Global financial crisis, arising from real estate and finance sectors, has caused extra ordinary costs for the world economy. Problems in the public management model of the US finance and real estate sectors would be accepted as one of the important reasons of the financial failures in the US...

As observed at least in last two decades, financial engineering has not only changed the way of doing business in finance world, but also has changed daily life of average citizens in the leading economies. Structured products named as weapons of mass destruction in some post-crisis comments....

Economic theory needs a stronger defence against unwise application of mathematics. Mathematicians are trained for abstract thought and not for empirical science. Their contribution can wreak havoc, for example in education with real life pupils and students, in finance by neglecting real world...

Arrow’s Impossibility Theorem in social choice finds different interpretations. Bordes-Tideman (1991) and Tideman (2006) suggest that collective rationality would be an illusion and that practical voting procedures do not tend to require completeness or transitivity. Colignatus (1990 and 2011)...

The steps in this paper are: (1) to recall the S = I relation and its position in macro-economics, (2) to observe how this equation is very relevant again with the renewed relunctance of banks to finance investments, (3) to point out that consumer durables are investments too, (4) to highlight...

Subject: The education in mathematics, its failure and costs, and how to redesign this market. The political economy of mathematics education. Method: We do not require statistics to show that mathematics education fails but can look at the math itself. Criticism on mathematics itself can only...

A win-win measure that will contribute to getting us out of the crisis is the abolition of the tax void in OECD countries. The tax void is explained with graphics and it is shown how it can be eliminated for free. Adjustment costs will lie in understanding and adaptation of administrative...

The current macro-economic crisis can be diagnosed as repressed stagflation bursting into the open. The Obama Administration and EU stimulus packages prevent economic collapse but do not tackle stagflation itself yet. Without proper measures, a protracted period of high unemployment or high...

Each democratic nation with the Montesquieu Trias Politica separation of powers of the Executive, Legislative and Judiciary branches of government is advised to create an Economic Supreme Court as a fourth branch. The new UK Office for Budget Responsibility (OBR) falls short of that and will...

The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of...