Problem-oriented approach to political economy

The research paradigm of economics in China is facing great changes. In this article, we analyzed that dilemma of China's current major economics paradigms was inability to analyze and solve the economic problems for the neglect the importance of problem-oriented. The analysis on the two great flourishes of economics shows that theoretical innovation based on the problem-oriented approach in these two periods provide economic explanation for China's historical transformation. Chinese economists should adhere to the problem-oriented approach by generalizing typical facts, analyzing system characteristics, using modern economic analysis tools and producing original economic theories formed with uniqueness refined from major issues. •The research paradigm of economics in China is facing great changes. In this article, we analyzed that dilemma of China's current major economics paradigms was inability to analyze and solve the economic problems for the neglect the importance of problem-oriented.•The analysis on the two great flourishes of economics shows that theoretical innovation based on the problem-oriented approach in these two periods provide economic explanation for China's historical transformation•Chinese economists should adhere to the problem-oriented approach by generalizing typical facts, analyzing system characteristics, using modern economic analysis tools and producing original economic theories formed with uniqueness refined from major issues.