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.

1. DR. RAJU M. MATHEW

2.  Thanks to Information Technology, hundreds of nations, thousands of races
and tribes and millions of societies are brought under a single network,
facilitating the interdependence between peoples, irrespective of any religion,
nationality or culture; nobody can survive without others.
 As a result, the familiar tribal or national economies have become the integral
part of the Global Economy, a new phenomenon quite unfamiliar to our Micro-
or Macro-economists, including Keynesian, Marxist, Islamist and Management
Experts. To them Economics or Management is only for protecting the ‘tribal
or racial or religious or national interest’ or ‘selfish interest’ and nothing to do
with the problem of the humanity.
 The present global economic crisis shattered the faiths of Economists and
Management Experts in their own ability to solve the crisis. Not only the
Governments but also the common people question the worth of Economics
and Management Science.
 As a discipline, Economics is in an identity crisis. Even the Nobel Laureates in
Economics have become the laughing stacks. The students, teachers or
faulty members and researchers in Economics or Management Schools all
over the world too are in crisis or confusion.

3.  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.
 Though many prefer to call it ‘Global Financial Crisis’, it cannot be solved
with mere financial remedies for it is economic and global in dimension
rather than financial and regional.
 This is an Inquiry in to the underlying causes of the Global Economic Crisis and the
failures of Economists , Management Experts and Rulers and Political Leadership.
It also suggests in Redefining Economics and proposing alterative Global
Strategies under ‘Mega or Universal Economics’ in stead of the familiar Micro
and Macro Economics, including Keynesian Economics, Marxian Economics
or Islamic Economics or Finance.

4.  It is sad to note that our great 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.
 The crisis 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.

5.  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.

6.  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.

7.  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.

8.  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.

9.  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
Abraham of the conquering of the Prosperous Land of the people of Canaan
flown with milk and honey, their city, farm lands, cattle and even beautiful
women by the sons 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. This is the basis of the Holy War, Terrorism and
Religious Fundamentalism.

10.  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.

11.  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.

12.  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.

13.  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, though they too have become its
victims.


14.  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.

15.  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.

16.  It is 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.

17.  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, ensuring Food,
Dignity and Knowledge for All; insulting the
Global Economy from Recession and Depression
and ensuring Inter-Sector and Inter-Regional
Balances. It ensures the optimal utilization of the
wealth and talents for the benefit of the
humanity as a whole.

18.  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.

19.  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

20.  New problems cannot be solved with old remedies. The
present Global Economic Crisis is basically a New Problem
of the Young Generation, including the newly enlightened
women. With narrow interests and primitive instincts
glorified and projected by any Ideology, Religion, Nation,
Race or Tribe, nobody can address the Global Problems. It
is time on the part of the Youth and Women to think
universally and bring out urgent Global Solutions.
 The Young Economists and Management Experts, besides
Scientists and Technologists must join together to save the
Humanity from further crisis, misery and sufferings. The
life on the Earth must also be made as beautiful as the life
in the Heaven or Paradise after death; other wise Heaven
or Paradise is a Big Lie. Humanism and Spirituality are
Divine and the basis of all Religions and without them, the
Hell is the only alternative.