Many critics claim that the problem with economics is that it has no "theory of value". From early economists, such as Smith, Ricardo and Marx, to later economists, pinning value to economics has proved disputatious. In turn problems with understanding value reverberate to problems with money, problems with the long term and problems with sustainability. This conference explored some suggested reforms that touch on value, ranging from new thinking on the international monetary system to better reporting standards to refocused government policies.
Part I - Professor Charles Goodhart "Procyclicality of Financial Regulation and How to Deal with It"