Articulating the process of need and want satisfaction is not an easy endeavor. In terms of economics fulfilling its task of understanding resource allocation, it fails dismally.
Resources are allocated through clandestine markets. Economics does not study real world markets. It does however, deliver a theoretical assumption based framework as to how things work within its hypothetical models.
Economic models are far from the real. Economics as a discipline expends its intellectual space musing about models and assumptions; Rome burns while the emperor of social science intellectualizes unrealistic hypotheses.
To the thinking economist, models are primitive stepping stones to deciphering the workings of markets and society. Without an eclectic approach to understanding social behavior, pure economics disciplines economists not to think outside the assumptions. Thought inspired economics, however, is what the world economy needs to resolve its challenges.
