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 The existing Textbooks and Course Materials in Economics have become outdated, useless without relevance in the present and coming days.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.
REDEFINING ECONOMICS AMDIST THE GLOBAL ECONOMIC CRISISDr. Raju M. Mathew
It is time to redefine Economics and equip it with new Philosophy, Theories, Methods and Tools so as to solve the global Economic and Financial Crisis. Economics, both Microeconomics and Macroeconomics, besides Monetary and Fiscal Polices have become totally ineffective to solve the problem of the Humanity. Mega Economics has been proposed.
REDEFINING ECONOMICS AND ECONOMIC POLICIES AMDIST THE GLOBAL ECONOMIC CRISISDr. Raju M. Mathew
Intelligent students and teachers in Economics must ask questions on the usefulness or competency of Economics in solving the Global Economic Crisis, before trying to solve the crisis. This presentation is only for the Intelligent and Questioning Students and Teachers or Professionals about the future of the Humanity. It examines the underlying causes and solutions of the Global Economic Crisis.
MACROECONOMICS IN PERIL FOR THE GLOBAL ECONOMIC CRISIS - WHAT IS NEXT???Dr. Raju M. Mathew
Macroeconomics is on the verge of a collapse for the prolonging Global Economic Crisis,in spite of the great influence of Islam and Christianity over 60% of the Humanity. . Schools and Universities all over the world are teaching Micro- and Macro-Economics as something great and they provide answers to all economic maladies. It was true before Information Technology Revolution that lead to Globalization.; but not true in the age of globalization. Now schools and universities are misguiding the students; teachers could not explain the Global Economic Crisis other than what is taught with the help of some ready-made PowerPoint presentations or popular text books or course materials. Why do our economists fail to offer any solution or even a logical explanation for the present Global Economic Crisis? What about the world renowned Harvard or Stanford Business Schools? Do they have any solution other than promoting Consumerism or Corporatism?
In the midst of the prolonging global economic crisis, the tools and remedies of Micro and Macro Economics have become ineffective. Economics and Management Science are getting irrelevant. In this context, Mega or Universal Economics has been proposed to deal the global economic crisis.
MACROECONOMICS IN EXTINCTION : IMPACTS OF THE GLOBAL ECONOMIC CRISIS Dr. Raju M. Mathew
This document discusses the limitations of traditional macroeconomics in addressing the global economic crisis. It argues that macroeconomics remains too narrow and tribal in nature, focused on individual nations rather than taking a universal, humanitarian approach. The document calls for a new field called "Universal Economics" that treats all humanity equally and aims to ensure peace, prosperity, food and knowledge for all people worldwide. Further research is needed to develop the principles and tools of Universal Economics to help policymakers address issues like recession, imbalance and inequality on a global scale.
THE FALL AND DECLINE OF MICRO-AND MACRO-ECONOMICS: THE GREAT DEPRESSION IIDr. Raju M. Mathew
The Global Economic Crisis has shaken the very foundation of Microeconomics and Macroeconomics, making them irrelevant and impotent to deal with the Crisis growing to the extend of the Great Depression II Lasting Till 2025. It is high time to invent or devise a New Global Economics to deal with the Global Economy in which all national or regional economies are just parts or constituents. This is the theme of this presentation.
1. The document discusses the key concepts and principles of Islamic economics according to Islamic scholars and sources. It outlines definitions of Islamic economics, its basic principles, objectives, and differences from Western economics.
2. Sources of Islamic economics are discussed including the Quran, hadiths, ijma, and ijtihad. Important concepts like consumption and savings, the role of the state, money, and Islamic development banks are also summarized.
3. The emergence and early contributors to Islamic economics are highlighted, with significant focus on the work and theories of the prominent Muslim scholar Ibn Khaldun, considered a pioneer in various economic fields like labor, value, demand, taxation and is viewed as a founder of Islamic economics
Handbook of crisis and emergency managementWael Sharba
This document provides a summary of a book on crisis and emergency management. It begins with an introduction by the editor explaining the rationale and purpose of the book. It aims to be a comprehensive textbook covering all aspects of crisis and emergency management. The book includes chapters from experts around the world applying various analytical approaches and covering different types and levels of crises and emergencies. The summary concludes by thanking the contributors and production team who helped make this extensive reference book possible.
The end of external dependence to promote national developmentFernando Alcoforado
Immanuel Wallerstein formulated world-system theory which argues that development should be analyzed at the global level rather than just at the national level. The world system is divided into a core (developed nations), periphery (undeveloped nations providing raw materials to the core), and semi-periphery (nations in between). Peripheral and semi-peripheral nations have failed to develop because they continue to depend on the core nations economically and technologically. True development requires ending this external dependence, as nations like Japan and South Korea did through selective openness and state-led industrialization and technology development.
REDEFINING ECONOMICS AMDIST THE GLOBAL ECONOMIC CRISISDr. Raju M. Mathew
It is time to redefine Economics and equip it with new Philosophy, Theories, Methods and Tools so as to solve the global Economic and Financial Crisis. Economics, both Microeconomics and Macroeconomics, besides Monetary and Fiscal Polices have become totally ineffective to solve the problem of the Humanity. Mega Economics has been proposed.
REDEFINING ECONOMICS AND ECONOMIC POLICIES AMDIST THE GLOBAL ECONOMIC CRISISDr. Raju M. Mathew
Intelligent students and teachers in Economics must ask questions on the usefulness or competency of Economics in solving the Global Economic Crisis, before trying to solve the crisis. This presentation is only for the Intelligent and Questioning Students and Teachers or Professionals about the future of the Humanity. It examines the underlying causes and solutions of the Global Economic Crisis.
MACROECONOMICS IN PERIL FOR THE GLOBAL ECONOMIC CRISIS - WHAT IS NEXT???Dr. Raju M. Mathew
Macroeconomics is on the verge of a collapse for the prolonging Global Economic Crisis,in spite of the great influence of Islam and Christianity over 60% of the Humanity. . Schools and Universities all over the world are teaching Micro- and Macro-Economics as something great and they provide answers to all economic maladies. It was true before Information Technology Revolution that lead to Globalization.; but not true in the age of globalization. Now schools and universities are misguiding the students; teachers could not explain the Global Economic Crisis other than what is taught with the help of some ready-made PowerPoint presentations or popular text books or course materials. Why do our economists fail to offer any solution or even a logical explanation for the present Global Economic Crisis? What about the world renowned Harvard or Stanford Business Schools? Do they have any solution other than promoting Consumerism or Corporatism?
In the midst of the prolonging global economic crisis, the tools and remedies of Micro and Macro Economics have become ineffective. Economics and Management Science are getting irrelevant. In this context, Mega or Universal Economics has been proposed to deal the global economic crisis.
MACROECONOMICS IN EXTINCTION : IMPACTS OF THE GLOBAL ECONOMIC CRISIS Dr. Raju M. Mathew
This document discusses the limitations of traditional macroeconomics in addressing the global economic crisis. It argues that macroeconomics remains too narrow and tribal in nature, focused on individual nations rather than taking a universal, humanitarian approach. The document calls for a new field called "Universal Economics" that treats all humanity equally and aims to ensure peace, prosperity, food and knowledge for all people worldwide. Further research is needed to develop the principles and tools of Universal Economics to help policymakers address issues like recession, imbalance and inequality on a global scale.
