WORLD ECONOMIC FORUM:FROM ILLUTION TO REALITY OR MISTAKES TO BLUNDERS?

PROF. (DR.) RAJU M. MATHEW

THE WORLD ECONOMIC FORUM

• The meaning and definition of economics have undergone drastic changes in the era of Globalization and Information Technology. So also is the case with the role and wisdom of economists . But a majority of economists failed to cope up with the changing scenario.

• Economists with the old mindset of the advanced industrialized or OECD or G8 countries, after realizing their eroding role and glory, with the support of corporate heads or CEOs and some rulers and political leaders, set up the World Economic Forum to regain their lost glories, project their intellectual and academic worth and promote the interest of the corporate sector.

• Rules, leaders and politicians believe that it is a good platform to boost their images and glorify their vision and wisdom at least among their own people. If everybody is concerned mainly with image building and augmenting the sphere of influences, the World Economic Forum does not have much role other than media coverage and propaganda!

REDEFINITION OF ECONOMICS AND THE WORLD ECONOMIC FORUM

• In the wake of prolonged Global Economic Crisis, growing to the extent of a Great Depression, the World Economic Forum is grappling with redefining Economics and its own purpose of existence for it has no solution or answer for the basic problem of over 85% youth of both the developed and developing nations, concentration of wealth and power in the hands of less 1%, growing hunger and famine affecting the entire world and the resultant frustrations, religious fundamentalism and terrorism of the Islamic world.

• The WEF suffers from the lack of new ideas, visions and perspectives other than prescribing some old or familiar solutions. It is high time to redefine Economics and the World Economic Forum to deliver something good to the humanity other than making 2500 people from different parts of the world to spend one week in every January in Davos, Switzerland to promote tourism, travel and hospitality industry.

WITHERING AWAY OF MICRO AND MACRO-ECONOMICS

• Economists, Management Gurus and Politicians has been reformulating the local, national and global problems within the framework of either Microeconomics or Macroeconomics, including Marxian or Keynesian or Post-Keynesian Economics for the last 70 years. They were effective till IT Revolution and Globalization.

• But now the worth and effectiveness their tools, methods, strategies and solutions, including that of the Nobel Laureates and the Professors of LSE and Harvard or Stanford Business Schools or the Economists of the Corporate Sector or the World Bank or IMF or the National Governments have been withered away. The basic structural problems cannot be delt with the monetary or fiscal or strategic planning tools.

FROM ILLUSION TO REALITIES• The world is getting realized that India and China have as

much billionaires as that of the USA and the Euro zone which too have so many hungry, homeless or jobless people though not as much as that of India or China or Brazil. The World Economic Forum is not much optimistic about BRICS and dared to call Euro zone an emerging economy.

• However, it must realize that mistakes are pardonable and not blunders. Winding up the present session of the World Economic Forum, Davos without much effective solutions to the global problems is nothing but a great blunder. Let it at least grasp the actual gravity and causes of the problem so as to lead to the effective solutions. Some of my works given below may help the WEF to realize the gravity and the actual causes of the problems and sometimes solutions too:

1.The Great Depression II Survival Strategies :: The Market Oracle www.marketoracle.co.uk/Article8978.html2.Economic Stimulus Packages — The Hidden Threats www.marketoracle.co.uk/Article9672.html3.The Great Depression II Lasting Till 2025 :: The Market Oracle www.marketoracle.co.uk/Article37335.html4.Coming of the Violent Global Revolutions :: The Market Oracle …www.marketoracle.co.uk/Article32380.html Dec 30, 20115. The Fall of Micro- And Macro- Economics and The Rise of Mega Economics www.marketoracle.co.uk/Article37574.html6. Terrorism, Starvation and The Global Economic Crisis: Counter Strategies www.marketoracle.co.uk/Article43250.html Nov 23, 20137. Death of economics and the Great Depression II - www.bi-me.com/main.php?c=3&cg=4&t=1&id=343398. Are Business Schools to Blame? - HBR Blog Network - Harvard … blogs.hbr.org/how-to-fix-business.../are-business-schools-to-blame.html Mar 30, 2009 - Reply. 04/06/2009 09:21 AM . Dr. Raju M. Mathew. DEATH OF ECONOMICS AND GREAT DSEPRESSION II: ROLE OF BUSINESS SCHOOLS IN AGGRVATING TH EGLOBAL ECONOMIC CRISIS9. Chinese Workers Surplus Value Makes China A World Economic Power ww.marketoracle.co.uk/Article26468.html10. The Arab Revolutions and the Emergence of a New Global Social … www.marketoracle.co.uk/Article26483.htmlI11. ndia on The Verge of A Revolution for Corruptions :: www.marketoracle.co.uk/Article26594.html