The crisis of vision in modern economic thought

Modern economic theory faces a profound crisis stemming from the absence of a unifying 'vision'—a shared set of political and social assumptions. This void emerged after the collapse of the Keynesian framework, which had provided such a foundation from the 1940s to the early 1970s, much like the earlier visions of Smith, Ricardo, Mill, and Marshall. The subsequent fragmentation has led to discordant and ineffective economic camps, characterized by analytical sophistication but lacking practical relevance. This analysis explores this predicament and proposes new directions for economic thought to regain its lost influence and problem-solving capacity.