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This year marks the 150 th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith. In 1871, there appeared two books, Carl Menger’s (1840-1921)  Grundsätze der Volkswirtschaftsliche, (or,  Theory of Political Economy. This was followed shortly after by Leon Walras’ (1834-1910)  Ele...

For the public, to help these markets function more effectively, and that's what i'm focused on. >> conservatives would ask whether we need -- why do we need another federal agency? yet another federal agency to "make markets function effectively?" >> well, we never had a federal agency that had that job. it was kind of broken out among 7, 8 agencies, which meant nobody focused on it. we had the mortgage market which led to the financial meltdown. we know how badly that hurt so many americans, many of whom had nothing to do with it but lost jobs, lost homes, had their communities affected. so ...

There are many things we didn't talk about. we had 17 people on the stage. a broad cross section. private sector, academics, nobel prize winner. there is a triangle, house bill, senate plan, administration bill. we need nowhere inside that triangle and people stood on that stage together today saying we've got to move that triangle to a place that serves the american people. >> make markets, be markets.org. >> we will talk to you soon. let's do this dig list quick and dirty. the bad news, suicide bombings in iraq, 32 kills in that country. attacks coming days before a crucial election that wil...