Med Jones

{{BLP sources|date=March 2025|reason=that most sources in this article do not pertain to Jones himself}}

Med Jones (a.k.a. Med Yones) is an American economist. He is the president of the International Institute of Management, a U.S.-based research organization focused on economic, investment, and business strategies.{{Cite web|url=https://www.iim.education/advisors/medjones/index.htm|title=Med Jones - CEO Think Tank: Advisory Board - Executive Education: Management Training Seminars, Courses, and Classes in USA: Las Vegas.|website=www.iim.education}}

Career

=The Great Recession of 2008=

Med Jones is among the economists who predicted the Great Recession of 2008, which stemmed from the 2000s United States housing bubble, the subprime mortgage crisis, and the 2008 financial crisis.{{cite book |url=https://books.google.com/books?id=0DvEDQAAQBAJ&dq=rational+investing+med+jones&pg=PA61 |title=Columbia University Press, Rational Investing Book, Page 61-62 What Can Be Forecasted|isbn=9780231543781|last1=Langlois|first1=Hugues|last2=Lussier|first2=Jacques|date=7 March 2017|publisher=Columbia University Press }}{{Cite web|url=https://qrius.com/pluralism-economics-today-understanding-ispie-rebellion/|title=Pluralism and Economics Today: Understanding the ISIPE Rebellion | Live Indian news|date=Jul 6, 2014|website=Qrius}} In a 2006 white paper, he identified the housing bubble and consumer debt as major U.S. economic risks between 2007 and 2017.{{Cite web|url=https://www.iim-edu.org/u.s.economyrisks/|title=The U.S. Economic Risks and Strategies - How the Federal Reserve Bank and Government Policies Create Economic Crises? 2006-2020. Short courses in-person and blended (hyprid) in-classroom and distance learning (remote) programs.|website=www.iim-edu.org}}{{Cite book|url=https://books.google.com/books?id=eTNpBQAAQBAJ&q=Med+Yones|title=Bubbles, Booms, and Busts: The Rise and Fall of Financial Assets|first=Donald|last=Rapp|date=Nov 14, 2014|publisher=Springer|isbn=978-1-4939-1092-2 |via=Google Books}} In a March 2007 Reuters interview, he stated that the impact of subprime mortgages would extend beyond the housing sector, warning of increased bankruptcies, a stock market crash, and a loss of confidence in the U.S. economy. According to Reuters, he said: "The bursting of the real estate bubble and high consumer debt were a major worry" and "if people started to think there may be a lot of bankruptcies (in the subprime lending market), then you're going to see the stock market sell-off." He also warned of a potentially worse economic crisis from subprime mortgages, stating that "The worst thing that could happen to any economy is the loss of confidence".{{Cite web|url=https://www.reuters.com/article/us-column-stocks-outlook-idUSN0925116620070311|title=Stocks to watch bad home loans, CPI|first=Ellis|last=Mnyandu|website=Reuters }}

In 2007, the Federal Reserve largely dismissed the potential impact of the housing bubble and subprime crash. In August 2007, the New York Federal Reserve reported that the problems of Bear Stearns (related to mortgage-backed securities) did not pose a substantial economic risk.{{Cite web|url=https://money.cnn.com/2013/01/18/news/economy/federal-reserve-transcripts/index.html|title=Federal Reserve was blind to crisis brewing in early 2007|first=Annalyn|last=Kurtz|date=Jan 18, 2013|website=CNNMoney}} The Fed Chairman stated that: "The housing market has looked a bit more solid, and the worst outcomes have been made less likely". In May 2008, in congressional testimony, Fed Chairman Ben Bernanke said he saw only a "limited" impact of subprimes on "the broader housing market."{{Cite web|url=https://www.newsweek.com/economy-fed-chairman-ben-bernanke-blame-75505|title=Economy: Is Fed Chairman Ben Bernanke to Blame?|first=Michael Hirsh Newsweek Is A. Trust Project|last=Member|date=Dec 20, 2009|website=Newsweek}}

