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International Institute of Management

Med Jones - Expert Who Predicted the Financial Crisis - Economic Crisis of 2008 - GNH - Strategy - Leadership Education

Med Jones (Yones)

Med Jones is the president of International Institute of Management – A U.S. based Think Tank. Jones specializes in complex systems thinking and asymmetric strategy applications in the fields of investment, business and economics. His work on financial markets, happiness economics and public policy is widely referenced by the financial media and academic researchers. 




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For the latest information, please visit Med Jones Official Page at the International Institute of Management


Who Predicted the Financial Crisis | Economic Crisis | Debt Crisis | Currency Crisis Industry Recognition and Social Impact:



Happiness Economics & Public Policy


Government Policy: In The Pursuit of Personal and Political Happiness
The metric used by Med Jones is based on a series of statistical measurements and public opinion testing of what he calls economic wellness...Economic Wellness include issues like consumer and national debt, fairness of income distribution, and the relationship between and earnings and prices...Perhaps Mr. Cameron and President Sarkozy will discover that there are certain universal truths attached to what makes people and nations happy.

UK Government Tony Blair - Alastair John Cambell




Alastair John Campbell,
Director of Strategy & Communications
for U.K. Prime Minister Tony Blair
(United Kingdom)




Design Against Crime - A Human Centered Approach

In 2005, International Institute of Management proposed Gross National Happiness metric which covers factors such as combination of complaints of domestic conflicts, lawsuits, and crime rates. In the UK, research into Wellbeing conducted by the Office of National Statistics (2016), includes crime as a factor.

Design for Social Responsibilities Series (Book)
Caroline L. Davy
Andrew W. Wootton
United Kingdom



Report for Congressman Hansen Clarke

Findings & Recommendations: Congress should prescribe the broad parameters of new, carefully designed supplemental national indicators; it should launch a bipartisan commission of experts to address unresolved methodological issues. … Med Jones’ (proposal)..to measure a generalized GNH by assessing seven different areas of wellness: economic, environmental, physical, mental, workplace, social, and political. Most wellness areas include both subjective results (via survey) and objective data.

Ben Beachy & Justin Zorn
John F. Kennedy School of Government
Harvard University



A New Socioeconomic Development Framework

For the past eight decades many scientists and politicians have recognized the limitations of Gross Domestic (GDP) and GNP centered public policy. However, only in the last decade the world has seen a real advancement in providing an alternative to GDP development model... Gross National Wellbeing or GNW, (Jones, 2005) a.k.a Gross National Happiness (GNH)...a policy making and measurement tool centered on mental and physical health and wellbeing with an integrated framework that measures subjective and objective wellbeing covering economic, health & safety, social and education, and government...After 2005, the research on the subject exploded. Several public, academic and private initiatives were launched by famous economists and organizations...After studying the literature, all initiatives from 2009 until 2016 use similar frameworks with similar dimensions, just rearranged or presented in different ways to suit the perspective of the authors...

The growing popularity and the influence of the GNW governance and development framework shows that it has raised the consciousness of many policy makers and millions of people regarding what really matters in terms of actionable public policies nothing is more important than mental and physical well-being. GNW can be used at the individual level, at the regional level as well as the national level. All investments of public time, effort, money and projects should be tested against this integrated multidimensional model instead of the production based model (GNP).

Permanent Secretary, NACC-CAMEROON

Gross National Well-Being (GNW) a.k.a. Gross National Happiness



Government of Goa: 2035 Vision and Roadmap
Happiness is treated as a socioeconomic development metric in 2006 by Med Jones. He tracked seven development areas. [The development council] proposes that Goa should become the first state in India to start the process of measuring happiness .. Goa considers this to be the most critical socioeconomic development Indicator. The council also wishes Goa to be not only the happiness state in India but the world.

Goa State Happiness
Report to Chief Minister (page 111)
Chairman and Members of the Goa Development Council
Government of State of Goa, India



Rethinking Policy Intervention: Green Growth
A second generation version of GNH proposed an index function of economic, environmental, mental, physical, workplace, political, and social wellness... Similar to Europe 2020, the Asian Development Bank (ADB) has put an initiative called Strategy 2020 forward. In the past few decades, Asia and the Pacific region have been experiencing rapid growth. But concerns regarding the inclusiveness, sustainability and environmental impact demands a new development approach, innovative thinking and cooperative actions.


