This book demonstrates the relevance economics can have in business and management fields. It is likely to be one of the few unambiguous methodologies available today elaborating the cause of scarcity in the contemporary economy and how to comprehensively eliminate poverty. At present there is a disconnect between economics and business fields where economics tends to be viewed as too immersed in theory without the hands on feel of business. The approach to economics elaborated on in this book bridges this rift and identifies fundamental weaknesses in both fiscal and monetary policies as a means of managing economies. It profoundly reveals knowledge which may enable economists to accelerate economic growth using tools with such precision and reach that economics becomes more hands on and directly connected to business and management fields able to mobilise resources for growth at levels commensurate with need. This approach shifts the present day knowledge paradigm in economics and will therefore appear way ahead of its time; though it is unlike any methodology used anywhere in the world today it can be implemented using existing ICTs, database systems and SAP applications.
ABSTRACT:
A valiant, noble and commendable effort is being made, however, the reality is that thus far no economics research institute in the world and no economist has offered a comprehensive solution to poverty and scarcity, neither has a final explanation for the fundamental cause and origin of scarcity been offered by the entire body of contemporary economic theory. This book unravels this dilemma and identifies solutions to problems in economics that have gone unresolved. It shifts the knowledge base and paradigm of contemporary economics from its very fundamentals revealing significant inconsistencies in theory and approach that when recognized will empower the subject, development institutions, governments and economists to identify and therefore gain a renewed capacity to resolve chronic problems such as poverty, underdevelopment, stagnation and unemployment with finality. Poverty is a reality that has pursued humanity into the 21st Century. Every nation faces scarcity in some shape or form, be it more or less developed. The wealthiest nations on earth are not spared this challenge; they struggle with ghettos, inner cities and inadequate resources while the poorest battle famine and extreme poverty. Despite great strides in technology and volumes of time, effort and finance invested in development, why do nations today and humanity in general still grapple with scarcity? This publication offers the answer to this dilemma by introducing a new approach to how these issues are understood. It shows that every economy contains within it an abundance of untapped resources; poverty and scarcity though persistent are merely an economic condition that can be overturned by governments through the use of information and communications technologies (ICTs) as a conduit that alters the behaviour of emoney in a specially designed financial system, based on the analysis and research in a branch of economics termed Operating Level Economics (OLE), elaborated on in this book. This model is likely to have a significant influence on business and management fields by profoundly changing how directors and managers view cost and profit. It shifts the knowledge paradigms of these fields making it possible for economists, businesses and governments to mobilise an unprecedented volume of resources for investment in growth and development. This approach leads to accelerated growth which enables GDP and development indicators to rapidly climb to levels where private and public sector businesses and organisations naturally eliminate unemployment and poverty. Though OLE theory is not currently in public domain a model of this process referred to as the Economic Operating System (EOS) was developed using MS Access to build a database engine to simulate and test whether this method for accelerated growth and mobilisation of resources proposed in OLE were authentic and would work and the results verified its success.