In 2009, top economists, including some Nobel laureates in Economics{{Who|date=March 2025}}, were criticized for failing to foresee the crisis, claiming it was unpredictable.{{Cite web|url=https://www.theatlantic.com/business/archive/2009/08/economists-on-the-defensive-robert-lucas/22979/|title=Economists on the Defensive--Robert Lucas|first=Richard A.|last=Posner|website=The Atlantic |date=Aug 9, 2009}} According to Wharton University, "What made it worse is that not only the top economists failed to predict it, they positively denied that it will happen."{{Cite web|url=https://knowledge.wharton.upenn.edu/article/expert-professions-that-failed-to-predict-the-2007-financial-crisis/|title=Expert Professions That Failed to Predict the 2007 Financial Crisis}}{{Relevance inline|date=March 2025}}

Wall Street invests billions of dollars in economic research and analysis,{{Cite web |last= |first= |title=Scientific & Economic Consulting in the US - Market Research Report (2015–2030) |url=https://www.ibisworld.com/united-states/industry/scientific-economic-consulting/1428/ |website=IBISWorld}} and accurate economic forecasting is considered extremely difficult by academics and investors. However, some analysts present views that contradict the mainstream and prove more accurate than those of respected economists and investors. In 2011, the U.S. News & World Report noted that Jones' predictions were among the most accurate of the economists who predicted the crisis.[http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2011/10/06/does-stock-forecasting-work "Does Stock Forecasting Work - US News & World Report - Smart Money"]{{Cite web|url=https://www.vg.hu/vilaggazdasag-magyar-gazdasag/2011/09/mit-josolt-valojaban-a-josprofesszor|title=Mit jósolt valójában a „jósprofesszor"?|first=Világgazdaság|last=Online|date=Sep 5, 2011|website=Világgazdaság}}{{cite book|last1=Langlois|first1=Hugues|url=https://books.google.com/books?id=0DvEDQAAQBAJ&dq=rational+investing+med+jones&pg=PA61|title=Columbia University Press, Rational Investing Book, Page 61-62 What Can Be Forecasted|last2=Lussier|first2=Jacques|date=7 March 2017|publisher=Columbia University Press |isbn=9780231543781}}

In 2010, the Barack Obama administration and mainstream economists at leading think tanks{{Which|date=March 2025}} focused on restoring "economic confidence".{{Cite web|url=https://www.brookings.edu/articles/the-status-report-obamas-effort-to-restore-economic-confidence/|title=The Status Report: Obama's Effort to Restore Economic Confidence|website=Brookings}}{{Relevance inline|date=March 2025|discuss=}}

In 2015, seven years after the Great Recession, academic researchers presented a paper at the World Economic Forum explaining that economic confidence had not been fully considered in academia and was a major factor in recovery from the recession.[https://www.weforum.org/agenda/2015/03/why-you-need-to-restore-confidence-to-recover-from-a-recession/ "] World Economic Forum{{Relevance inline|date=March 2025}}

Investors and investment advisors who follow Jones' predictions consider him a prominent independent-thinking money manager and economist.{{Cite web |url=https://www.reppondinvestments.com/investment-resources/economists/ |title="Independent Thinking Economists and Money Managers" |access-date=2015-09-20 |archive-date=2018-09-08 |archive-url=https://web.archive.org/web/20180908130709/https://www.reppondinvestments.com/investment-resources/economists/ |url-status=dead }}

=Views on economic forecasting and Wall Street=

Despite his forecasting record regarding the Great Recession and its recovery, Jones advises investors against relying on his forecasts. He believes economic forecasting is unreliable and that Wall Street is similar to a casino. In an interview, he stated, "I do not advise anyone to invest based on my outlook of the economy. The truth is that when people invest on Wall Street, they are essentially making bets about the future." Additionally, despite recognition for his work in economics, he attempts to distance himself from the economics profession.{{Cite web|url=https://www.aesinternational.com/blog/investors-youre-not-as-smart-as-you-think-you-are|title=Investors! You're not as smart as you think you are|first=Simon|last=Danaher|website=www.aesinternational.com}}

