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The Global Economic Crisis poses big challenge in teaching Economics and Management in Schools and Universities. The underlying causes and solutions have been discussed, treating economics in a quite different way. Urgent steps are needed to save the humanity from the prolonged Global Economic Crisis. Conventional methods of teaching Economics must be changed at Schools, Colleges and Universities. The existing Textbooks and Course Materials in Economics have become outdated, useless without relevance in the present and coming days. It is a difficult truth to accept, but there is no other alternative before Schools, Colleges and Universities all over the World, including the London School of Economics, Harvard or Stanford Business Schools and their teaching, research, publications and consultation services.