Abstract
ABSTRACT The subject of economics, which was once famous for several views and schools of thought, has been limited to just one school neoclassical: where markets usually find equilibrium, meaning government intervention is not needed, and any such intervention could hinder the economic growth process and smooth functioning of the economy. The neoclassical theory focuses on the behaviour of individual agents, which are assumed to be economic decision-makers. There is an attempt to emphasise the importance of the Marxist approach to analysing capitalist crises logically and historically. The study of economics must stay close and keep unity between different social sciences, especially sociology, political science, and history, which classical economists had established but marginalist economists had tried to undermine. The study concludes that economics is embedded in society and politics, and the mainstream school of thought ignores this. They cannot effectively address the main economic issues of our times, which include combating rising inequality, economic and environmental crises, and biodiversity loss.
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