=Gross National Happiness Index - GNH Index=

The term "GNH Index" (GNH) was coined in 1972 by Dutch pioneer and fourth president of the European Commission, Sicco Mansholt. GNH is often misattributed to Bhutan's fourth King, Jigme Singye Wangchuck, who popularized the concept in the late 1990s.{{Cite web |title="The Origin of GNH - The European GNH Institute (2018)" |url=http://gnh.institute/gross-national-happiness-gnh-origin.htm |url-status=dead |archive-url=https://web.archive.org/web/20220709105532/http://gnh.institute/gross-national-happiness-gnh-origin.htm |archive-date=2022-07-09 |access-date=2018-09-06}} The GNH philosophy suggests that promoting happiness is the ideal purpose of governments. Implementing this philosophy has been challenging due to the subjective nature of happiness, the lack of an exact quantitative definition of GNH,{{Cite web |title="McDonald, Ross (2005). "Rethinking Development. Local Pathways to Global Wellbeing". St. Francis Xavier University, Antigonish, Nova Scotia, Canada. p. 3." |url=http://www.gpiatlantic.org/conference/papers/mcdonald.pdf}} and the absence of a practical model to measure the impact of economic policies on citizens' subjective well-being.

In 2005, Jones introduced the first "GNH Index" Index (GNH Index), also known as the Gross National Well-being Index (GNW Index).{{Cite web|url=https://www.thenationalnews.com/opinion/the-happiness-portfolio-is-no-laughing-matter-1.170601/|title=The happiness portfolio is no laughing matter|first=H. A.|last=Hellyer|website=The National}}{{Cite book|url=https://books.google.com/books?id=DcWADQAAQBAJ&q=Med+Jones|title=Value Economics: The Ethical Implications of Value for New Economic Thinking|first1=M. R.|last1=Griffiths|first2=J. R.|last2=Lucas|date=Nov 15, 2016|publisher=Springer|isbn=978-1-137-54187-1 |via=Google Books}} A year later, in 2006, he published a white paper titled "The American Pursuit of Unhappiness," urging policymakers, economists, and researchers to implement the first GNH Index framework.{{Cite web|url=https://www.iim-edu.org/grossnationalhappiness/|title=Gross National Happiness Index - GNH Index - Gross National Wellbeing Index - GNW Index - USA - Global GNH - Global GNW. Short courses in-person and blended (hyprid) in-classroom and distance learning (remote) programs.|website=www.iim-edu.org}}{{Cite web|url=https://www.huffpost.com/entry/the-missing-piece-in-sust_b_2084195|title=The Missing Piece in Sustainable Peace|date=Nov 6, 2012|website=HuffPost}} The initiative was widely referenced in academic and research papers, which cited the GNH index as a model for economic development and measurement.{{Cite web|url=https://www.medjones.com/index.htm|title=Med Jones: Investment Strategy - Happiness Economics - Gross National Wellbeing and Happiness Index - GNW / GNW Index - Financial Crisis Predictions|website=www.medjones.com}}

The GNH Index was developed as an alternative metric to the traditional GDP indicator. It was designed to evolve the initial abstract subjective political mission statement into a practical, holistic (objective and subjective) concept by treating happiness as a socioeconomic development metric. The proposed metric measures socioeconomic development by tracking seven wellness development areas—economic, environmental, physical, mental, workplace, social, and political—using objective data and subjective survey results."GNH Index" The GNH value is proposed as an index function of the total average per capita. Jones also published a global GNH Index survey blueprint for benchmarking subjective well-being in different countries and correlating happiness levels with local policies to identify best practices and major socioeconomic policy issues. The first Global Gross National Happiness Index Survey was launched in 2005.{{Cite web |url=https://www.iim-edu.org/polls/GrossNationalHappinessSurvey.htm |title=CEO Think Tank: Management Best Practices and Strategic Retreats for Government - Investment - Business CEOs in USA and International |website=www.iim-edu.org}} Following the introduction of the GNH index initiative in 2005, several initiatives across the United States were launched that adopted the gross national happiness index for their communities.