Med Jones - Well-Being and Happiness Economics - Nepal

Bhishma Bhusal, PhD Economics
Under Secretary at National Reconstruction Authority
Government of Nepal


Dubai Government
His kind participation [in the forum] which has had significant impact on helping in people's happiness, serving community, and for social partnership.

Dubai Government - UAE - Happiness Economics - Happiness Ministry - Med Jones



Major General Mohammed Al Marri
Head of the commission for social development
Director General, GDRFA
Dubai, UAE



Joint Strategic Needs Assessment:

Key Findings and Recommendations (Well-being / Happiness)
There is a strong argument for gaining a better understanding of the happiness of a population. Jones states that the “mental and emotional well-being of citizens improves their performance and broadens the intellectual, physical and social resources of a nation.” ...Happiness and wellbeing are inexplicably linked to health, mental health as well as economic factors....The work of the public sector as a whole is to reduce unhappiness.

Med Jones - Well-Being and Happiness Economics - England, UK

JSNA Steering Board
England, United Kingdom



Lunch with a Leader: How to Be Happy..A Decade of Happiness Study

If there’s one thing that Med Jones, one of the few economists to predict the Great Recession of 2008, wants the world to know, it’s how to be happy... Jones set out to explore a subject that many purveyors of ‘the dismal science’ usually deem untouchable... “Unless you provide them [economists] with the framework to manage and track the well-being and happiness of their people they’re not going to do anything about it,” he says...[Jones has] a level of insight into happiness that might rival that of an ancient sage.

Med Jones - Happiness Economics - Al-Arabiya News

Paul Crompton, Journalist
Al Arabiya News Channel
Saudi Arabia



Real Solutions for a Troubled Economic System
Med Jones, President of International Institute of Management proposed tracking seven wellness areas (for Gross National Happiness)

Real Solutions for Troubled Economic Systems - Philip Kotler




Prof. Philip Kotler, PhD
Kellogg School of Management
Northwestern University



Psychology Today Journal
The enhancement of current data-based indices for annual reporting on state and regional levels of sustainable peace. This project could build on the Global Peace Index for measuring and reporting on sustainable peace worldwide, but integrate promotive, pro-social assessments. This initiative could be informed by such initiatives as the Gross National Happiness Index (Med Jones, 2006), the eight bases of a Culture of Peace (UN Resolution A/RES/52/13), and the Peace Scale (Klein, Goertz & Diehl, 2008).

Professor Dr. Peter T. Coleman
Director of the ICC and Conflict Resolution
Columbia University



Sustainability and Complexity, a Few Lessons from Modern Systems Thinking

Operationalization and measure of sustainability and sustainable development (one of the models is Gross National Happiness designed by the International Institute of Management - See Reference Section)


Czeslaw Mesjasz
Professor of Economics
University of Karakow

Handbook on Sustainability Transition and Sustainable Peace United Kingddom

Pioneering Economists
In 2005, Med Jones, an unorthodox American economist, proposed what might be the most important contribution to global socioeconomic development and public policies. He introduced the first Gross National Happiness / Well-being (GNH / GNW) model that utilized a multidimensional development framework and created the first global GNW / GNH Index as a progress measurement tool. The GNH Index served as a blueprint for later well-being development frameworks and happiness econometric models…

Prominent economists that followed in this economist's footsteps are Joseph Stiglitz (USA), Amartya Sen (India), Jean-Paul Fitoussi (France). In 2009, they published a report commissioned by (former) President of France, Mr. Sarkozy, calling for a global "statistical system which goes beyond commercial activity to measure personal well-being”. In the same year, the famous Gallup Poll launched a global well-being index survey based on a subset of the global GNH Index. In 2014 the renowned Michael Porter launched the social progress Index (SPI).


