Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21
Why Tether USDT, Stable Scam Coins Could COLLAPSE the Crypto Markets - Black Swan 2021 - 6th Jun 21
Stock Market: 4 Tips for Investing in Gold - 6th Jun 21
Apple (AAPL) Summer Correction Stock Trend Analysis - 5th Jun 21
Stock Market Sentiment Speaks: I 'Believe' We Rally Into A June Swoon - 5th Jun 21
Stock Market Russell 2000 After Reaching A Trend Channel High Flags Out - 5th Jun 21
Money Is Cheap, Own Gold - 5th Jun 21
Bitcoin and Ravencoin Cryptos CRASH Bear Market Buying Levels Price Targets - 4th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Redefining Political Economy, Globalization & Business Models Consequent on Corona Virus Pandemics

Economics / Economic Theory Apr 09, 2020 - 05:33 PM GMT

By: Dr_R_M_Mathew

Economics

Corona Virus Pandemics, spread across the world, necessitates the redefining of Economics & Political Economy, Globalization, Business, Enterprises, Business Models, Education and Technology associated with Business, especially Information Technology. All our concepts of the Economy, Development, Business Enterprises, Globalization, Education, Healthcare, Science and Technology have become meaningless along with the wisdom of the great masters, including Nobel Laureates overnight. UN, World Bank, IMF and WEF have been struggling hard to find a justification for their very identity, existence and relevance./p>


Economics

It is time to redefine Economics as a Science of Social & Individual Welfare or Well Being rather than mere Statistical Exercises and Data Manipulations or Computer Projections & Forecasting. The Prolonged Global Economic Crisis, grown to the extent of the Great Depression II, has challenged the very foundation of Microeconomics & Macroeconomics, including Keynesian and Marxian Economics. IMF, UNDP, World Bank and World Economic Forum are getting irrelevant or toothless in the changing or unpredictable conditions. The classical theory of comparative advantage and the associate Globalization have turned Comparative Disadvantage and Globalization of Pandemics.

Development

Development is the most commonly used term in the world over without knowing the correct meaning. Is it the development of the locality or the region or the nation or the entire world with well-built infrastructure and affluence? Is it the all-round development of the people?  Is it building up the economic and military power? Is it based on the wild law of the survival and growth of the fittest, leaving the unfit in poverty or backwardness?

The Corona Pandemics re-emphasized the need for redefining Development as ensuring Food, Dignity, Healthcare, Skills and Knowledge for All followed by Ruralization and Agriculturization, Limiting the Growth Industrialization and Urbanization, including Slums and Migrant Workers.  Entire Education, Science and Technology must also be redefined in tune with the changing meaning of Development.

Political Economy

Now it is the turn of the Political Economy to revive, freeing from Econometrics and Mathematical or Statistical or Computer Economics. Economics can never be reduced into Data Analyses or Statistical Forecasting or Mathematical Models. In bringing and aggravating the global economic crises, started as Financial Meltdown or Banking Crises, the High Tech Economic Analysts or Advisors or Management Experts without any basic knowledge of the functioning of the national and global economies and the behavior a firm or household played a very crucial role. The so called high tech Economists do not have any remedy or strategy for the economic illness of both the backward and advanced economies. Even the Nobel Laureates and well known professors of Economics behave like laymen in Economics but experts in Mathematical Modeling or Forecasting.

Consumerism & Corporatism

Modern Management Gurus and Marketing Experts have effectively reduced Economics into Consumerism and Aggressive Marketing without bothering the real purchasing power of the people and their saving capacity with virtual purchasing power based on Credit or Debit Cards and Virtual Money. They have paved the way for the rise of Corporatism, transferring the entire savings of the people in to the hands of the Big Corporate Houses that could effectively dictate the entire Society and more specifically Political Parties and Democratic Governments. Even China has emerged as a Mega Corporate House to dictate the Supply and Demand of the Global Economy for its own advantage and determine the fate of several other nations, especially its debtors or associates.

Globalization

But the Corona Virus Pandemics has shaken the very foundation of Globalization, Corporatism and Consumerism besides the well projected “Economies of Scale or Scope”. They have become incompatible in the present era. In the crisis ridden real world, no nation can survive with virtual money or virtual economy without goods, services, demand, purchasing power, saving, investment and liquidity. If we make a social or economic or political cost and benefit analysis of Consumerism and Corporatism, everybody will be shocked as their costs offset their benefits. 

Healthcare & Social Wellness

Without building up a national healthcare & wellness infrastructure, beginning with Primary Healthcare Centers, no nation can survive in spite of its thousands of super specialty five star hospitals, doctors, healthcare workers and sophisticated medicines. In a medical exigency, the low cost generic medicine and well-motivated general practitioners and healthcare workers can do a lot than the super specialty hospitals, doctors, medicine and healthcare workers.

It is pertinent to make a comparative study of New York in USA where everything is super special or high tech and Kerala in India where there is there is an a well-developed infrastructure of primary health centers and government hospitals or medical college hospitals that could do yeomen services in treating corona virus pandemics curing patients including about 90 year old couples.  In Kerala Ayurveda has widely been used as a system to augment immunity and wellness. It is time to set up an Ayurveda Research & Teaching University in Kerala for developing new medicine, diagnosing and, treatment besides attaining Quality Control and Standardization in the context of virus epidemics.

New Systems & Technologies

We have urgently to develop new Systems and Technologies, especially Knowledge Technology & Industry, Business and Economic Models, Education and Training programs, Healthcare and Wellness systems for the survival of Nations and the Global Economy as a whole. UN, UNDP, UNESCO, WHO, IMF, World Bank and World Economic Forum, Education Systems, Political Economy and Globalization besides Religions, especially Islam and Christianity must redefine their Goals, Objectives, Missions, Roles and Organizational Structures in the changing contexts for making them more relevant and meaningful in the days to come.

The following works may be relevant in these contexts:

The Great Depression II: Survival Strategies www.marketoracle.co.uk/Article8978.html   19 Feb. 2009

Ruralization and Agriculturization – The Last Option for Human Survival www.marketoracle.co.uk/Article58779.html  17 April 2017

Fall of Microeconomics and Macroeconomics www.marketoracle.co.uk/Article37574.html  16 Nov. 2012

My recent writings on these topics appeared in the Market Oracle (UK) can be found with the help of the following link: http://www.marketoracle.co.uk/UserInfo-Dr_R_M_Mathew.html

Prof. (Dr.) Raju M. Mathew

© 2020 Copyright Dr. Raju M. Mathew - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in