Monday, May 7, 2012

MACRO-ECONOMIC DESIGN

This home page is being revised today 30th January 2018. Other pages have been edited recently. Check LATEST UPDATES.
-----------------------


Macro-Economic Design and Management is a new school of thinking in economics which set to replace much of what is currently written in text books.

After the background are the peer reviews and a link to the full concept page.

EXCITING NEWS

  • Universities are saying that it needs to become a part of their degree courses. They are working on it.
  • It is attracting the attention of National Treasury in at least one nation where Edward is also being asked to meet the top politicians.
  • Tim Hosking has provided stunning comparisons with other leading schools of economics. They all have fatal flaws which the Ingram School does not. See below.
========================

BACKGROUND

INGRAM ECONOMICS
Macro-economic Design and Management
The Ingram School of Economics (also known as Macro-economic Design and Management) is a way of thinking about national economies and the world economy which is like no other. It begins by showing how we can create a stable financial and economic platform so that low rates of inflation/deflation do not cause major damage to economies in the way that happens today. As the peer reviews say, this simplifies everything. The boost to confidence will raise economic output significantly and permanently, and the better management model will probably eliminate most recessions. Maybe 2% p.a. will be added to long term economic output.
In 1974, in the UK, Mr. Ingram became angry because his mortgage clients could not afford the mandatory increases in their repayment levels despite inflation reducing the value owed as interest rates rose to follow the increased level of inflation. Whereas others recommended index-linking the capital to the rate of inflation Edward saw that the risk lay in not linking the capital owed to a wages or earnings index. The inflation link had always failed, and as explained in the concept page, (INGRAM SCHOOL), it is the wrong link to use anyway. 
Whereas bankers seemed to understand this, and a few prominent ones considered it, their economists felt that something was missing. As an engineer and a scientist, Edward probed the logic from the basic first principles until it all made sense in terms of economics as well as in practical ways. 
The result is that the work now embraces the entire subject of economics from a design perspective in all of the major units of the economy, and management, not just lending. The main work was done between 2004 and 2017 in consultation with universities and academics, both local and around the world, often through the internet and published discussions. 

Now senior university staff are planning to add the findings to their degree courses in banking, economics, actuarial science, business management, accounting, and any other related subjects. 

LIMITED INTERNATIONAL FREE SPACES
You may want your organization to be fully prepared for the changes which are coming. There are a limited number of places on the first pioneering online course linked to the National University of Science and Technology, (NUST), via their Centre for Continuing Education, NUST-CCE.

Please apply soon because the course will begin in March 2018. Details can be found on the concept page - INGRAM SCHOOL.

These changes will transform the entire financial sector. It has become a whole new school of thought. The first book has been written, and is available on application to the author, Edward C D Ingram - contact details are given below.  Price US$10-00 plus delivery.
As readers are saying, if something like the changes proposed herein are not adopted very soon there will be wars, civil wars, and extremist governments all over the world.

As some economists in the home nation of Zimbabwe are saying, having read the book, "If our nation does these things then all other nations will have to follow suit."

=========================
Timothy Hosking's Expert Review of Macro-Economic Design and Management

This is also known as 
The Ingram School of Economics
or
The Ingram Model

The following are key economic models taught at universities. They all have some well-considered logic. But when you take into account Behavioural Economics they all contain fatal flaws.

1. Keynesian Economics – an excellent understanding of managing economic cycles. My concern was that the human behaviour has a narrow pattern of normal - going between exuberance and panic and requiring a control tighter than what governments were capable of and politicians willing to react to. An easier, quicker adjusting model, along clearer defined parameters, would be the Ingram Model.

2. Laissez Faire Capitalism – uncontrolled competition consumes wealth with most of the competitors drained and few very well off. Wealth stripping means that the consumer base is impoverished and fewer of the competitors survive. A restricted field would mean more can healthily compete and grow themselves and the economy. The Ingram Model is not a complete solution but aids the prevention of wealth stripping.

3. Monetarism – The Ingram Model would replace this in a more controlled and less volatile fashion.

4. Marxism – The goal of social sharing of resources was raised during the period of vast wealth differences. Unfortunately, this was only partly resolved by revolution. Behavioural Economics was replaced by desire and ignored the fact that people want more. Marxis­­­m replaced the obstructions of the Nobility with that of their system. By curbing wealth stripping the Ingram Model moves in the right direction.


5. Game Theory, Zero Sum Games – John Nash (Beautiful Mind), John Neuman amongst others. These brilliant models are corrupted in a Macro environment by political interference, slow reaction times and Dualism. In a sense they work when their scope expands to include these interferences, but they become less relevant to the problem. The Ingram Model will curb the interferences allowing the Macro Economic scope to be reduced to the immediate problem.

6. Positive Money – This influential UK group is looking at what some people call ‘QE for the people’ whereby money is created and given to the government or the people to spend rather that using the Keynesian ‘borrow and spend’ approach or reducing interest rates. The Ingram Model is significantly better thought out but is little known in the UK. It acts faster, protects small businesses better, has a better balance, better control, is less complicated, and has a damper which automatically protects the economy and savings if too much money is created.