Sara Stenberg
Senior Research Fellow
GNH Institute



Assessing Financing Models to the Goals of Sustainable Consumption

Yones's (2006) work brings clarity to measures which could be used instead of GDP. Yones calls it Gross National Wellness (GNW). The metric measures socioeconomic development by tracking seven development areas...These development area metrics quoted above are offered as part of the research, not only because they are in some form implemented already in Bhutan, but also serve to show that there is movement in thought and policy towards better alignment with social and ecological systems, and in understanding what these metrics measures are give a better understanding of the purpose or goal of the economic system.

Yusuf Aboobaker
University of Pretoria
South Africa


Restructuring the Global Economy:

The current global economic crisis (2008) has its roots in the mindset and lifestyle of people in general.... It is presumed that for healthy economics, the demand for goods (or services) and the growth rate of GDP (Gross Domestic Product) need to be kept up.... A new economic index that is centered on wellness rather than material growth needs to be adopted by governments to reframe their policies and programs. GNW or GNH (Gross National Wellness/Happiness) is an index that would fit this requirement. Thus it would be in the fitness of things and conducive to Human Union and Global Harmony that GNH or GNW, a new comprehensive index for socioeconomic growth and development is adopted at the national and global levels. The current economic crisis provides an opportunity for making this transition. In fact this may be the only viable way out to rescue the world from a worsening crisis that is born out of a system that is built on false premises.

Dr. Vijayaraghavan Padmanabhan
OpEd News
Chennai, India


Sustainable Consumption Research and Action Initiate

A professor of economics Deirdre McCloskey (Chicago University) argues that a sense of happiness are the words of particular moment but the first Gross National Happiness (GNH) Survey analysed satisfaction of people using seven different indicator (Jones).... there is an apparent difference in providing social wellbeing by GDP and GNH indexes: the first one reflects material and economic wealth, the second one social aspect, i.e. satisfaction with life in general.

Med Jones - Well-Being and Happiness Economics - Europe
Aija Freimane, Professor
Research Proceedings, Latvia


American Society of Public Administration - Environmental Policy

GNH, like ecological economics, embraces a systems approach, connecting many components of the the human system in order to determine overall happiness

U Mass USA - Med Jones



Prof. Chad McGuire
University of Massachusetts, Dartmouth



The Ethical Implications of Value for New Economic Thinking

The above seven metrics were incorporated into the first Global GNH Survey.

Value Economics (Book)
M. R. Griffiths, Governor British Institute of Florence, Italy
J. R. Lucas, Fellow Merton College, Oxford Somerset, UK


Restructuring GNH

The first GNH (Gross National Happiness) survey...The metric measures socioeconomic development by tracking 7 development areas including the nation's mental and emotional health... Since then, the kingdom of Bhutan, with the support of UNDP (UN Development Program), began to put this concept into practice, and has attracted the attention of the rest of the world with its new formula to measure the progress of a community or nation.

Dr. Gaurav Sachar

Chandigarh College of Education
Professor at UITTR, Chandigarh University


Investment & Financial Economics


What May and Can Be Forecasted?

Dr. Bernanke (Federal Reserve Chairman) indicated that the economic models used at the Fed were little better than random... 97% of economists surveyed by the Federal Reserve Bank in Philadelphia in November 2007 forecasted a positive growth rate for 2008...Between mid-2006 and early 2007 Med Jones of the International Institute of Management published a series of papers in which he argued that economic growth was less sustainable than commonly thought, fueled by household debt and a housing bubble. In March 2007, he indicated to Reuters ...stock market sell off. In early 2009, he also accurately predicted the bottom of the recession and anticipated modest recoveries in 2010 and early 2011...Third, and most importantly, with the exception of Med Jones, the three other forecasters, lack unblemished forecasting record.

