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Disclosures: This is a paid advertisement for Med-X's Regulation A+ Offering. Please read the offering circular at invest.medx-rx.com. | | | "Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back." -- John Maynard Keynes
In 1944, the future Nobel prize economist Friedrich Hayek wrote a book called "The Road to Serfdom," warning the world that state socialism in its many forms -- Fascism, Naziism and Communism -- would lead to disaster.
A generation later, both Margaret Thatcher in the United Kingdom and Ronald Reagan gave credit to Hayek's Jeremiad for inspiring them to lead the free world and reverse the tide of collectivism.
Today in the 21st century, we once again face a similar challenge. Following the 9/11 terrorist attacks in 2001, the financial crisis of 2008 and the Pandemic of 2020, big government is back.
Marxism and Keynesianism are all the rage, resulting in permanent inflation, massive deficit spending and bailouts, wars and nationalism. Who will defend free markets and free minds?
Who Will Make Us Free Again?
At the beginning of the 21st century (2000), I wrote a book called "The Making of Modern Economics," a one volume history of the great "worldly philosophers" including Adam Smith, Karl Marx, John Maynard Keynes, Ludwig von Mises and Milton Friedman.
The book makes a unique contribution: For the first time, the history of the great economic thinkers was written as a full-blown story -- a dramatic plot with a hero, Adam Smith, and how his "system of natural liberty" came under attack by his enemies (Marx, Keynes and Veblen) but was rescued by his defenders (laissez faire French, Austrians, Chicagoans and Supply-Siders), and triumphed in the end with the collapse of the Berlin Wall and the Soviet central planning socialist model.
Every economist is judged by whether they seek to defend and improve upon the model that Adam Smith built, or want to tear it down and build their own. It's a simple but powerful theme running through the work.
An Academic Bestseller
As a result, my book has become my most popular academic work. The title, "The Making of Modern Economics," isn't memorable, but the storyline is.
Thousands of copies have been sold, and it has been translated into a half dozen languages. It has now gone through four editions and is published by Routledge.
It has won the Choice Book Award for Outstanding Academic Title, and was ranked the #2 best libertarian book in economics (behind Henry Hazlitt's "Economics in One Lesson") by the Ayn Rand Institute. It has been handed out to all the board members of a major Russian corporation, and read as a main selection of the Boulder Book Club and the Show-Me Institute (Missouri think tank).
Dozens of economics professors use it in their classrooms.
It has over 100 illustrations, portraits, photographs and even music selections for each chapter. Roger Garrison, Auburn professor, states, "My students love 'The Making of Modern Economics!' Mark Skousen makes the history of economics come alive like no other textbook." And Ken Schoolland (Hawaii Pacific University) wrote that the book is "the most fascinating, entertaining and readable history I have ever seen. My students love it."
The book's chapter on Marx is so significant that it was banned at the University of the Philippines, a hotbed of Marxism.
It has two chapters on Keynesian economics, which one economist has called "the most devastating critique of Keynesian economics ever written."
It has four chapters on the Austrian, Chicago and Supply-Side schools of economics, more than any other history.
And it was published coincidentally on March 9, 2000 -- the same pub date that Adam Smith's Wealth of Nations was published in 1776! Here is the background story: ADAM SMITH AND THE MAKING OF MODERN ECONOMICS -- MSKOUSEN.COM. | | 40-Year Investing Icon Reveals the #1 Holding in His Personal IRA One of the most renown men in the investing world today, a Top 20 Living Economist, and counsel to Presidents, sat down for an interview in front of a small group.
During that intimate talk, he revealed the cornerstone of his retirement savings - and one of the investments that helped make him a millionaire. To view this short talk, click here. | | | The President of a Major Country Praises My Book
You never know who is influenced by one's work. Here's the latest:
Over the weekend, I met with one of the most transformational political figures in my lifetime at a conference where I was a keynote speaker.
The world's most famous "anarcho-capitalist," Argentina's president Javier Milei, spoke at a dinner sponsored by Liberty International, in Buenos Aires (at the beautiful Palacio Paz). He got a standing ovation and was mobbed by his fans.
After his talk, I was given the opportunity to present to him the Spanish translation of "The Making of Modern Economics."
His eyes lit up and he said in perfect English, "Oh, you're Mark Skousen! I've read your book and I love it!" (see photos below, taken by my wife Jo Ann.)
We didn't have much time to talk, but Milei indicated that my book has influenced his efforts to bring back the glory days of Argentina. (120 years ago, it was ranked the 6th most prosperous country in the world).
He spoke forcefully about replacing the failed Peronista model with the "New Argentina" model of broad economic freedom.
