This theory has been the core of the economics and never changed or challenged for a long time. Needless to say, the world has changed---many theories no longer suitable to be used and applied even some of the economists admitted that we should restructure the economics theory and come out the most suitable one to replace the out-dated theories.
Sometimes people are fear to change. Without the courage and common goals, changes of theories never happen. We are still studying the classical economics although we should have come out a new one. Mathematical method still be the priority way to solve the economic problem---the problem is that the complexity of human is out of range of any kind mathematical calculation.
Adam Smith might never think of that human would change quickly, which his assumption would never change as long as the people no change. The cruel truth is that people change all the time, in unbelievable way. What should the economists do?
In many occasions, I always tell people something very "extreme" (for the listeners) , even surprised them.
Humanity---this is the thing has been omitted by economists all the time. Instead of emphasizing those GDP, CPI, we should focus more on humanity which I called it "humanity quality". No more index. It is something immeasurable. Ridiculous? Of course because this has out of the economics which more people-oriented.
During old time, production and growth are the priority things. People having simple life. Nowadays, the society becomes more complex and specialized. Traditional values are vanishing. People tend to be pessimistic. The thing that unacceptable is that economists still applying the something like what they did during old time.
Education System should be focusing on value-creation of every person. If people can find their own goal and create value for the world, society or even surroundings, it should be strongly encouraging. Like what Martin Lurther King did for the black people in America. How much impact he had brought? The influential persist until now.
I will share more next time.
