Abstract: The theory of generalized fictitious?economy, which is "people oriented", has put forward a new point of view that wealth is based on life value. Based on the view of generalized fictitious?economy and life value, this article refreshes the key economic conceptions, such as "wealth" and "value". Life means existence itself, and life is the origin of comprehending economic phenomena, and the proposition of fictitious value hails from the objectification of life that accords with the unity of "essence, phenomena and process" and "substance, appearance and utility". The appearance of generalized fictitious?economy isn-t mankind-s alienation, but denotes a new stage of man-s all-sided progress. It must be built up in generalized fictitious?economy age that is the new idea of production and consumption. We should alter the view of "life after production", put wealth creation and life process together, and realize a harmonious economic increase and man-s all-sided progress.