Currently, there does not seem to be any way to control the world economy. Regardless of the will of individuals, economic indices are volatile and the prediction hardly predicts any expected outcome. Economic theories seem to be excellent at explaining the nature of how various economic activities whilst they seem to be poor at predicting the outcomes caused by these activities. Individual agents in this world have become so interconnected with each other that small margin of errors and frictions is no longer insignificant to ignore. Any spontaneously matters of this world are now influencing economy simultaneously. In another word, predicting economic outcomes is like predicting any seismologic matters. Predicting and controlling when another recession strikes is like doing for when the next earth quake occurs.
I have never regretted having studied economics even in a postgraduate degree level. The subject economics helps to systematically understand the nature of how any trades, decision making processes, and power relationship are maintained in daily life, business, and politics. However, I have simply found out that professional economists are just adding up footnotes onto the already invented economic theories, and any brand new invention, surprising the mass in this world, seems to be unable to come up.
Adam Smith, the father of economics, has already summed up the fundamental principle of economics. Various classical economic theorists added up some unavoidable footnotes onto Adam Smith's work. Then, John Maynard Keynes introduced countermeasures against chaos causing economy deviating from the ordinary movement of what Adam Smith explained. All these economists admired Adam Smith and kept his idea as the fundamental criterion of their own theories. Market economy itself does not seem to fade out as long as trades are carried out in our daily life and the notion of private properties, which seems to be one of innate human natures, prevails to exist. Then, the free market principle explained by Adam Smith keeps prevailing, and only some minor reforms are adapted to it.
Karl Marx attempted to offer an alternative principle but his principle sounds suspicious. Marxian theory is that it claims for a very abstruct factor such as determining the value of labour which is often substantially undervalued in the market economy. The problem of this claim is that the scaling method of this value is utterly subjective and this is inconceivable as same as the quality of a faithful spirit. Despite materialist focus and atheist perspective, Marxian theory sounds more like a religious theology expecting for an absolute being and a universal morality judging human qualities. Furthermore, Marx's theoretical backgrounds are actually not so original. His basis economic principle highly relies on David Ricardo's theory. His philosophical foundation is based on his teacher Friedrich Hegel's dialectic philosophy. Marxist economics thus prevails as one form of culture meanwhile it seems to be difficult to categorise as a newly invented academic theory analysing economy.
Adam Smith said "Only fair is laissez-faire (Let it do)". This implies that there is no way economy can be manipulated and there is no universal principle of how economy should be operated. Economy nowadays is prone to be influenced and even messed up by any chaotic friction. In addition, reactions to any change and any economic policy in economy vary across different psychological mindsets of individuals and their culture codes. The mainstream modern economic theories excessively standardise market structures and the mindsets of individual agents. Only the solution seems to be just let the market move alone and let each individual agent to handle it with their own way.
The major financial institutions can be guilty for having messed up the world economy with their pseudo science called financial engineering. Even John Maynard Keynes had already warned that financial market is more psychological than natural-scientific so there is no legitimate answer and equation precisely tracking the market movement. Despite Keynes's warning, these financial elites and government aiding them ignores as though Keynes's original theories of investment had never existed. They have injected extraordinarily massive supply of cash and financial assets into the market against the natural level of the demand.
The extraordinary market stimulus propped up by the excess supply of cash and financial assets are causing the severe negative bounce back effects. Understanding of their financial engineering does not exist to solve problems of economy; It actually causes unnecessary problems caused by those using this engineering technique only for their own short term gain by sacrificing the majority others. As a matter of fact, those gaining the short term gain from this pseudo-science eventually lose out due to the negative impact of the bounce back caused by their reckless manipulation. It comes back to the point of the quote by Adam Smith "Only fair is laissez-faire".
It is the right point that the subject economics was originally introduced as one of philosophical theories by Adam Smith. Although economics nowadays tend to be considered as more physical scientific, Smith was more concerned about metaphysical matters like how the world is formed and how logic derives answers and is evaluated by its principle. Perhaps, there is no absolute answer in economics as same as metaphysics and other philosophical realms. Many economic theorists seem to pretend to be natural scientists claiming there shall be a solid answer for something they are pursuing and demonstrating some pseudo-natural scientific something.
In particular, nowadays, the world is dynamically changing and any already existed social scientific theories hardly prevail to solve the newly emerging problems and promote the newly emerging opportunities. It has already come to the point where it is necessary to start thinking in terms of metaphysical ways of thinking about the world functions including economy. Economy is a life style so it should be more free to think about economy and there should be various unique ways of conceiving it such as doing philosophy.