Where it has Gone Wrong with Economists?

Abstract

A logical reflection is given on the storage of economic thought of the market economy. Three systems of economics since Adam Smith are identified on the basis of their assumptions of value. The classical system is separated from the others for its production idea of value in contrast to the market idea of value, which is further discriminated between the scarcity notion and the subjective notion of utility value. As such, there are the Walrasian system of economics and the Marshallian system of economics. For many, the current crisis is not only the catastrophe of the vested interests of the world, but also the failure of the ideology of the market economy. This paper demonstrates it is not exactly the case.