Yes, conventional economics is an effective option in today's world, because the economic principles still apply. It is still true that people work harder when they get paid more. It is also true that supply and demand principles apply. We distort these principles with government regulations, but they are still there.
Conventional economics is an effective option in today's world. Conventional economics such as macroeconomics and microeconomics are just as effective in today's world as they were in the past. Macroeconomics is still useful for evaluating the economics of a nation while microeconomics is still useful for evaluating economic strategies for small businesses.
Many things have changed over the centuries, to say the least. There are things that Adam Smith and Karl Marx could never have envisioned about today's society during their times. However, there are several aspects of economic theory which are true in any era, in any context. These include the concepts of scarcity and supply and demand, which drive the means of production to produce goods and services in demand by society.
I think that conventional economic is an effective option in today's world. I think that the principle and ideal involved with conventional economics have a place in the economy of today. I believe that it would still work and be beneficial to follow such principles since I do not see a reason to not do it.
Conventional economics are not effective in today's market. The market portion of conventional economics is correct. Supply, demand, surplus, all of this is just as described. The assumption that the consumer is an informed one, however, is incorrect. Most consumers do their shopping based on advertising. Since advertising provides most of the information to the consumer, the consumer may not know everything about a product before purchasing it. The full evaluation is skipped in order to save time. Consumers just buy the best marketed item, because that will usually be the most information they have of a product. This does not necessarily mean this is the best product, it just means this is the product they know the most about.