The recent developments in contemporary mainstream economics have focused on the study of the incentive structure of organization and institution by applying the non-cooperative game theory, behavioral economics, and experimental economics. This trend also implies that the issue of the neoclassical general equilibrium theory (GET) has been marginalized within the contemporary economics, which also indicates that mainstream economists have lost their interest in the issue of how the basic theory of the capitalist economic system should be established. A typical thought among the mainstream economists is that the neoclassical GET has been a dead topic since most of the essential research questions have been solved. In this essay, I argue that the recent situation that the neoclassical GET is not a fancy research topic does not necessarily connote that the basic theory of capitalist economic system is fixed by the GET. Rather, the current GET remains a lot of interesting and vital research questions which are indispensable for providing a more comprehensive ground theory on the capitalist economic system. For instance, the so-called Cambridge controversy of capital theory will remind us of the perfect competitive market in the capitalist economy as inevitably involving the power relation between the capitalist class and the working class. I suggest a Marxian extension of dynamic general equilibrium theory would give us a useful basic framework to develop a more comprehensive ground theory of the capitalist economic system. In such a framework, the power relation between the capitalist class and the working class would be addressed.

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