THE FALL AND DECLINE OF MICRO-AND MACRO-ECONOMICS: THE GREAT DEPRESSION IIDr. Raju M. Mathew
The Global Economic Crisis has shaken the very foundation of Microeconomics and Macroeconomics, making them irrelevant and impotent to deal with the Crisis growing to the extend of the Great Depression II Lasting Till 2025. It is high time to invent or devise a New Global Economics to deal with the Global Economy in which all national or regional economies are just parts or constituents. This is the theme of this presentation.
1. The document discusses the key concepts and principles of Islamic economics according to Islamic scholars and sources. It outlines definitions of Islamic economics, its basic principles, objectives, and differences from Western economics.
2. Sources of Islamic economics are discussed including the Quran, hadiths, ijma, and ijtihad. Important concepts like consumption and savings, the role of the state, money, and Islamic development banks are also summarized.
3. The emergence and early contributors to Islamic economics are highlighted, with significant focus on the work and theories of the prominent Muslim scholar Ibn Khaldun, considered a pioneer in various economic fields like labor, value, demand, taxation and is viewed as a founder of Islamic economics
Handbook of crisis and emergency managementWael Sharba
This document provides a summary of a book on crisis and emergency management. It begins with an introduction by the editor explaining the rationale and purpose of the book. It aims to be a comprehensive textbook covering all aspects of crisis and emergency management. The book includes chapters from experts around the world applying various analytical approaches and covering different types and levels of crises and emergencies. The summary concludes by thanking the contributors and production team who helped make this extensive reference book possible.
The end of external dependence to promote national developmentFernando Alcoforado
Immanuel Wallerstein formulated world-system theory which argues that development should be analyzed at the global level rather than just at the national level. The world system is divided into a core (developed nations), periphery (undeveloped nations providing raw materials to the core), and semi-periphery (nations in between). Peripheral and semi-peripheral nations have failed to develop because they continue to depend on the core nations economically and technologically. True development requires ending this external dependence, as nations like Japan and South Korea did through selective openness and state-led industrialization and technology development.
FROM RECESSION TO THE GREAT DEPRESSION II LASTING TILL 2025 -- WHAT IS WRO...Dr. Raju M. Mathew
The Global Economic Crisis, started as Financial Meltdown, turned into Recession has grown to the dimension of 'The Great Depression II lasting at least till 2025, affecting the entire Humanity. The basic reason for the present Global Economic Crisis, growing to the level of The Great Depression II, the role played by the Nobel Laureates in Economics and Management Gurus in aggravating the Crisis and also its Solutions have been discussed. This is a Revolutionary approach and solution for the Global Economic Crisis. ,
{writeup/video: http://bit.ly/AZfoie1} This talk explains how we can create an Islamic Economic system in Pakistan. The first part of the talk explains that one of the main obstacles to this project is the vast number of misunderstandings created by orthodox economic theory. In particular, a critical misconception is the idea that capitalism can be converted to an Islamic economy by minor modifications, such as setting interest rate to zero. Interest is integral to financial capitalism and cannot be set to zero without major modification in other economic areas. The second part of the talk explains that to create a zero interest economy, we must first create a zero inflation economy. Both are possible within a theoretical framework given by Modern Monetary Theory. This provides the policy prescriptions needed to create full employment and zero inflation, together with a zero interest rate. These are very close to an Islamic Economy ideals, which provides equal opportunities, basic needs and economic justice for all members of the community. The talk also discusses practical steps that we need to take in Pakistan, to achieve economic independence, as a first step towards an Islamic Economy.
This document summarizes Murray Rothbard's view on the causes of economic depressions. Rothbard argues that modern economists and politicians wrongly believe that economic downturns are inherent to free market economies and require government intervention. However, regular boom-bust cycles did not exist before the Industrial Revolution. Rothbard believes depressions have logical causes within the economic system, not random causes. He aims to provide an alternative theoretical framework to understand these issues.
1. The document discusses shortcomings of modern Western economic models like capitalism and proposes an alternative model called "Cowism".
2. It argues that Western economic models are inherently unstable, unsustainable, and have led to various crises. They are also based on a legacy of colonial exploitation.
3. The document suggests looking to more traditional, localized economic systems that are in harmony with nature, like ones based on agriculture and domesticated animals, as a better model for the 21st century.
Social Theories can only be understood within their historical context. First Generation Islamic Economics was developed as part of the struggles to achieve liberation from colonization. It stressed the superiority of Islamic Economic System over Western economic systems of capitalism, communism, and socialism. Efforts to launch the political revolution required to control the state and create a macro level Islamic Economic system failed. As a result, 2nd Generation Islamic Economists took an evolutionary approach, and sought to modify capitalism in a step-by-step approach, to move towards and Islamic system. However, this approach failed to bear fruits, and disastrous shortcomings of capitalism became obvious to all in the Global Financial Crisis of 2007. This has led to efforts to build 3rd Generation Islamic Economics on the revolutionary foundations of the 1st Generation, while incorporating many lessons of historical experience, as well as many insights from the 2nd Generation.
This document summarizes the opening address given at a global economic conference held by Hizb ut-Tahrir in Khartoum, Sudan in 2009. The address critiques the failed responses to the global financial crisis by capitalist nations and economists. It argues they only addressed surface-level symptoms and not the underlying flaws of capitalism. The address also argues mainstream economists ignore the viable alternative of Islam's economic system, which provided economic prosperity and security for centuries without crises. The opening call was for examining the real causes of periodic crises under capitalism and considering the superior system of Islamic economics.
This document summarizes the opening address given at a global economic conference held by Hizb ut-Tahrir in Khartoum, Sudan in 2009. The address critiques the failed responses to the global financial crisis by capitalist nations and economists. It argues they only addressed surface-level symptoms and not the underlying flaws of capitalism. The address also argues mainstream economists ignore the viable alternative of Islam's economic system, which provided economic prosperity and security for centuries without crises. The opening call was for examining the real causes of periodic crises under capitalism and considering the superior system of Islamic economics.
Core Macroeconomic Concepts in Historical ContextAsad Zaman
This document summarizes a lecture on the history and development of macroeconomic theories. It discusses how theories like Keynesian economics were developed in response to economic crises like the Great Depression. It outlines the rise of deregulation and supply-side economics in the late 20th century in response to stagflation. It also discusses ongoing debates between different schools of macroeconomic thought and criticisms of policies like privatization and financialization.
The document summarizes an article about how economists failed to predict the recent financial crisis. It discusses how economists became overconfident, believing they had resolved their internal disputes and "solved" problems like preventing depressions. This vision failed to account for irrational behavior, market imperfections, and the possibility of economic crashes. The crisis exposed deep fault lines as economists disagreed strongly on how to respond. The profession will need to adopt a more realistic and cautious approach acknowledging the complexity and unpredictability of economic systems.
About jeffrey sachs presentation by kakim danabaevKakim Danabayev
Jeffrey Sachs is an American economist who has written extensively on issues of economic development, poverty alleviation, health, and environmental sustainability. Some of his notable books include The End of Poverty, Common Wealth, and The Price of Civilization. According to the document, Sachs believes that with the right policies and interventions, extreme poverty can be eradicated within 20 years, and he advocates for increased international aid, improved agricultural techniques, and disease control programs.
Crisis in 2nd Generation Islamic Economics (2/7)Asad Zaman
{Writeup/Video: bit.ly/cie2cri} While the first generation of Islamic Economists saw it as a revolutionary alternative to capitalism, the 2nd generation thought of Islamic Economics as a variant of capitalism. They attempted to "Islamize" capitalism. This is impossible because capitalism is built on foundations of overproduction and overconsumption, and focuses on acquistion of pleasure and wealth in this world. These values are strongly opposed to Islamic ones and the two economic systems cannot be combined. This is why 2nd generation attempts to create Islamic Economics failed, leading to a crisis.
