Globalnomics: Economics Thinking For The 21st Century

Since the beginning of the economic record, great efforts have been exerted towards creating a sustained and prosperous economic environment. However, despite the effort this remains elusive, expanding economic environment brings in its path healthy economic growth rate and short periods of economic prosperity, quickly followed by sharp economic downturns, frequently referred to as recession. A careful study of these economic phenomena provides some startling facts. 1. Short-life economic prosperity could be completely avoided if economic regulations are directed at maintaining the health of the engine that drives the economy. 2. Several variables within the economy contribute to its health if effectively controlled. However, over time many of these variables become irrelevant. Economic policy makers have not made any adjustments to these outdated variables. They are still retained in important economic decisions and when implemented derails the progress of the economy. 3. Since the economic prosperity that is achieved is short-lived, the aim of this book is to provide a blueprint for a sustained economic success and prosperity. It offers economic policies and regulations that contrast with those being used over the past decades. At the heart of these newly developed economic policies, a new definition for inflation has been coined and a framework has been developed. The framework aims to eliminate these outdated economic variables that are considered the greatest hinderance to sustained economic prosperity. Globalnomics: Economics Thinking for the 21st Century explores the limitations of economic models developed in the 1930s that are currently being used as the foundation of developed economic policies to regulate our current economic environment. The book further advocates that for sustained economic prosperity to be achieved, the engine that drives the economic activities must be identified. Any economic policies that are implemented to rectify the imbalances within the economy, whether in an adverse economic environment or not, must maintain the health of the engine that drives the economic activities.