Although Adam Smith is well-known for emphasizing division of labor, his analysis was woefully incomplete, as Dr. Mark Thornton points out.

Economists and philosophers are trying to rethink our social models. Collaborative models are being imagined as a way of hoping to live in a better society. At the heart of this question is the ...

Of all the abductions, this one is different.

In their letter “The Virtues of the ‘Knowledge Theory of Value’” (May 1), Gale Pooley and George Gilder emphasize the importance of knowledge in economic value. In doing so, however, they provide ...