OTHER PEER REVIEWS
Please note that not all of the reviewers have studied the entire book. That mostly applies to the proposed currency and management systems. Reviewers who have, include Dr T Chowa and Riekie Cloete. Tim Hosking is well on the way. See his above comments.

Dr T Chowa, Lecturer (Actuarial Science & GSB), writes: "There is literally no other person who has looked further and seen further with such clarity as Edward Ingram."

Riekie Cloete is an experienced macro-economist and past mentor of post-graduate students. She writes, "This Ingram School is the first I have ever seen which addresses the critical issues head on and in a sound, academic way."

Dr Rabi N. Mishra, Economist, and a Chief General Manager, Reserve Bank of India writes: “This book will inspire rethinking on the perimeters of economic thought and theory, and their practical use in policy making. A ‘should-read’ for budding researchers in Financial Economics to expand its horizon.” 

Dr Azam Ali, ex Senior Economist Bank of Pakistan writes, “Dear Edward, I am following your endeavours of rewriting the economic framework with great interest and am on the same page with you on almost all the issues you raise from time to time.”

Professor Evelyn Chiloane-Tsoka from the University of South Africa, says “These ideas will become prescribed reading at universities.”

Alan Gray, Editor-in-Chief, NewsBlaze, writes, “The Macro-Economic Design group’s elegant solution is so simple that it has eluded the big economic thinkers of our time, because everyone was looking for a complex solution to a complex problem.” 

Professor Leon Brummer, professor of stock broking at the University of Pretoria, said of the new lending, savings and investment model, “This simplifies everything.”

Professor Daniel Makina from the University of South Africa, professor of finance, risk management and banking writes, “I am fascinated by what you are doing.”

Andrew Pampallis, Retired Head of Banking at the University of Johannesburg, mostly referring to the needed lending reforms, says, “It is vitally important that these critical issues are addressed.”

Timothy Hosking, BSc (hons 1st class) QS and building economics, the author of a forthcoming book on community breakdown under financial stresses, writes: “No other school of economics resolves these critical social issues”

Tim Hosking has studied around 40 schools of economics, (ways of viewing economies), put forward by economists over the past centuries. As he says, they all miss the key points. It is time for some new thinking. 

----------------------



MORE ON THE UNIVERSITY COURSE

It is now possible to take an online university course in macro-economic design and management. It starts with reading the INGRAM SCHOOL page and the BOOK SUMMARY or if as an economist you want to see the exact definitions being used, then you may try the ACADEMIC INTRODUCTION 
on this website. 

To obtain additional course material free of charge, please apply to:

edward@ingrameconomics.com

You can study at your own pace and in your own time. When ready to take the exams and obtain a university graduation certificate, you must pay for that. Otherwise, for now, the course is free.

BENEFITS
  1. Whether you take the examinations or not you will have an amazing learning experience. You will never see economics or banking in the same way again. You will see where all the problems are coming from.
  2. You will have mastered tools which may assist you significantly in every-day financial life and in planning a business or a home loan.
  3. If you do well, you may be offered a job as a tutor or a future examiner for the course.
  4. When, not if, the nation decides to implement, hundreds of graduates will be needed by businesses and policy makers.
Links
More about the deadline and limited places is given in this concept page. Click HERE.

===========================
MORE ABOUT THIS WEBSITE

AND OTHER LINKS

The BOOK SUMMARY page is easy to read.


Other pages give various insights all of which are brought together and expanded on in the course and in the books, the first of which is now available directly from the author, Edward C D Ingram. Scroll down for contact details.

Edward has written around 60 essays for www.fin24.com



The revised book title will be 'HOW TO END THE WORLD'S FINANCIAL AND ECONOMIC CHAOS.' 

NO POLITICS PLEASE

For the record, Edward does not do politics. He does not take sides. All political parties are welcome to ask their experts to take this course and study the books.

-------------------------------

THE KEY
The key to it is to follow the example of engineers. 

When they design an aeroplane or any other complex dynamic system, the first task is to design the framework to be stable in its environment where gusts of one kind or another may hit it. In the case of economics those gusts are the changing rates of spending and inflation.

Creating a financially stable framework for an economy simplifies everything. It is then easier to pilot the aircraft / the economy and the instruments of control are fewer and simpler. They are also more effective.

WHY ONLY NOW?

Most - maybe almost all - economists do not have the skills required to do this kind of work. There is no single faculty at any known university which teaches all of the skills needed in one course. This is the first course of its kind combining the teachings of as many faculties as is needed to address the problems. 


CONTACT DETAILS ARE GIVEN BELOW



COPYRIGHT: Provided that you acknowledge the authors, that you fairly represent the views expressed and that you credit the Macro-economic Design Research Group (and where relevant any original source of the article in question) with due prominence, you may freely quote from articles on this website.
CONTACT
Edward C D Ingram travels a lot
Tel:+26329 2230487 at times but +27 12 547 5816 at other times
Cell: +263772900000 at times but +27 749660660 at other times
WhatsApp 00263 722 900 000 at all times
Skype: edwarding2 any time. Free download www.skype4free.com
email: edward@ingrameconomics.com
Google Hangouts: edward.ingram2009@gmail.com

Edward is available for seminar/workshop presentations

----------------------------------------------------------------------------------