- Economists failed to predict the financial crisis because they embraced oversimplified models that ignored irrational behavior and market imperfections. These models portrayed the economy as a perfectly efficient system guided by rational actors.
- Prior to the crisis, many economists argued markets were inherently stable and self-correcting. They did not consider the possibility of a total collapse. The crisis exposed major faults in economic theories that had been widely accepted.
- Moving forward, economists will need to develop more realistic models that acknowledge irrational behavior, imperfect markets, and the possibility of unpredictable crashes occurring despite a central bank's efforts to prevent them. Theories will also need to incorporate more "messiness" rather than aiming for a single elegant theory.
This document discusses sustainable economic systems and provides context around stability and sustainability. It covers several key topics:
1. It discusses the need for more stability in economic systems to avoid large swings and volatility, as well as the importance of sustainability and responsible use of resources.
2. It analyzes different approaches to economic growth, including "roll-over growth" which can create instability, approaches that focus on continuing growth through technology, and those that advocate for amended growth metrics beyond just GDP.
3. It also discusses the failure of convergence between economic models and the need for pluralism, examining different varieties of capitalism systems and arguments against a one-size-fits-all model.
Global Political Economy: How The World Works?Jeffrey Harrod
These are the slides which are displayed by the lecturer Jeffrey Harrod in the on-line Lecture Course "Global Political Economy: How the World Works" which is available free on his website http://www.jeffreyharrod.eu/avcourse.html.
The purpose it to make the slides available to download which at the moment cannot be done from the on-line lecture. Many of the slides provide data which may be useful in presentations and research papers. Other slides are the points addressed in the lecture.
The course covers all the material conventionally found in courses on international political economy. The approach is critical and realist and seeks to understand or explain
power rather than functions which surround the world economy.
The lectures and slides cover investment, trade, finance , migration and labour paying special attention to the multinational corporation and the agencies of states as the central power players in the global economy.
This document provides an overview of the history of economic development theories from World War 2 to modern times. It discusses how development economics emerged as a field in response to the needs of developing countries after the war. Early theories focused on modernization, industrialization, and linear stages of growth. Later, structuralism and dependency theory argued external factors influenced underdevelopment. Neoclassical theories emphasized free markets. Contemporary theories include endogenous growth theory examining knowledge-driven growth.
Economics is defined as the study of how people and societies choose to employ scarce resources to satisfy unlimited wants. It can be divided into microeconomics, which focuses on individual units like consumers and firms, and macroeconomics, which looks at aggregate outcomes for the overall economy. Economics is considered a social science because it studies human behavior and societies. It is related to other fields like mathematics, history, politics and more. Studying economics helps one understand the world, make wise decisions, contribute to social change and national development, and prepare for various careers that involve economic issues.
Creating an Islamic Economy requires much more than setting interest to Zero. Within a financial capitalist system currently dominating the world, zero-interest rates will crash the system. They also are strongly contrary to the interests of the financial rentier class, and will be strongly resisted. Many specific and general ideas on how to create a just and equitable Islamic Economy are discussed in this talk , given in Doha Qatar at HBKU on 25th Jan.
This document critiques modern neoclassical economics and argues for reforming the field. It asserts that economists are asked for commentary in media not because their views are true, but because they are seen as experts. It also notes the anniversary of the fall of the Berlin Wall and triumph of capitalism. The document discusses how neoclassical economics acts as a dominant narrative and "regime of truth" that uses "veto economics" to reject new ideas. It argues the field produces "technically competent barbarians" and relies on public silence and compliance. It critiques the myths and ideologies perpetuated by modern economics, such as scarcity and growth, and calls for rethinking economics and imagining alternatives beyond orthodox growth models
Except Brahmins in Kerala, everybody in Kerala has Buddhist root, starting from the time of Ayyappa of Sabarimala. During severe religious prosecution in Kerala thousands of Buddhists had been converted to Islam or Christianity; the non-practicing Buddhists had been been evolved as Ezhavas, Pulayas and Malayarays.
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FROM RECESSION TO THE GREAT DEPRESSION II LASTING TILL 2025 -- WHAT IS WRO...Dr. Raju M. Mathew
The Global Economic Crisis, started as Financial Meltdown, turned into Recession has grown to the dimension of 'The Great Depression II lasting at least till 2025, affecting the entire Humanity. The basic reason for the present Global Economic Crisis, growing to the level of The Great Depression II, the role played by the Nobel Laureates in Economics and Management Gurus in aggravating the Crisis and also its Solutions have been discussed. This is a Revolutionary approach and solution for the Global Economic Crisis. ,
{writeup/video: http://bit.ly/AZfoie1} This talk explains how we can create an Islamic Economic system in Pakistan. The first part of the talk explains that one of the main obstacles to this project is the vast number of misunderstandings created by orthodox economic theory. In particular, a critical misconception is the idea that capitalism can be converted to an Islamic economy by minor modifications, such as setting interest rate to zero. Interest is integral to financial capitalism and cannot be set to zero without major modification in other economic areas. The second part of the talk explains that to create a zero interest economy, we must first create a zero inflation economy. Both are possible within a theoretical framework given by Modern Monetary Theory. This provides the policy prescriptions needed to create full employment and zero inflation, together with a zero interest rate. These are very close to an Islamic Economy ideals, which provides equal opportunities, basic needs and economic justice for all members of the community. The talk also discusses practical steps that we need to take in Pakistan, to achieve economic independence, as a first step towards an Islamic Economy.
This document summarizes Murray Rothbard's view on the causes of economic depressions. Rothbard argues that modern economists and politicians wrongly believe that economic downturns are inherent to free market economies and require government intervention. However, regular boom-bust cycles did not exist before the Industrial Revolution. Rothbard believes depressions have logical causes within the economic system, not random causes. He aims to provide an alternative theoretical framework to understand these issues.
1. The document discusses shortcomings of modern Western economic models like capitalism and proposes an alternative model called "Cowism".
2. It argues that Western economic models are inherently unstable, unsustainable, and have led to various crises. They are also based on a legacy of colonial exploitation.
3. The document suggests looking to more traditional, localized economic systems that are in harmony with nature, like ones based on agriculture and domesticated animals, as a better model for the 21st century.
Social Theories can only be understood within their historical context. First Generation Islamic Economics was developed as part of the struggles to achieve liberation from colonization. It stressed the superiority of Islamic Economic System over Western economic systems of capitalism, communism, and socialism. Efforts to launch the political revolution required to control the state and create a macro level Islamic Economic system failed. As a result, 2nd Generation Islamic Economists took an evolutionary approach, and sought to modify capitalism in a step-by-step approach, to move towards and Islamic system. However, this approach failed to bear fruits, and disastrous shortcomings of capitalism became obvious to all in the Global Financial Crisis of 2007. This has led to efforts to build 3rd Generation Islamic Economics on the revolutionary foundations of the 1st Generation, while incorporating many lessons of historical experience, as well as many insights from the 2nd Generation.
This document summarizes the opening address given at a global economic conference held by Hizb ut-Tahrir in Khartoum, Sudan in 2009. The address critiques the failed responses to the global financial crisis by capitalist nations and economists. It argues they only addressed surface-level symptoms and not the underlying flaws of capitalism. The address also argues mainstream economists ignore the viable alternative of Islam's economic system, which provided economic prosperity and security for centuries without crises. The opening call was for examining the real causes of periodic crises under capitalism and considering the superior system of Islamic economics.