In 2009, in the United States, the Gallup poll system launched a happiness survey and collected data nationally.{{Cite web |title=University of Pennsylvania's Wharton Social Impact Wiki Tex Book |url=https://wiki.wharton.upenn.edu/socialimpact/GrossNationalHappiness |url-status=dead |archive-url=https://web.archive.org/web/20160303173936/https://wiki.wharton.upenn.edu/socialimpact/GrossNationalHappiness |archive-date=2016-03-03 |access-date=2015-02-12}} The Gallup Well-Being Index was modeled after the GNH Index framework of 2005.{{Cite web |title="Developing Life Cycle Environmental Indicators - Sheikh Alam (2016) - Queensland University of Technology (QUT) Brisbane, Australia" |url=https://eprints.qut.edu.au/102099/1/Sheikh%20Mohammad%20Shafiqul_Alam_Thesis.pdf}} The Well-Being Index score is an average of six sub-indexes measuring life evaluation, emotional health, work environment, physical health, healthy behaviors, and access to basic necessities. In October 2009, the USA scored 66.1/100. The GNH Index framework continued to influence subsequent initiatives. In a 2012 report prepared for US Congressman Hansen Clarke, researchers Ben Beachy and Juston Zorn, at the John F. Kennedy School of Government at Harvard University, recommended that "the 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 and include alternative indicators." They proposed that the government could use survey results to identify which well-being dimensions are least satisfied and which districts and demographic groups are most deficient, to allocate resources accordingly. The report listed the GNH Index and its seven measurement areas as one of the main frameworks to consider.[https://web.archive.org/web/20150701192803/https://www.hks.harvard.edu/content/download/67149/1241406/version/1/file/PAE+Beachy_Zorn_2012.pdf "National Indicators for a New Era (page 81), Ben, Beachy and Juston Zorn, of the John F Kennedy School of Government at Harvard University"] That year, Professor Peter T. Coleman, director of the International Center for Cooperation and Conflict Resolution at Columbia University, suggested that Jones' GNH Index initiative could inform the Global Peace Index Initiative GPI.{{Cite web |title=The Missing Piece in Sustainable Peace | Psychology Today |url=https://www.psychologytoday.com/us/blog/the-five-percent/201211/the-missing-piece-in-sustainable-peace |website=www.psychologytoday.com}}

Coleman's comments suggest the GNH Index's influence extended globally. For example, in 2007, Thailand released its Green and Happiness Index (GHI).{{Cite web |title=Inside Thailand -- Green and Happiness Index: Thailand's New Development Indicator |url=http://thailand.prd.go.th/view_news.php?id=2154&a=2 |url-status=dead |archive-url=https://web.archive.org/web/20150219080709/http://thailand.prd.go.th/view_news.php?id=2154&a=2 |archive-date=Feb 19, 2015 |website=thailand.prd.go.th}}{{Relevance inline|date=March 2025}} In 2010, the Bhutan GNH Index was conducted for the first time, similar to Jones' GNH Index.{{Cite book|url=https://books.google.com/books?id=OSy7Ubd-PX8C&q=%22Med+Jones%22|title=The Happy Depressive: In Pursuit of Personal and Political Happiness|first=Alastair|last=Campbell|date=Jan 12, 2012|publisher=Random House|isbn=978-1-4481-3498-4 |via=Google Books}} In 2011, the Canadian Index of Wellbeing Network (CIW Network) released the Canadian Index of Wellbeing (CIW).{{Cite web |title=Wellbeing as the lens for decision-making in Canada | Canadian Index of Wellbeing | University of Waterloo |url=https://uwaterloo.ca/canadian-index-wellbeing/ |website=uwaterloo.ca}}{{Relevance inline|date=March 2025}}Haaretz, An Israeli newspaper published an article suggesting that Western GDP economics is an incomplete development model and called for adopting Bhutan's GNH philosophy and Jones' GNH Index in Israel.{{Cite web |last=אחיטוב |first=נטע |title=ממלכת האושר |work=Haaretz הארץ |url=http://www.haaretz.co.il/magazine/1.1563206}}