Med Jones - Most Accurate Economic Forecast - Columbia Business Press





Rational Investing Book
Columbia University Press
 Hugues Langlois, Professor of Finance at HEC Paris
Asset Pricing and Investment Management Research 
Jacques Lussier, Chief Investment Strategist
Desjardins Global Asset Management
$74.8 Billion Asset Management



The Smarter Investor: Does Stock Forecasting Work?
"Top economists and investors alike failed to see it (financial crisis) coming...(George Soros...Warren Buffett.. Ben Bernanke.. Alan Greenspan.. Paul Volcker..) But just when you think that such foresight is outside the reach of common man, some prognosticator emerges with a specific contrarian view and then with eerie accuracy hits the nail on the head. Take for instance, the small group of esteemed economists and financial managers that called the housing crisis.....Then there is Med Jones, the president of the International Institute of Management... Although Jones is less known, he turned out to be the most accurate in predicting many of the downturn’s details."
Steve Beck
US News & World Report
Venture Capitalist
Board Member (Nasdaq:BIDU)
$58 Billion Market Cap





Book: Bubbles, Booms and Busts
"..A prescient prediction...Yones said: It is true that the US economy grew at 3.5 percent rate in 4th quarter of 2006, but the economic real growth is much less than advertised. Since 2001, economic growth has been largely fueled by rapid increases in asset prices (housing bubble) and expanding consumer debt rather than development projects, which results in non-sustainable and unhealthy (debt-driven) growth...Many Americans refinanced their homes during the real-estate boom to pay for living expenses. With the expected housing bubble bust (declining housing values), Americans could lose a significant part of their savings"

The Rise and Fall of Financial Markets
Donald Rapp, PhD


Campden Wealth Management
What did he tell the world's wealthiest families in Geneva?

Campden Conferences



Follow The Doomsayer?

Often economists simply get it wrong. One of the financial experts reviewed in the research, who seems to more consistently and accurately forecast economic events, is called Med Jones.(He says) "The truth is that when people invest on Wall Street, they are essentially making bets and guesstimates about the future."
Simon Danaher
BNP Securities

BNP Paribas Securities Services



The Financial Crisis in Historical Respective
Med Jones, the American expert who predicted the financial crisis and for years warned about US uncontrolled public and consumer debt.
Research Paper
Claus Norbjerg Sondergaard
Copenhagen Business School


Applied Network Analytics
Complexity is a sign of intelligence. Simplicity is a sign of wisdom
Prof. Dr. René Algesheimer
Chair of Marketing and Market Research
Zurich University
University of Zurich


Global Economic Forecast
"Noted financial wizard...accurately predicted the US economic crisis of 2008.. It was indeed one of the best analysis I have read about the global economy in my 23 years as journalist"

Srinivasan L, Chief Reporter,
Daily Tribune



Economic Predictions Research Project
"Every decade or so, a few geniuses are discovered. For years they work hard trying to solve incredibly complex problems, they labor in relative obscurity until they achieve great results. At first they are ignored, dismissed or ridiculed by their peers, later they are recognized for their exceptional abilities and achievements. These exceptional experts saw what most of the world failed to see".

Angela Mokovich
Wall Street Economists



Economic Predictions
Med Jones provided Best Economic Predictions"

Mihai Banita
Money TV


The Financial Crisis
"A financial advisor...a market analyst with great knowledge of socio-economic matters.. he was among those who were able to predict the financial crisis that hit the United States three years ago"

Daniele Chicca
Wall Street Italia


"Economic Prediction from Horse's Mouth"

Carol Carter, Award-winning Business Journalist, 
Atlanta Business Chronicle


Economic Recovery
If there is a financial guru in the United States, it would have to be Med Yones, president of the International Institute of Management. He is one of the few experts who predicted the nation’s current economic downturn. In fact his economic predictions are generally considered to be the most accurate. What does he foresee in his crystal ball for 2010? 

Patricia C. Ress
Gazette Reporter
"Predicted the US economic crisis"

World Finance Magazine



Insight Into a Financial Crisis
"Investment adviser predicted the U.S. real estate collapse"

Claire Compton
The Prague Post
(Czech Republic)



Economic Recovery Outlook
"Very useful insight into how we got into this mess in the first place..(he) waved a lot of red warning flags back in 2007 about the economic glide path we were on as a nation and as a global community. He was in the minority back then – now, however, Jones is mainstream....Information leads to knowledge and knowledge, as we all know, is power. So maybe some of Jones’ projections here be put to good use"
Sean Kilcarr, Senior Editor
 FO Magazine

The Economic Recovery
"Investing in innovation industries is the only sustainable way out of the crisis, said Med Jones, one of the few experts who predicted the economic crisis
Jana Gavare
Daily Business Magazine

Economic expert promises speedy global recovery'"
Eugenia Vlasova, Journalist
Internovosti Russian News Agency

Executive Education Best Practices

"European CEO learns about CEO best practices... A highly respected executive leadership coach”

European CEO Magazine



"How to Evaluate a CEO?"