This document summarizes the opening address given at a global economic conference held by Hizb ut-Tahrir in Khartoum, Sudan in 2009. The address critiques the failed responses to the global financial crisis by capitalist nations and economists. It argues they only addressed surface-level symptoms and not the underlying flaws of capitalism. The address also argues mainstream economists ignore the viable alternative of Islam's economic system, which provided economic prosperity and security for centuries without crises. The opening call was for examining the real causes of periodic crises under capitalism and considering the superior system of Islamic economics.
Core Macroeconomic Concepts in Historical ContextAsad Zaman
This document summarizes a lecture on the history and development of macroeconomic theories. It discusses how theories like Keynesian economics were developed in response to economic crises like the Great Depression. It outlines the rise of deregulation and supply-side economics in the late 20th century in response to stagflation. It also discusses ongoing debates between different schools of macroeconomic thought and criticisms of policies like privatization and financialization.
The document summarizes an article about how economists failed to predict the recent financial crisis. It discusses how economists became overconfident, believing they had resolved their internal disputes and "solved" problems like preventing depressions. This vision failed to account for irrational behavior, market imperfections, and the possibility of economic crashes. The crisis exposed deep fault lines as economists disagreed strongly on how to respond. The profession will need to adopt a more realistic and cautious approach acknowledging the complexity and unpredictability of economic systems.
About jeffrey sachs presentation by kakim danabaevKakim Danabayev
Jeffrey Sachs is an American economist who has written extensively on issues of economic development, poverty alleviation, health, and environmental sustainability. Some of his notable books include The End of Poverty, Common Wealth, and The Price of Civilization. According to the document, Sachs believes that with the right policies and interventions, extreme poverty can be eradicated within 20 years, and he advocates for increased international aid, improved agricultural techniques, and disease control programs.
Crisis in 2nd Generation Islamic Economics (2/7)Asad Zaman
{Writeup/Video: bit.ly/cie2cri} While the first generation of Islamic Economists saw it as a revolutionary alternative to capitalism, the 2nd generation thought of Islamic Economics as a variant of capitalism. They attempted to "Islamize" capitalism. This is impossible because capitalism is built on foundations of overproduction and overconsumption, and focuses on acquistion of pleasure and wealth in this world. These values are strongly opposed to Islamic ones and the two economic systems cannot be combined. This is why 2nd generation attempts to create Islamic Economics failed, leading to a crisis.
- Economists failed to predict the financial crisis because they embraced oversimplified models that ignored irrational behavior and market imperfections. These models portrayed the economy as a perfectly efficient system guided by rational actors.
- Prior to the crisis, many economists argued markets were inherently stable and self-correcting. They did not consider the possibility of a total collapse. The crisis exposed major faults in economic theories that had been widely accepted.
- Moving forward, economists will need to develop more realistic models that acknowledge irrational behavior, imperfect markets, and the possibility of unpredictable crashes occurring despite a central bank's efforts to prevent them. Theories will also need to incorporate more "messiness" rather than aiming for a single elegant theory.
This document discusses sustainable economic systems and provides context around stability and sustainability. It covers several key topics:
1. It discusses the need for more stability in economic systems to avoid large swings and volatility, as well as the importance of sustainability and responsible use of resources.
2. It analyzes different approaches to economic growth, including "roll-over growth" which can create instability, approaches that focus on continuing growth through technology, and those that advocate for amended growth metrics beyond just GDP.
3. It also discusses the failure of convergence between economic models and the need for pluralism, examining different varieties of capitalism systems and arguments against a one-size-fits-all model.
Global Political Economy: How The World Works?Jeffrey Harrod
These are the slides which are displayed by the lecturer Jeffrey Harrod in the on-line Lecture Course "Global Political Economy: How the World Works" which is available free on his website http://www.jeffreyharrod.eu/avcourse.html.
The purpose it to make the slides available to download which at the moment cannot be done from the on-line lecture. Many of the slides provide data which may be useful in presentations and research papers. Other slides are the points addressed in the lecture.
The course covers all the material conventionally found in courses on international political economy. The approach is critical and realist and seeks to understand or explain
power rather than functions which surround the world economy.
The lectures and slides cover investment, trade, finance , migration and labour paying special attention to the multinational corporation and the agencies of states as the central power players in the global economy.
This document provides an overview of the history of economic development theories from World War 2 to modern times. It discusses how development economics emerged as a field in response to the needs of developing countries after the war. Early theories focused on modernization, industrialization, and linear stages of growth. Later, structuralism and dependency theory argued external factors influenced underdevelopment. Neoclassical theories emphasized free markets. Contemporary theories include endogenous growth theory examining knowledge-driven growth.
Economics is defined as the study of how people and societies choose to employ scarce resources to satisfy unlimited wants. It can be divided into microeconomics, which focuses on individual units like consumers and firms, and macroeconomics, which looks at aggregate outcomes for the overall economy. Economics is considered a social science because it studies human behavior and societies. It is related to other fields like mathematics, history, politics and more. Studying economics helps one understand the world, make wise decisions, contribute to social change and national development, and prepare for various careers that involve economic issues.
Creating an Islamic Economy requires much more than setting interest to Zero. Within a financial capitalist system currently dominating the world, zero-interest rates will crash the system. They also are strongly contrary to the interests of the financial rentier class, and will be strongly resisted. Many specific and general ideas on how to create a just and equitable Islamic Economy are discussed in this talk , given in Doha Qatar at HBKU on 25th Jan.
This document critiques modern neoclassical economics and argues for reforming the field. It asserts that economists are asked for commentary in media not because their views are true, but because they are seen as experts. It also notes the anniversary of the fall of the Berlin Wall and triumph of capitalism. The document discusses how neoclassical economics acts as a dominant narrative and "regime of truth" that uses "veto economics" to reject new ideas. It argues the field produces "technically competent barbarians" and relies on public silence and compliance. It critiques the myths and ideologies perpetuated by modern economics, such as scarcity and growth, and calls for rethinking economics and imagining alternatives beyond orthodox growth models
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Except Brahmins in Kerala, everybody in Kerala has Buddhist root, starting from the time of Ayyappa of Sabarimala. During severe religious prosecution in Kerala thousands of Buddhists had been converted to Islam or Christianity; the non-practicing Buddhists had been been evolved as Ezhavas, Pulayas and Malayarays.
HISTORY OF SABARIMALA & AYYAPPA - A COMPREHENSIVE STUDYDr. Raju M. Mathew
Sabari, Ayyappa, Malikapuram and Vaver of Sabarimala were historical characters rather than mythological ones. Sabarimala was a Buddhist Pilgrimage Center maintained and even owned by the forest tribes , especially Malayarayas. After Marthandavarma, King of Travancore, it has been converted into a Hindu Pilgrimage Center and brought under the Brahmin Priests, driving away the forest tribes. It also tells the cleansing of Buddhism from Kerala, including the first Buddhist Kingdom in Kerala. Sabarimala has a long lasting impacts on the life of every Malayalee irrespective of his or her religion, caste or faith.
Yoga is not exercise or physical wellness or acrobatics or laughing. but attaining 5- level integration and thereby Happiness and Sanathana Dharma - the Great Indian Wisdom.
