Overview

Scientific economics was developed by many famous economists to explain the rational utility (measurement of satisfaction) optimization decision of consumers, profit maximization of producers, and assumption of perfect competition with perfect information being available to consumers, producers, and the administrative agents for efficient allocation of resources, distribution of income and wealth in an economy. During the decades, especially after 1930, sophisticated application of statistics and mathematics for quantitative measurement of economic phenomenon, based on aggregate consumer, producer, and administrative behavior, and relating to international events, based on either single or multi-equation models, for guiding public-policy decisions exploded. All these macroeconomic models are based on published information in sophisticated journal articles related to microeconomics. Because of sophisticated development and usefulness of economics sciences, especially since 1930s, for improving the well-being of all people in a country, the Sveriges Riksbank, the central bank of Sweden, established an annual Nobel Prize in Economics Sciences and funded in 1968. During 1969-2012, 44 Nobel Prizes were awarded for economists. These 44 prizes were received by 71 economists. The 49 citizens of U.S.A received 33 awards during 1969-2012. Enough evidences are provided to support that economists had different theories and opinions in different time periods and advocated different economic systems. One of them, communism, failed (Russia) or streamlined to develop into capitalism (China). Another one, socialism, lost strong support in many countries and privatization gained momentum in the last 2 to 3 decades. However, socialistic operations in some segments of the economy still do exist in many countries, both advanced and developing, including the United States. In the last 4 years, 2008 to 2012, pure capitalistic operations in the auto industry and financial and real estate sectors have created miserable conditions to many workers, employees, stockholders, investors, and lenders. Also, economists support different political parties, with different political objectives related to their operations for the economy, striving for achieving power. The political party in power makes the decisions often times contrary to what economists recommend based on their results from their studies and analyses. Since economists did not have clout in public policy decisions in any country, in general, public has to be made aware that there is a great need for all the top and famous economists including Nobel Prize winners, top social scientists, all billionaires (about 400), Nobel peace Prize winners, executives of top companies, great humane leaders, editors of top newspapers, organizations, advocating world peace and financial security, and those in the entire world, who are interested in permanent world peace and a new type economic structure, which assures financial safety, minimum prices to consumers, fair returns to stockholders and investors, lenders in the entire world, to organize a powerful and financially sound institution to make sure that the politicians in power would not disregard the good recommendations of this organization in any country for the benefit all people in that country and the rest of the world.

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9781478716495

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