From the point of view of their own interests, it strikes me that the GOP could use a new theory of economics. The free-market model they are used to has lost immense amounts of credibility, and the future doesn't look any better for the increasingly worn doctrine. Does the GOP want to be the party of a few faithful surrounded by many adapting to new conditions? What happens when the few faithful pass along? What will be the GOP's public base? Can it stand on religion and war alone? What happens when the meaning of religion and war change? Will they get passed by while standing for 'principle' there too?
However, I agree the circumstances are tricky. The GOP should not want to jeopardize its closeness to America's power elite, which to me is the only reason the GOP would want to maintain the silly free-market message that the elite appreciate so much. But power relations are not everything. The GOP needs national public support, too. Because of this need, I tend to think the GOP should search for a new economic message, one that can resonate with increasingly reasoning Americans.