ONAM CELEBRATIONS OF KERALA- THE MYTH, THE TRUTH AND THE HISTORYDr. Raju M. Mathew
Onam is celebrated in the Malayalam month of Chingam. Truth, History and Mythology are intertwined in the Onam Celebrations. It is not mere a harvest festival, but tell the brutal murder OF a king and slavery of his people in the hands of the Brahmin invaders who had glorified their victory and made the slaves to celebrate their slavery.
MODI AND INDIA ELECTION 2014 - THE ROTTEN IS THROWN OUT : LESSONS FOR NARENDR...Dr. Raju M. Mathew
When Indian National Congress became rotten under the Prime Ministership of Manmohan Singh, the people of India thrown it out from Power and Grace. The Congress Government was controlled by the Big Corporate Houses to add the hardship of the Common People by making Reliance and other Corporate Houses richer into several folds within a handful of years. . The Left too has lost its credibility in the Indian politics. The regional political parties The fall of Congress is also a lesson for Modi and his BJP that needs to implement future-oriented development and national security strategies. Though some details are given, they need to be formulated in details in operational format.
Global economic crisis, starvation and terrorism counter strategiesDr. Raju M. Mathew
Global economic crisis, poverty and starvation, religious fundamentalism and terrorism are interconnected and based on inter-sector imbalances against the rural and farming sectors. The most effective strategy to deal with these complex issues is to upgrade the status of the rural and farming sectors on a par with the Industrial and Service Sectors. A five fold investment is required. Other wise, these problems will persist and aggravate.
GIVE THE FARMERS THEIR DUE AND ENSURE SUSTAINED GROWTH AND FOOD FOR ALLDr. Raju M. Mathew
For ensuring sustained growth and food for all, the only effective strategy is to give the due income and social status to the small, medium and marginal farmers and farm workers and reduce inter-sector imbalances.
Food, especially some familiar organic vegetables can augment vitality, sexuality and youthfulness . It is desirable to produce a handful of organic vegetables in our own little vegetable gardens. With some care, everybody can be more fit, healthy and happy so as to enjoy the pleasures of life.
CASSAVA OR TAPIOCA TO FEED THE HUNGRY MILLIONS - EXTENDING CASSAVA CULTIVATI...Dr. Raju M. Mathew
Cassava or Tapioca or Kappa is capable of feeding the hungry millions and putting as an industrial raw materials. FAO has identified cassava as wonder crop of the 21st century to save the humanity. Its cultivation can be extended to some of the European countries and also in the desert regions. This presentation gives more details about an experiment in Cassava cultivation conducted in the desert region, especially in the UAE.
FOOD FROM DESERT : DR. RAJU M. MATHEW'S EXPERIMENTS IN AL AIN IN TAPIOCA AND...Dr. Raju M. Mathew
This is the story of cultivating plants and vegetables in a desert land and bringing out flowers and fruits for attracting birds, butterflies, dragon flies and thereby making a paradise.With determination, we can make paradise anywhere in the world. it is based on my own experiment.
AL AIN EXPERIMENT IN DESERT FARMING : TAPIOCA OR CASSAVA AND VEGITABLE CUL...Dr. Raju M. Mathew
Deserts are the going to be next source of food and industrial raw materials. Cassava or Tapioca cultivation can be made in desert in a massive scale by making water available. Cassava is a wonder crop that turn sun light into food and industrial raw material.
This presentation is based on an experiment conducted in the UAE on the desert farming - cassava and vegetable. This can be conducted on a large commercial level. For the global warming, production of wheat, rice, potato, apple and etc. is on a declining path. Cassava , according to FAO, is the wonder crop that can feed the hungry millions. Cassava cultivation can be extended even in the West.
KERALA HISTORY : DECODING THE MYTHOLOGIES OF ONAM OR MAHABALI AND PARASURA...Dr. Raju M. Mathew
This document decodes Kerala mythologies and history through 3 key points:
1) Two major Aryan invasions devastated Kerala - the first destroyed the prosperous Dravidian kingdom of Mahabali, the second annihilated Buddhism and established Brahmin dominance. Both invasions shaped modern Kerala society.
2) The mythology of Onam tells of a glorious pre-invasion era under King Mahabali with no castes, while marking the subsequent subjugation and slavery of locals. Onam celebrations preserve Pulaya culture despite their oppression.
3) Buddhism flourished in Kerala until the second invasion led by Parasurama destroyed monasteries and converted them to Hindu temples, scattering Buddh
Belly Dance and the Indian Classical Dances known for their beauty, deep scientific roots and spirituality are highly erotic too. They are based on sound theoretical foundations though nobody has made a scientific comparative study, other than treating it as for just entertaining men.
There exists a striking similarities between Indian Classical Dances and Belly dances in embedding Eroticism with Aesthetics and Spirituality. This work may be useful for dancers of both Belly Dances and the Classical Indian Dances besides the critics, students. It may help the lovers of both Belly Dances and the Indian Classical Dances to understand their Erotic, Spiritual and Aesthetic aspects besides their scientific foundations.
Most of the Dances are related Mythologies and some times the suppressed history too. This is more evident in Kerala, the southern state of India where mythologies and celebrations have their secret links of the elimination of Buddhism by cold blooded massacre and enslavement besides the brutal oppression of the Kingdom of Pulayas and their ever lasting enslavement that lead to the emergence of Nairs, Christiians, Muslims and Ezhavas in Kerala.
KERALA NEEDS NO MORE NEW MALLS, MOSQUES, CHURCHES,TEMPLES AND PARTY OFFICES B...Dr. Raju M. Mathew
It is suicidal for Kerala to construct new Malls, Mosques, Churches, Temples and Political Party Offices by spending millions, instead of constructing Mega Solar Energy, Water Purification and Sewage Plants. Everybody has done enough damage to the water sources and environment of Kerala so as to turn it 'Devils's Own Hell' with dirt,contagious diseases, unhygienic living conditions and contaminated drinking water. It is high time to reconstruct Kerala as God's Own Paradise.
This is not a pro-CPM stand, opposing Lulu Mall, Ernakulam or Bolgatty Convention Center. Its philosophy and approach are quite different.People and their Land are more important than any ideology or religion or political party. After studying Adolf Hitler's Mein Kampf and Table Talk and Mussolini's Speeches and Writings, we can identify the elements of Fascism in all political parties, including CPM and Congress, and religions, including Islam, Hinduism and Christianity. They are least concerned about the People and the Land other than their sectarian interests of Money, Power and Membership.
This is a Pro-People and Pro-Land presentation and not supporting any religion or political party or business group. .
U.A.E KNOWLEDGE ECONOMY--PROBLEM IN DEFINING KNOWLEDGE ECONOMY OR INDUSTRYDr. Raju M. Mathew
United Arab Emirates has launched several ambitious programs to become a Knowledge Economy.It will remain as a dream unless the UAE adopts some drastic steps, including defining Knowledge Economy different from Information Economy and Internet Dominated Activities and incorporating new research on Intelligent Internet - Internet of Things/Cities/People.
The major challenge of the UAE in becoming a Knowledge Economy is to redefine 'Knowledge Economy' besides Education and Qualifications. With some idea of 'Knowledge Management' which is Data or Information Management rather than 'Knowledge Management', nobody can create a Knowledge Economy.
The attached YouTube video may be useful in clarifying the concepts of Knowledge, Information, Data, Knowledge Industry, Knowledge Economy, though it discuss more about Kerala.
