Since the global financial system started unraveling in dramatic fashion two years ago, distinguished economists have suffered a crisis of their own. Ivy League professors who had trumpeted the dawn of a new era of stability have scrambled to explain how, exactly, the worst financial crisis since the Great Depression had ambushed their entire profession
The problem is, economics has been about dollar flows, not about the economy as the capitalists see it – nor consumers. Capitalism is the use of money owned to create wealth. That means that ownership, wealth, and its distribution would be central to a substantial economic theory. As it is, these are not considerd. Take for example the three references to ownership in Samuelson’s Economics.
Two are “government ownership” and the third is management and ownership. Economics justleaves out the main stuff.