The present paper outlines a cosmological paradigm based upon Dirac’s large number hypothesis and continual creation of matter in a closed static (nonexpanding) universe. The cosmological redshift is caused by the tired-light phenomenon originally proposed by Zwicky. It is shown that the tired-light cosmology together with continual matter creation has a universal Hubble constant H 0=(512 π 2/3)1/6( GC 0)1/3 fixed by the universal rate C 0 of matter creation, where G is Newton’s gravitational constant. It is also shown that a closed static universe has a finite age τ 0=(243 π 5/8 GC 0)1/3 also fixed by the universal rate of matter creation. The invariant relationship H 0 τ 0=3 π 261/2 shows that a closed static universe is much older (≈one trillion years) than any expanding universe model based upon Big-Bang cosmology. It is this property of a static universe that resolves any cosmic age crisis provided that galaxy formation in the universe is a continual recurring process. Application of Dirac’s large number hypothesis gives a matter creation rate C 0=4.6×10-48 gm cm-3 s-1 depending only on the fundamental constants of nature. Hence, the model shows that a closed static universe has a Hubble constant H 0=70 km s-1 Mpc-1 in good agreement with recent astronomical determinations of H 0. By using the above numerical value for H 0 together with observational data for elongated cellular-wall structures containing superclusters of galaxies, it is shown that the elongated cellular-wall configurations observed in the real universe are at least one hundred billion years old. Application of the microscopic laws of physics to the large-scale macroscopic universe leads to a static eternal cosmos endowed with a matter-antimatter symmetry. It is proposed that the matter-antimatter asymmetry is continuously created by particle-antiparticle pair annihilation occurring in episodic cosmological gamma-ray bursts observed in the real universe.