KNOWLEDGE SCIENCE; NOT INFORMATION SCIENCE OR TECHNOLOGY- SCOPE,THEORIES AND...Dr. Raju M. Mathew
The inherent failures of 'Information Science' or' Information Technology' to deal with knowledge, necessitate the emergence of 'Knowledge Science' for Knowledge is a precious and strategic wealth and source of income. The complexity and diversity of knowledge must be studied and new research works are needed for the Mass Production,Delivery and Consumption of Knowledge and thereby knowledgization of the entire people. Knowmatics and Knowledge Science are the newly emerging fields of study. Mathew's Theories of Knowledge Consumption -Production and Cybernetics of Knowledge provide the methodological and theoretical foundations of Knowledge Science.
KNOWLEDGE SCIENCE & CYBERNETICS OF KNOWLEDGE : KNOWMATICSDr. Raju M. Mathew
The academic and scientific community besides Knowledge Managers and Librarians have been encountering the complex problem of dealing with or managing 'Knowledge' as wealth, resource and product without any scientific discipline or effective tools and strategies. The available tools and techniques of Computer Science, Information Science, Information Technology, Education or Philosophy have become incompatible in dealing with Knowledge but only Data and Information. Knowledge, consisting of interacting thousands of 'Concepts' ,is a complex system with complex control and communication functions. Knowledge as a Product for Mass Production, Marketing, Delivery and Consumption can be studied or dealt with using the tools,techniques and approaches of Mathematics and Cybernetics or Knowmatics. There is an urgent need to develop the discipline of Knowledge Science or Knowmatics for the effective handling and management of Knowledge created by the Humanity and also ensuring the optimal Consumption, Production, Delivery and Marketing of Knowledge. Knowmatics is based on Mathew's Theories of Knowledge Consumption and Production and it is the result of more than 30 years research on diverse aspects of Knowledge, Information ,Education and Information Technology.
CYBERNETICS OF KNOWLEDGE FOR HARNESSING KNOWLEDGE AND BRAIN POWER Dr. Raju M. Mathew
The academic and scientific community besides Knowledge Managers and Librarians have been encountering the complex problem of dealing with or managing 'Knowledge' as wealth, resource and product without any scientific discipline or effective tools and strategies. The available tools and techniques of Computer Science, Information Science, Information Technology, Education or Philosophy have become incompatible in dealing with Knowledge but only Data and Information. Knowledge, consisting of interacting thousands of 'Concepts' ,is a complex system with complex control and communication functions. Knowledge as a Product for Mass Production, Marketing, Delivery and Consumption can be studied or dealt with using the tools,techniques and approaches of Mathematics and Cybernetics or Knowmatics. There is an urgent need to develop the discipline of Knowledge Science or Knowmatics for the effective handling and management of Knowledge created by the Humanity and also ensuring the optimal Consumption, Production, Delivery and Marketing of Knowledge.
Knowmatics is based on Mathew's Theories of Knowledge Consumption and Production and it is the result of more than 30 years research on diverse aspects of Knowledge, Information ,Education and Information Technology.
Knowledge,from Module to Domain to the Universe of Knowledge, is a complex system that can effectively dealt by using the Philosophy, Theories, Strategies, Approaches and Tools of Cybernetics. Knowmatics is essentially Cybernetics of Knowledge facilitating at least a five fold increase in efficiency and effectiveness of Education, Research, Decision-Making, Professional Practices and Social Production Processes.
Concepts are the building blocs of Knowledge; the structure of Knowledge is dynamic and non-linear.Developing tools for greater control and communications within each Domain of Knowledge as well as the Universe of Knowledge leads to mass production, consumption,production, marketing and delivery Knowledge for the benefit of the entire Humanity. Knowmatics is built upon Mathew's Theories of Knowledge Consumption -Production.
Nobody has dared to tell the simple techniques of enjoying sex, food and sleep , the three things that determine the happiness and success in life on earth or even life after death. One must be physically, mentally and spiritually sound and healthy to enjoy them. Denial of happy sexual life and enjoyable food and sleep leads to crime and violence born out of hate, anger and jealousy.There is sound scientific, philosophical and ethical basis in enjoying food, sex and sleep that lead to healthy and joyous life. Unfortunately, it is only a small fraction of the entire men and women who enjoy sex, food and sleep out of ignorance or unscientific way of life.
This presentation discusses the ways in which everybody,including busy executives and professionals can lead smart and stress-free days and nights so that their efficiency can be increased besides peace and prosperity of the family, the society, the nation and the world.
Recently I have added two YouTube videos : One a Belly Dance and another a Indian Classical Dance ; both are Spiritual representing the flow of Cosmic Power on to the Nature. Dress is immaterial. At the higher level, sex becomes Spiritual and at lower level, it is mere a biological instinct common to all animals.
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...EduSkills OECD
Andreas Schleicher, Director of Education and Skills at the OECD presents at the launch of PISA 2022 Volume III - Creative Minds, Creative Schools on 18 June 2024.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
Whether you're new to SEO or looking to refine your existing strategies, this webinar will provide you with actionable insights and practical tips to elevate your nonprofit's online presence.
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.pptHenry Hollis
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
TEACHING ECONOMICS AND MANAGEMENT IN SCHOOLS AND UNIVERSITIES WHEN MACROECONOMICS IS IN CRISIS: THE IMPACTS OF THE GLOBAL ECONOMIC CRISIS
1. TEACHING ECONOMICS IN SCHOOLS
AND UNIVERSITIES WHEN MACRO ECONOMICS IS
IN CRISIS : THE IMPACT OF THE GLOBAL
ECONOMIC CRISIS
DR. RAJU M. MATHEW
(A Teacher and Researcher in Economics since 1970,
with multi-disciplinary background)
2. BRILLIANT STUDENTSAND TEACHERS
This presentation is mainly for the bright and brilliant
students and teachers of Economics and Business
Management to think differently and to find out immediate
solutions to the Global Economic Crisis, affecting the lives
of millions of people all over the world and adding the
misery and sufferings of men, women, youth and children
without much voice.
This is a man-created calamity, for the narrow and primitive
ideology, beliefs, policies and strategies based on primitive
tribal greed and selfishness, without taking into account the
over all interest of the Nature and the Humanity. It is you
who alone can find out the solution and act urgently to save
the Humanity from further misery and sufferings which are
not a pre-condition to enter Heaven or Paradise after death.
Life on earth is beautiful and enjoyable. Our pettiness
makes life on earth a cursed one.
3. ECONOMICS IN SCHOOLS AND UNIVERSITIES
Almost all schools and universities offer some courses in
Economics or Economics-based Business Management on the
basis of some popular text books with age old concepts and
analytical techniques. It was on a safer path till the Global
Economic Crisis grown to the extent of the Great Depression II.
Now both school teachers and university professors in Economics
or Business Management are struggling hard to give a proper
explanation for the underlying causes or suggest a solution for the
Global Economic Crisis to the well informed and brilliant students,
in spite of their PowerPoint presentations. Even the general public
treat Economists as an extinct specie without much value or
relevance for they suffer from „Rip van Winkle Complex‟.
Of course, Economics is in Crisis, more specifically in Identity
Crisis. The so called peer reviewed research papers in Economics
or Business Management have become rubbish without any
purpose other than getting a teaching position or getting a better
salary or promotion. Even fellow teachers or economists do not
read them, other than for writing some other papers.