In 2012, South Korea launched the Happiness Index, citing the GNH Index framework. The government of Goa, India, cited the GNH Index framework as a model for measuring happiness in its 2030 Vision and Roadmap.{{Cite journal |title=The Measurement of the Economic Happy Index in South Korea |url=http://www.kci.go.kr/kciportal/ci/sereArticleSearch/ciSereArtiView.kci?sereArticleSearchBean.artiId=ART001669362 |journal=Kukje Kyungje Yongu | date=2012 | doi=10.17298/kky.2012.18.2.001 |language=ko | last1=Nam Joo-Ha | last2=김상봉 | volume=18 | issue=2 | pages=1–28 | doi-access=free }}[https://web.archive.org/web/20130308055852/https://www.goa.gov.in/pdf/GGJDC_Report.pdf (Goa 2030 Vision and Roadmap -Page 110) "Goa 2035 Vision, page 110"] In 2014, the government of Dubai launched its localized Happiness Index to measure public contentment and satisfaction with government services. The United Kingdom also launched its own well-being and happiness statistics.{{Cite web|url=https://www.thenationalnews.com/uae/dubai-brings-in-happiness-index-1.316027/|title=Dubai brings in Happiness Index|first=Melanie|last=Swan|website=The National}}[http://www.neighbourhood.statistics.gov.uk/HTMLDocs/dvc146/wrapper.html "National Well-Being Statistics"] {{webarchive|url=https://web.archive.org/web/20150710061905/http://www.neighbourhood.statistics.gov.uk/HTMLDocs/dvc146/wrapper.html|date=2015-07-10}}{{Relevance inline|date=March 2025}}

Other noteworthy Happiness Index initiatives that followed the GNH Index of 2005 include the Organization for Economic Co-operation and Development OECD Better Life Index in 2011, the World Happiness Report in 2011, the UN General Assembly Resolution 65/309 titled "Happiness: towards a holistic approach to development"{{Cite web |title=UN Happiness Resolution |url=https://www.un.org/esa/socdev/ageing/documents/NOTEONHAPPINESSFINALCLEAN.pdf}}{{Sentence fragment|date=March 2025}}{{Relevance inline|date=March 2025}} in 2011, and the Social Progress Index SPI in 2013.

Political views

Med Jones is identified as an independent in his profile on Wall Street Economists.{{Cite web |title=Welcome economicpredictions.org - BlueHost.com |url=http://www.economicpredictions.org/med-jones-predictions/index.htm |archive-url=https://web.archive.org/web/20150813205927/http://economicpredictions.org/med-jones-predictions/index.htm |archive-date=Aug 13, 2015 |website=www.economicpredictions.org}}

References

External links

[https://www.iim.education/advisors/medjones/index.htm Bio page on the International Institute of Management Think Tank]
[https://www.medjones.com/happiness-economics-gross-national-wellbeing-happiness-index.htm Happiness Economics Work Citations]
[https://www.medjones.com/economic-forecasting-investment-strategy.htm Financial Crisis Work Citations ]
[https://www.medjones.com/ceo-leadership-best-practices.htm Organizational Leadership Work Citations ]

Category:20th-century American economists

Category:21st-century American economists

Category:American economics writers

Category:International finance economists

Category:American macroeconomists

Category:American public economists

Category:American development economists

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Category:American male non-fiction writers

Category:Writers about globalization

Category:American political commentators