Click here for a comprehensive website describing my latest book, Value Creation Thinking.

"Madden unites the fundamentals of financial valuation with a unique emphasis on corporate purpose, culture, and knowledge. … He provides an important contribution to our understanding of capitalism at a critical moment and an illuminating roadmap for the future of business."

Dominic Barton, Global Managing Director, McKinsey & Co.

"A free society is an engine of wealth creation … Bart Madden’s Value Creation Thinking is driven by the philosophy that an understanding of that [wealth creation] process defines a path to the long term increase in investor returns. … Beware the crony capitalist firm seeking profits from favors; the money is in creating value for customers."

Vernon L. Smith, Chapman University, Nobel Laureate in Economics, 2002


Click here for a book summary and here for a book review.  Learning how to see through the complexity of business problems is of great consequence.  The four core beliefs introduced in this book have been distilled from economics, neuroscience, psychology, and philosophy.  They have proven to facilitate breakthrough thinking, guide continuous improvement, and shape wealth-creating strategies.  Used together, they will transform your worldview—a distinct competitive advantage. The book is gaining traction for classroom use, click here.


Work is underway to introduce in Congress a Free To Choose Medicine bill.  It would empower patients, advised by their doctors, to make informed decisions on the use of not-yet-FDA-approved drugs in late stage clinical testing, click here.  Click here for a summary and here for a link to Amazon e-book and hard copy.

Free To Choose Medicine (FTCM) would create a new American industry focused on facilitating data transmission from doctors, improving biopharmaceutical R&D, and analyzing and distributing information that significantly advances personalized medicine.  Passage of a FTCM Act would be a defining moment for America—a directional change from today’s trend of increasing litigation and regulations as well as a stake in the ground that control of medical decisions belongs, first and foremost, with individual patients and doctors, and not the government.

Click here for “President Trump’s FDA nominee could mean better drugs sooner at lower cost.”

For a PBS TV interview with Jim Doti, President of Chapman University, click here (Part 1) and here (Part 2).

For a tie-in between Free To Choose Medicine and Andy Grove’s editorial in Science about a fundamental rethinking of clinical trials, click here.

Click here for an article “Medicine: Who Should Make Choices for You?” by Lawrence Reed, President of the Foundation for Economic Education (FEE).

Click here for a Federalist Society’s Engage journal article that I coauthored which addresses legal aspects of Free To Choose Medicine.

Click here for an op-ed "Tommorow's Cure Today"

Click here for an op-ed "The Pathway to Faster Cures."

Click here for a Forbes op-ed coauthored with Vernon Smith, “Give the FDA Some Competition with Free To Choose Medicine.”




January 2018 Click here for a PowerPoint presentation, The Root Cause of Competitive Advantage.
January 2018 Click here for a related chapter from the Value Creation Thinking book, Chapter 4, “The Pivotal Role of Worldviews in Building Knowledge.”
July 2017 “The Purpose of the Firm, Valuation, and the Management of Intangibles,” click here
March 2017 “Ten Important Ideas About Value Creation: PowerPoint Presentation” click here
March 2017 “President Trump’s FDA nominee could mean better drugs sooner at lower cost” click here
October 2016

“Use The Life-cycle Framework to Improve Stock Selection” click here

August 2016

“In Health Care, Freedom Is the Only Way” click here

July 2016

“It’s Not All About the Stock Price” click here for a book review

July 2016

“Rekindling the Unappreciated Spirit of Capitalism, One Company At A Time” click here

June 2016

“Value Creation Thinking: Life-Cycle Reviews (Presentation Slides) click here

May 2016

“Value Creation Thinking: PowerPoint Presentation” click here for a comprehensive overview of the book, including long-term historical track records for important firms

December 2015

Op-ed, here, "Give the FDA Some Competition with Free To Choose Medicine.”

July 2015

Book review, here, Reconstructing Your Worldview: The Four Core Beliefs You Need to Solve Complex Business Problems, published in the International Journal of Pluralism and Economics Education.

May 2015 Op-ed, here, “The Pathway to Faster Cures: When it comes to life-saving drugs, we need more than modest reform.”
April 2015 Op-ed, here, “Tomorrow’s Cures Today: Let’s liberate medicine in America.  Here’s our vision of health for the 21st Century.”
September 2014 Click here for details about my new book, Reconstructing Your Worldview: The Four Core Beliefs You Need to Solve Complex Business Problems.
August 2014

Joined the board (click here) of the International Foundation for Research in Experimental Economics (IFREE).

January 2014

Gregory Conko and I co-authored an article (here) about Free To Choose Medicine for the Federalist Society’s Engage journal.

April 2013

A new working paper, “Management’s Core Responsibilities,” was posted at and highlighted at an influential corporate governance blog (click here).

January 2013

Free To Choose Medicine (click here) was one of the reform proposals analyzed at the Antigua Forum, which is an annual gathering of market-liberal reformers from around the world and hosted by the Universidad Francisco Marroquin in Guatemala.

December 2012

Ideas about the deeper issues with knowledge building and wealth creation are gaining recognition (click here).

November 2012

Second edition of Free To Choose Medicine: Better Drugs Sooner at Lower Cost is available on Amazon (click here).

November 2012

“Management’s Worldview: Four Critical Points About Reality, Language, And Knowledge Building To Improve Organization Performance,” Journal of Organizational Computing and Electronic Commerce, 22: 34-346, 2012. Open access (click here).

April 2012

Click here for a video of a presentation about my paper, "Management's Worldview."

September 2011

The concept of a Tradeoff Evaluation Drug Database, central to the operation of Free To Choose Medicine, was strongly supported in a Science editorial (click here) by Andy Grove, ex-CEO of Intel.  Also see comments on this editorial by Alex Tabarrok (click here).