Korea CEO Magazine



"How to Evaluate the Board of Directors?"

CEO Magazine

CEO Magazine Australia



40 Under 40
"Business leaders who have distinguished themselves not only in their profession...who have made the Las Vegas a better place to work and live.

Rob Langrell,  Editor
InBusiness Las Vegas Magazine




Independent thinker.. warned us about the crisis.. a solution to the crisis

Gary Anthony Ramsay
President, NY Association of Black Journalists



GNH Instead of GDP?
Med Yones, president of International Institute of Management, moved the concept of the GNH to another level, treating it as a socioeconomic development metric.

Maureen Morgan
Westfair Online





Professional Accomplishments

1. Financial Markets and Economics

Mr. Jones is recognized as one of the few experts who predicted the US financial crisis. In his 2006 research paper, U.S. Economic Risks and Strategies, he warned about several socioeconomic risks in the decade of 2007 to 2017. In Jan 2007, he published a policy white paper challenging the US President’s State of the Union Address, the Federal Reserve Chairman and the popular opinion of mainstream economists. He warned about the US financial crisis of 2008 caused by the housing bubble and the subprime mortgages, followed by socioeconomic challenges driven by rising national debt, consumer debt, the social security deficit, inflation and currency crises. His statements and predictions are followed by many investment advisors around the world.


2. Happiness Economics and Public Policy

Jones is also considered as one of the pioneers of happiness economics. He introduced the Gross National Happiness and Well-being (GNH or GNW) Index in 2005. The Index created a blue print for future happiness indices and public policy frameworks. His paper helped launch a series of similar socioeconomic development frameworks by several countries and international organizations. To learn more, please visit: Gross National Happiness and Well-being (GNW /GNH) Research Page

He provides strategy consulting and education to governments and the global Fortune 1000 companies.

Who Predicted the Financial Crisis | Economic Crisis | Debt Crisis | Currency Crisis Research Specialization:  Strategy best practices in the fields of economics, investments and business - Think Tank Research


Media, Books, and Research References

Expert Who Predicted the Financial Crisis | Economic Crisis & Recovery (Hyperlinks)

CEO Leadership and Strategic Management Best Practices (Hyperlinks)

Gross National Happiness / Well-being / (GNW / GNH Index) vs. GDP Economics (Hyperlinks)

Socioeconomic, Leadership and Management Quotations (Hyperlinks)

Who Predicted the Financial Crisis | Economic Crisis Think Tank Projects:

To learn more, visit the institute's Thought Leadership

Investment Best Practices Predictive Analytics (unpublished)

Complex Decision-making models (unpublished)

Asymmetric Strategies (unpublished)

U.S. Economic Risks and Strategies 2007-2017, (2006)

Virtuous and Vicious Economic Cycles Theory, (2005)

State's Socioeconomic Integrity Theory (2009)

Gross National Happiness / Well-being (GNH / GNW) 2005

Gross National Happiness / Well-being (GNW / GNH) Survey 2005

The Happiness Consortium (2007)

SWB Research (1998)

Neurocybernetics (1991)

GND (1998)

Economics of Peace and War (1999)

Leadership Best Practices

Workplace Politics: Symptoms of Dysfunctional Organizations, (2005)

Democracy Initiatives Program

Peace Initiatives Program

Call for papers on Digital Economy (pdf)



Who Predicted the Financial Crisis | Economic Crisis  Investment Think Tank Notes:

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Who Predicted the Financial Crisis | Economic Crisis Membership Organizations:

  • Professional: CEO Club

  • Non-Profit: PBS and World Vision India

Who Predicted the Financial Crisis | Economic Crisis Contact Info:

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Last Updated: March 9, 2017