4. FINANCIAL CRISIS AND MONETARY POLICY
A good number of economists and teachers in Economics
or Management fail to distinguish between financial crisis
and economic crisis. For them they are one and same and
therefore believe that with a set of monetary policies and
the intervention of the Central Banks, the crisis could be
solved.
The truth is it is an economic crisis and it is not a national or
macroeconomic issue, but a global economic crisis that
cannot be dealt with a set of monetary or even fiscal
measures. Had it been a financial crisis, the Central Banks
could have solved it years back.
In short, it is an economic crisis and it is global in nature. It
can be solved only with Global Economic Measures and
Strategies, setting right the inter-sector and the inter-
regional economic imbalances with new tools, measures
and techniques that are quite unknown to
Macroeconomists, including Keynesian or Neo-Keynesians
besides the Marxian or Islamic Economists.
5. STIMULUS PACAKGES
In spite of the Stimulus Packages of America, European Countries
, India , China and etc besides the brain storming sessions of the
World Economic Forum, deliberations of the UN, IMF. OECD and
World Bank and the Nobel Laureates in Economics and advices
of the Management Gurus, the teaching and research works of the
Harvard or Stanford Business Schools, the world is at the grip of
the Great Depression II Lasting at least 2025.
This is an Inquiry for the underlying causes of the Global Economic
Crisis and Failure of Economists , Management Experts and Rulers
and Political Leadership. It also suggests some alterative global
strategies under „Mega or Universal Economics‟ in stead of the
familiar Micro and Macro Economics, including Keynesian
Economics or Marxian Economics or Islamic Financing and Banking
that are confined to a particular society or tribe for a normal
situation..
Optimism is good and Pessimism is bad, but inability to recognize
the impending crisis and formulate strategies and implement them
at the right time is suicidal. Without using the God-given brain,
turning to the God and blaming the fate and expecting something
great after death are idiotic.
6. ECONOMICS GETTING TOOTHLESS
It is sad to note that our economists,
management experts and strategists do not
have effective methodological and theoretical
tools and practical measures to tackle the
global economic crisis, affecting the entire
humanity, except some oil exporting
countries. It has grown to the level of the
Great Global Depression. Arts and science of
Economics spread across Micro or Macro or
Keynesian Economics and the associated
Management Science are getting irrelevant
and toothless in the midst of the global
economic crisis, affecting more seriously the
youth all over the world.
7. PAROCHIAL WITHOUT UNIVERSAL
TRUTH
Some thing is seriously wrong with the philosophical,
theoretical, methodological and practical aspects of
Economics. It has not yet grown to the level of
„universal truth‟ unlike Science, but remains parochial or
regional that cannot be put into application universally.
Economists, starting from Adam Smith, Marshall, Marx,
Keynes to the living Nobel laureates in Economics,
could not talk much about universal truth applicable to
all nations or peoples, but only in some countries or
regions that too only for a particular situation or context.
Economists, including the World Economic Forum, are
grappled with identity crisis without any direction and
solutions for the basic problem of the humanity.
8. SAY’S LAW AND
THE GREAT DEPRESSION OF 1929
The Great Depression 1929 shattered the faiths of economists
in Say’s Law which states, “supply creates its own demand” and
also the analytical techniques of ‘The Principles of Economics’
(1890) of Alfred Marshall and his Microeconomics that
dominated over Adam Smith’s ‘The Wealth of Nations’ (1776)
and the previous Mercantilism.
Keynesian Economics emerged with „The General Theory of
Employment, Interest and Money’ (1936) of J. M. Keynes
whose remedies found to be very effective to tied over the Great
Depression of 1929.
However, the Keynesian remedies have been prescribed for the
all economic illness in almost all countries even in the modern
era. They have become counter productive for their over dosage
prescriptions in the form of deficit financing, public borrowing and
public expenditure for all economic maladies in almost all
nations, including the recent „Stimulus Packages‟, as is in the
case of the over dosage of antibiotics for fever or headache.
9. THE FALL OF THE USSR AND
THE SOCIALST BLOC
With the fall of the USSR and the Socialist Bloc,
and the naked adoption of Capitalism in a
different name by the Communist China and the
subsequent high level corruptions, „The
Communist Manifesto‟ (1848) of Karl Marx (1818-
1885) and his subsequent „Das Kapital‟ in four
volumes (1867, 1883, 1885 and 1894) lost their
appeal to the young intellectuals.
Karal Marx was not free from the tribal ideology
of Abraham and Moses based on „the Chosen
People‟, War and Terror for „the Promised Land‟
for his Jewish background. Marxism starts with
Class War with in a society and end with
Dictatorship leading to high level corruptions and
total inefficiency and mass exploitation; that is
what we learn from history.
10. THE GREAT DEPRESSION II AND THE POST-
KEYNESIAN ECONOMICS
For the present Global Economic Crisis, that
has emerged as „The Great Depression II‟
lasting Till 2025, the world is getting realized
the ineffectiveness and impotency of both
Microeconomics and Macroeconomics,
including Keynesian, Post-Keynesian, Neo-
Marxian and Modern Islamic Economics to
deal with the Global Economic Problems. For
they are too narrow and designed only for a
particular society or economy without any
solution to the global problems. They crumble
when applied globally for their underlying
primitive tribal ideologies.
11. THE DEADLY TRIBAL IDEOLOGIES
The Jews, the Christians and the Muslims believe that they were originated
from Adam ; ‘the Tribe of Abraham’ alone was ‘the chosen people of the
God’, entitled to loot, rape, conquer and even exterminate the other tribes
who were branded as the enemies of the God. The God even promised all
support to Abraham or his children in conquering the Prosperous Land of
the people of Canaan flown with milk and honey, their city, farm lands,
cattle and even beautiful women by the children of Abraham.
The shrewd military strategist, Moses and his General Aaron on their
march towards ‘the Promised Land’ brutally and cold bloodedly looted,
raped and exterminated several peoples and their kings as narrated in the
Old Testament, especially Deuteronomy.
The Western Christian and the Arab Muslims worlds, besides the Jews and
their Economics and Political Science, have been built up on these two
primitive tribal ideologies – ‘the chosen people’ and ‘the promised land’
that give justifications for war and terror besides branding anybody as the
enemy of the God or the People. That is why; they engage themselves in
war or terror. This is the basis of the Holy War, Terrorism and Religious
Fundamentalism that breed poverty and backwardness and add human
misery and sufferings. The only beneficiary is the Defense Industry and
Weapon Traders.
12. THE TWENTY FIRST CENTURY
PARADOX
The primitive tribal ideologies of Abraham and
Moses, based on „The Chosen People‟ and „the
Promised Land‟, as glorified in the Bible and the
Quran, have a long lasting influence over the
predominantly Jewish or the Christian western
economists, including the „Mercantilists‟ „the
Classical‟ „the Neo-Classical‟, „the Marxists‟, the
Fascists and „the Keynesians‟ and the Modern. So
also is the case with the Islamic Economic or
Financial System in the other parts of the world.
They are so deep-rooted in these societies that they
could not think of another alternatives in spite of the
ever growing complex problems. The greatest
paradox of the twenty first century is the embedding
of the Primitive Tribalism over the High-Tech and
Modern World causing unresolved pain, growing
strain and ever lasting bleeding.
13. ECONOMICS OF THE TRIBES
Tribal ideologies and instincts form the basis of
Mercantilism, the Classical, the Neo-Classical, the
Keynesian, the Marxian, the Muslim and Modern
Economics, that can be brought under Micro and Macro
Economics. They are basically concerned with the well
being of a particular tribe or tribal-based economy,
without bothering about the misery or sufferings of other
tribes or peoples or nations.
