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 The existing Textbooks and Course Materials in Economics have become outdated, useless without relevance in the present and coming days.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.

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.