He's still popular after reducing inflation from 250% a year to under 20%, cutting the federal budget by 30%, laying off unnecessary federal workers and growing the economy through tax cuts and deregulations. Foreign money is coming back dramatically, and real estate is booming after he lifted rent controls.
He has plenty of work to do. Argentina is still struggling to recover for decades of mismanagement, corruption, inequality and inflation under the Peronistas. Heritage's 2024 Economic Freedom Index still ranks Argentina #154 out of 184 nations, "mostly unfree," but recognizes that under Milei's leadership, its economic freedom index is rising again, and the stock market there has doubled since he was elected in late 2023.
Vive la Libertad!
What Others Are Saying
"The Making of Modern Economics" is, according to Richard Rahn, "the single best economics book ever written." Milton Friedman said, "All histories of economics are BS -- Before Skousen!" See why here: The Making of Modern Economics -- MSKOUSEN.COM.
Business leaders have also enjoyed the book. John Mackey, former CEO of Whole Foods Market, read the audio book. "Mark's book is fun to read on every page," he said. "I have read it three times, and listened to it on audio tape on my summer hike. I love this book and have recommended it to dozens of my friends." | | The Policy Trade Nobody's Talking About Every major policy change creates winners and losers, but most people discover the opportunities after the big moves are over. VantagePoint's A.I. processes Global Intermarket Analysis to identify which assets benefit before the crowd catches on.
Right now, the algorithms are highlighting specific entry points that could position you ahead of the policy-driven momentum. The window for early positioning typically lasts 24-48 hours. [See today's A.I. predictions →] | | | This Letter Made My Day
Last May, I received a letter about the book. It made my day… week… month… and year!
It came from Dick Armey, former House Majority Leader, who is also a PhD economist who taught at major universities in Montana and Texas before running for office. He is also founder of FreedomWorks, and a strong advocate of the flat tax, privatization and free trade.
He gave me permission to reprint his letter:
"Dear Mark:
In 2004, you gave me a copy of your book "The Making of Modern Economics." For some sorry reason I set it aside and did not rediscover it until recently. More is the pity for me. I have now read it, and I must say I was enthralled, edified and entertained from start to finish.
It is beyond all doubt the best book of its kind, and I have read many of them, that I have ever read. Thank you for a gift beyond what I might have dared to hope and please forgive me my remissness. I carried it with me for weeks and repeatedly reviewed much of it.
If the rest of you want to know who we are and from whence we came, you can do no better than to read this book."
Signed "Dick Armey."
I've received a lot of accolades for my history, but this one is the most unique. It took 21 years for Dick Armey to review it!
Will wonders never cease?
How to Order My Book at a Discount
Routledge charges $55.95 plus postage for the paperback, but you can buy it at a substantial discount ($37) at https://skousenbooks.com. I autograph all copies and mail them at no extra charge inside the United States.
Order your copy today! Plus they make an excellent gift to students.
Good Investing, AEIOU,
Mark Skousen
Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
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FreedomFest | | Is Miami International Airport the Worst in the Country? By Mark Skousen
Editor, Forecasts & Strategies
This week, we flew from Buenos Aires into the Miami International Airport, in hopes of making a connecting flight to Orlando. What a disaster!
In the 1980s, when we lived in the Bahamas, we would fly into Miami frequently. At that time the Miami International Airport was convenient and relatively small. We loved it.
No longer. The Miami airport has grown into a monstrosity that requires literally miles to navigate if you want to make a connection. It requires sometimes over an hour to make it from the international terminal to the domestic terminals. In particular, American Airlines uses Terminal D, which may well be the longest in the United States. It should be called "Interminal D."
We calculated that we were running for 95 minutes from the international terminal to find the American Airlines gate for Orlando, compounded by the fact that American changed the gate three times in one hour. We ended up missing our flight as a result, and had to take another flight three hours later. We also took the SkyTrain twice to get to Terminal E for our second flight to Orlando. What a nightmare.
Miami could learn from the Orlando International Airport, which handles 40 million visitors a year. Once you get pass the TSA lines, getting to your gate is fairly easy. Even the Atlanta Airport and Chicago Ohara are easier to navigate. | | | About Mark Skousen, Ph.D.:
 Mark Skousen is an investment advisor, professional economist, university professor, author of more than 20 books, and founder of the annual FreedomFest conference. For the past 40+ years, Dr. Skousen has been investment director of the award-winning newsletter, Forecasts & Strategies. He also serves as investment director of four trading services: TNT Trader, Five Star Trader, Low Priced-Stock Trader, and Fast Money Alert. | | | | | |
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