September 2011

My working paper, "Management’s Worldview: Four Critical Points About Reality, Language, And Knowledge Building To Improve Organization Performance,” is available at

June 2011

My working paper, "Shared Value for Patients and Pharmaceutical Companies," is available at

April 2011

My working paper, "Management's Knowing Process and the Theory of Constraints," is available at

August 2010

Click here for a book endorsement of mine that addresses Perceptual Control Theory (PCT).

November 2009

Working paper, "Applying a Systems Mindset to FDA," was published in Medical Hypotheses 72 (2009) 116-120. Its new title is "A Dual Track System to Give More-Rapid Access to New Drugs: Applying a Systems Mindset to the US Food and Drug Administration (FDA)." This article provides a comprehensive argument for the introduction of consumer choice and competition and pinpoints the weakness in the status quo position.


November 2008

Foreword to a new book by David Holland and Tom Larsen, Beyond Earnings: A User's Guide to Excess Return Models and the HOLT CFROI ® Framework

Interview with Vernon Smith about experimental economics and Dual Tracking

The following language versions of my Heartland Institute booklet, More Choices, Better Health — Free to Choose Experimental Drugs, are being used by free-market think tanks to promote the Dual Tracking proposal:

English, French, Swedish, Japanese, Chinese, Lithuanian


September 2008

“Shareholder Value Reviews,” published in Strategic Finance, 2008 . It provides a short and useful overview of the SVR concept.... Read more

July 2008

"Applying a Systems Mindset to Stock Valuation" reviews five important choices that guided the development of the life-cycle valuation model over the last 40 years. This was later published as a chapter in Valuation Handbook, Rawley Thomas and Benton E Gup, editors.

May 2008

"Guidepost to Wealth Creation: Value-Relevant Track Records" published in the Fall/Winter 2007 issue of the Journal of Applied Finance .

January 2008 "Economic Rewards of Dual Tracking"

December 2006

Newspaper article was published that described the historical significance of my family's 1885 Victorian house.


November 2006

Highlights of personal correspondence with Milton Friedman that provide insights into his methodology of positive economics.

My paper, For Better Corporate Governance, The Shareholder Value Review was accepted for publication in the Winter 2007 issue of the Journal of Applied Corporate Finance.

December 2005 My article, "A Clinical Trial for the FDA's Clinical Trial Process,"
was published in Cancer Biotherapy & Radiopharmaceuticals.
September 2005

Download monograph Maximizing Shareholder Value And The Greater Good. Here is a Book review. The above monograph contains advanced thinking on certain technical issues compared to my 1999 book CFROI Valuation - A Total System Approach to Valuing The Firm.The current CFROI computation excludes acquisition goodwill (see "Will Your Next Acquisition Pay Off?") and also capitalizes R&D


September 2004

A short article, "Putting Drugs on a Faster Track," published in the September 2, 2004 Chicago Tribune .

June 2004 "Breaking the FDA Monopoly" published in Regulation, Summer, 2004
January 1990 "A Transactional Approach to Economic Research"
A slightly modified version of this paper was published in The Journal of Socio-Economics , 1991, Vol. 20, No. 1, 57-71. My intention is to post articles written after I retired in November, 2003. The one exception is this piece since, in my opinion, it is a very useful summary of the role of the individual in knowledge building.




“The Purpose of the Firm, Valuation, and the Management of Intangibles,” Journal of Applied Corporate Finance, 2017 29(2): 76-86.

“Free To Choose Medicine.” 2013. Coauthored with Greg Conko. Engage 14(3) October.

“Management’s Worldview: Four Critical Points about Reality, Language, and Knowledge Building.” 2012. Journal of Organizational Computing and Electronic Commerce 22(4): 334-346. 

“A Dual Track System to Give More-Rapid Access to New Drugs: Applying a Systems Mindset to the U.S. Food and Drug Administration (FDA).” 2009. Medical Hypotheses 72: 116-120.

“Applying a System Mindset to Stock Valuation.” 2009. In Benton Gup and Rawley Thomas, eds. The Valuation Handbook: Valuation Techniques of Today’s Top Practitioners. Hoboken, NJ: Wiley & Sons.

“Guidepost to Wealth Creation: Value-Relevant Track Records.” 2007.  Journal of Applied Finance (Fall/Winter): 119-130.

“For Better Corporate Governance, the Shareholder Value Review.”  2007. Journal of Applied Corporate Finance 19(1, Winter): 102-114.

“A Clinical Trial for the Food and Drug Administration’s Clinical Trial Process.” 2005. Cancer, Biotherapy & Radiopharmaceuticals 20(6): 569-578.

“Breaking the FDA Monopoly.” 2004. Regulation. Summer.

“The CFROI Valuation Model.” 1998. Journal of Investing. Spring.

“The CFROI Life Cycle.” 1996. Journal of Investing. Summer.  

“Fortress frame CNG vehicle.” 1994. International Journal of Vehicle Design. 15 (1/2).  (A novel vehicle design would increase the weight and strength of a vehicle’s frame while using the frame to serve as a storage tank for compressed natural gas.)

“Structural Changes in Trading Stocks.” 1993. Journal of Portfolio Management 20(1): 19-27. The proposed design for electronic trading of large blocks of stock was later implemented by Pipeline Trading.

“The SEER Mechanism: A Proposal for Shareholder Voting on Reinvestment of Corporate Cash Flow.” 1992. Journal of Applied Corporate Finance. 5(3) Fall.

“Make Shareholders a Partner in the Dividend Payout Decision.” 1987. Midland Corporate Finance Journal. 5(2) Summer.

“A Transactional Approach to Economic Research.” 1991.  Journal of Socio-Economics 20(1): 57-71.  (See “Milton Friedman Letters” on my website for details about Friedman’s reaction to this paper.)