The long history of the dispute among physicists as to whether matter is composed of particles or waves is reviewed. A turning point came at the dawn of the 20th century in the form of the de Broglie momentum-wavelength and Bohr/Planck energy frequency relations. It was on this basis that Schrödinger developed a quantum mechanical differential equation whose solution came to be known as a wave function. The Born Interpretation of these functions holds that their absolute square constitutes a probability distribution which has been used successfully to make predictions of the properties of the system under discussion. It is pointed out that the phenomenon of light refraction played a key role in the development of both Newton’s corpuscular theory of light and the competing theory of Huygens which looks upon light as consisting exclusively of waves. It is shown that Newton’s failure to predict the decrease in the speed of light as it passes from air into water was not because of his belief in the particle composition of light, but rather because he not did anticipate that the mass of a photon changes upon entering a medium of higher index of refraction n. By assuming that the energy E of light is equal pc/n, where p is the momentum of the photons and c is the speed of light in free space, it is shown that the experimental dependence of the speed the light on its wavelength as it passes through a transparent medium is derived successfully through the use of Hamilton’s Canonical Equations and Newton’s Second Law of Kinetics. It is suggested that the relationship between particles and waves can be understood by noting that the localized properties of matter exhibit themselves in experiments such as the photoelectric effect where attention can be concentrated on the behavior of a single particle. The corresponding wave properties occur when large numbers of particles are observed under exactly similar circumstances, as for example in electron diffraction. ...........