Even Marxism is founded on the war or clashes between
two classes in a tribal based society or economy. While
the Communists in Russia or China were concerned only
about Russia or China the Capitalist or the Socialist
economists of America or Britain were or are concerned
only about America or Britain.
In short, both Micro and Macro Economics are nothing
but mere Tribal Economics without taking into account
the Humanity as a whole or the Global Economy, treating
everybody as „chosen‟ or „equal‟, for the lasting influence
of the primitive tribal ideologies of Moses or Abraham.
14. GLOBALIZATION AND INFORMATION
TECHNOLOGY REVOLUTION
Information Communication Technology Revolution of the late
1980s facilitated Trans-border Data Flow and the emergence of
Multi-National Corporations, challenging the fundamental
principles of ‘Sovereignty’ and ‘National Boundaries’ of the
Political Economy. They have paved the way for ‘Globalization’,
the flow of capital, technology and manpower across the borders
and the dominance of ‘Service Sector’ over Agriculture and
Industry. This has challenged the edifices of both Micro and Macro
Economics.
As a defense mechanism, economists turned towards Data and
Data Analysis, Projections, Forecasting and Computer Simulations
without much knowledge of the working of an economy and
without much understanding of the emergence of a ‘Global
Economy’ in which both the ‘chosen’ and ‘cursed’ nations or
people have an equal role. The fate of the chosen people of the
industrialized nations has been determined even by the people of
‘the Cursed Nations’, now known as Emerging Economies,
including BRICS besides the poor nations.
15. CONSUMERISM AND CORPORTISM
Business Management and Business Schools have emerged as
applied forms of Economics. They heavily depend upon ‘Military
Science’ for launching aggressive Marketing and promoting
Consumerism that paved the way for ‘Corporatism’, even
challenging Capitalism and Democracy. Corporatism has reduced
individuals or nations as mere tools to serve the corporate interest
over the humanity.
The primitive tribalism and the tribal ideologies have been skillfully
embedded in Corporatism. Corporatism is powerful enough to
determine The American President, the Indian or the British Prime
Minister and their decisions besides the policies of the leftist or
communist political parties. It is powerful enough to spread
terrorism or bringing war by financing religious fundamentalism or
terrorism or bribing rulers and law makers. Even Islam or
Christianity is not free from the shadows of Corporatism. In
creating and aggravating the Global Economic Crisis, Corporatism
has played a strategic role for its narrow interest and short
sightedness.
16. MICRO AND MACRO ECONOMIC FRAMEWORKS
Within the framework of Micro and Macro
Economics, an economy is just a summation of
millions of individual national economic production
or consumption units and it can be amenable to
computerized data collection, computation,
manipulations, projections, simulations and
forecasting.
They cannot treat the Global Economy as a whole
entity rather than mere a summation of the
autonomous national entities. Inter-sector and
inter-regional imbalances, besides over exploitation
of the natural resources are the integral element of
Micro and Macro Economics that breed Recessions
and Depressions.
17. THE EXTINCT SPECIES
Economists, including Nobel Laureates and Management
Experts have become warriors without any weapon in the
rising tide of the Global Economic Crisis, emerged as the
Great Depression II lasting till 2025. Now nobody trusts upon
the wisdom or remedy of the Micro and Macro Economists,
including Keynesian, Modern, Marxian , Islamic and Post-
Modern Economists. They have become an extinct specie,
just like the Dinosaurs of the primitive age, for the counter
productiveness of their teachings, theories, laws, principles,
solutions or remedies.
The ignoble fall of Micro and Macro Economics has already
been started for the primitive elements and ideologies
imbibed or inbuilt within them that make them ineffective.
With tribal mindset and ideologies nobody, including Micro
or Macro economist, can solve the Global Economic Crisis,
emerged as the Great Depression II affecting the entire
nations and the humanity as a whole.
18. GLOBAL ; NOT TRIBAL
It is high time for Islam and Christianity to develop a true universal
mindset and ideology quite different from the narrow and dangerous
primitive tribal ideologies based on „The Chosen People‟ and „The
Promised Land‟ and „Glorification of War and Terror‟ as the Will or
Commandments of the God.
It is time for Islam and Christianity and their Economists to recognize the
universality of the entire humanity, treating everybody, every tribe or
race or religion or nationality , as chosen or equal without glorifying the
crimes committed by one or two tribes against the humanity.
It is time for Islam and Christianity to realize that with mere deeds of
Charity, Mercy and „Shakat‟ or Donations, human misery due to global
inter-sector and inter-regional imbalances, cannot be eradicated rather
than sustaining the inequality between the rich and the poor in a society
or the rich and poor nations globally. Global problems can be solved only
with a universal and global solutions.
If Islam and Christianity are willing to spare at least 10% of the money
they spend for church or mosque building-construction and pilgrimage,
they can feed all the hungry newborn children and their mothers all over
the world. If they want , they can influence the rulers and policy makers
to think and act globally for the benefit of the Humanity. There is an
unpardonable sin or dereliction of duties on the part of Islam and
Christianity, the two resourceful and highly organized religions of the 21st
century. Why Islam keeps 82% and Christianity keeps 29% of their own
followers or members under hunger, poverty and ignorance without
dignity, globally?
19. THE RISE OF MEGA OR UNIVERSAL
ECONOMICS
The rise of Mega or Universal Economics, treating the
entire world as a Mega Economy and giving equal
importance to all men or people or nations on earth, is
a historical necessity to solve the basic problem of the
humanity.
Consequently, every human being can be ensured
Food, Dignity and Knowledge and thereby the Global
Economy be protected from further Recession and
Depression.
Consequently, Inter-Sector and Inter-Regional
Balances can be ensured for the optimal utilization of
the wealth and talents of the entire humanity for the
common benefits of the humanity as a whole.
20. BASIS OF UNIVERSAL ECONOMICS
Universal Economics aims at ensuring lasting peace
and prosperity for the entire humanity, irrespective of
any race, tribe, religion or nationality. It incorporates the
basic elements of Spirituality and Humanism.
Universal Economics is quite different from the familiar
Micro and Macro Economics, including Keynesian,
Marxian, Islamic, Fascist or the Western Economics,
that deny Humanism , Spirituality and the Universal
Well- being of the Mankind.
Universal Economics treats the entire humanity as a
whole and the social production processes as the
means for the well being of the entire humanity without
the „Dictatorship‟ of any tribe or class or people over
others, ensuring inter-sector and inter-regional
balances.
21. MORE RESEARCH AND STUDIES
ARE REQUIRED
Further studies and research are required to develop Mega or
Universal Economics as a major field of study, recognizing the
limitations of the familiar Micro and Macro Economics.
Universal Economics has been designed to equip Economists,
Policy Makers and Management Experts with effective tools to tied
over the Great Depression II and lead the Humanity for the lasting
Peace and Prosperity.
Some of the underlying principles of Universal Economics have
been discussed in my earlier writings on the Global Economic Crisis,
Education, Information Technology, Knowmatics, Knowledge
Industry and Knowledge Banks appeared in the Market Oracle (UK)
or presentations at www.slideshare.net/drrajumathew
Schools and Universities must come forward to teach students Mega
or Universal Economics and to carry out further research on it.
Global cooperation and joint research projects must be launched
with international funding. UNESCO, IMF, WTO World Universities
Forum, World Economic Forum must come forward to promote
teaching and research in Mega or Universal Economics.