An Era of The Wise Man is an economic critique of the price mechanism which underpins classical Western economics. In the contemporary era, particularly since the global financial crisis of 2007/08, conventional free-market theory – as developed in Britain and other Western nations in the 18th century – has proved fallible and ineffective in guiding economies out of crisis and generating robust growth. The author suggests adopting a new principle within economic theory, reflecting the imperfections of real-world markets rather than hypothetical perfect markets, and centering on demand expectation.

With reference to China’s rapid economic development in recent decades, this book advocates the expectation-led market principle, which draws a distinction between demand as defined by Adam Smith and classical economics, with that of demand based on Expectations – a theory discussed at length in later chapters. Essentially, this theory rejects several assumptions that form the basis of classical economics; however, it does not dismiss conventional economics entirely. For readers interested in economics, this book provides a thorough rebuttal to economic orthodoxy and offers an alternative point of view.

About the Author
Ruyu Zhao, Ph.D. in economics, professor of Jilin University, and Vice President of China National Society of Economic Geography, is an expert in international economics, industrial economics, technical economics, regional economics, and general economic theories. He is interested in critically exploring existing economic theories. He speaks at workshops, seminars, and conferences around the world, and has published numerous articles and books. His representative works include An Era of the Wise Man, Industrial Structure and Economic Growth: A Refutation of Clark’s Law, etc.