved and prolonged Global Economic Crisis. The so called peer reviewed research papers in Economics and Management have no practical value other than getting a teaching position or promotion in colleges and universities. It is high time to critically examine the philosophical, theoretical and methodological foundations of both Micro and Macro-Economics and to adopt a global or universal outlook and approach for Economics in stead of tribal or national approaches. As an alternative, Mega or Universal Economics has been proposed.
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