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This is a list of some of the major unsolved problems, puzzles, or questions in economics. Some of these are theoretical in origin and some of them concern the inability of orthodox economic theory to explain an empirical observation.

Cambridge capital controversy: The Cambridge capital controversy is a dispute in economics that started in the 1950s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution. The question of whether the natural growth rate is exogenous, or endogenous to demand (and whether it is input growth that causes output growth, or vice versa), lies at the heart of the debate. The resolution of the debate has not been agreed upon by economists. Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in the form of surplus value from direct labour inputs and the ratio of direct labour input to capital input that vary widely between commodities, with the tendency toward an average rate of profit on all capital invested.

Equity premium puzzle: The equity premium puzzle is thought to be one of the most important outstanding questions in neoclassical economics. It is founded on the basis that over the last one hundred years or so the average real return to stocks in the US has been substantially higher than that of bonds. The puzzle lies in explaining the causes behind this equity premium. While there are a number of different theories regarding the puzzle, there still exists no definitive agreement on its cause. Dividend puzzle: The dividend puzzle is the empirically observed phenomenon that companies that pay dividends tend to be rewarded by investors with higher valuations. At present, there is no explanation widely accepted by economists. The Modigliani–Miller theorem suggests that the puzzle can (only) be explained by some combination of taxes, bankruptcy costs, market inefficiency (including that due to investor psychology), and asymmetric information. Improved Black–Scholes and binomial options pricing models: The Black–Scholes model and the more general binomial options pricing models are a collection of equations that seek to model and price equity and call options. While the models are widely used, they have many significant limitations. Chief among them are the model's inability to account for historical market movements and their frequent overpricing of options, with the overpricing increasing with the time to maturity. The development of a model that can properly account for the pricing of call options on an asset with stochastic volatility is considered an open problem in financial economics.

Home bias in trade puzzle: The home bias in trade puzzle is an empirical observation that even when factors such as economic size of trading partners and the distance between them are considered, trade between regions within a given country is substantially greater than trade between regions in different countries, even when there are no substantial legal barriers. There is currently no framework to explain this observation. Equity home bias puzzle: This puzzle concerns the observation that individuals and institutions in many countries only hold modest amounts of foreign equity, despite the ability for vast diversification of their portfolios in the global economy. Backus–Kehoe–Kydland puzzle: The Backus–Kehoe–Kydland consumption correlation puzzle is the empirical observation that consumption is much less correlated across countries than output. Feldstein–Horioka puzzle: The Feldstein Horioka puzzle originates from an article in the 1980s that found that among OECD countries, averages of long term national savings rates are highly correlated with similar averages of domestic investment rates. Standard economic theory suggests that in relatively open international financial markets, the savings of any country would flow to countries with the most productive investment opportunities; hence, saving rates and domestic investment rates would be uncorrelated, contrary to the empirical evidence suggested by Martin Feldstein and Charles Horioka. While numerous articles regarding the puzzle have been published, none of the explanations put forth have adequate empirical support. Formalists such as Raymond Firth and Harold K. Schneider asserted that the neoclassical model of economics could be applied to any society if appropriate modifications are made, arguing that its principles have universal validity. Critics of the formalist position question its central assumptions, in particular that the universality of rational choice and utility maximization can be assumed across all cultures.