Over the past 200 years or so, many of the world's conflicts have developed around a little-known debate in economic theory. The outcome of this argument has had an impact equal to that of a major war.

In a complex society any single-factor theory of value, such as the labor theory of value (Marx), is to be a failure, and replacing labor by capital (Milton Friedman) does not improve its validity.

The pain of the financial crisis has economists striving to understand precisely why it happened and how to prevent a repeat. For that task, John Gean...

Crises have been ubiquitous throughout history. While we can't forecast them we do know how to learn from them. And we certainly have a good idea what not to do in response.

This is the third time that I have been through an economic event where there were groups of people who said the old methods of analysis didn't apply. As I will demonstrate, nothing could be farther from the truth.