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DISCLOSURE: This is a paid advertisement for RAD Intel's Reg A offering. Please read the offering circular and related risks at https://invest.radintel.ai | | | "It's time for you as America's economist to MEGA -- Make Economics Great Again!" -- Professor Sean Fynn, Scripps College
Ronald Reagan and Donald Trump campaigned on the slogan, "Make America Great Again." It's a tall order, and Americans differ on what that means.
Last week, Sean Flynn, the talented professor of economics at one of the Claremont colleges in California, challenged me to begin a MEGA campaign: Make Economics Great Again.
Professor Flynn has already done his part as the author of "Economics for Dummies" and acting as the primary writer of the popular McConnell Brue Flynn textbook. I applaud his success.
What I like about Sean Flynn is that he's open to introducing new ideas to his students. For example, he was one of the first textbook writers to introduce gross output (GO), the "top line" statistic, in his chapter on national income accounting.
But there's still much more work to be done.
I've devoted my entire career to Making Economics Great Again as a teacher to students (professor at several colleges and universities) and investors (as editor of Forecasts & Strategies) and as a lecturer at top schools (I've spoken now at over 110 institutions of higher learning).
Now it's time to double my efforts, and with your help we can do it. Let me explain.
'Economics on Trial'
In 1993, I wrote a bestselling book "Economics on Trial: Lies, Myths and Realities," published by Dow Jones Irwin, which also publishes the Wall Street Journal.
Economics is a popular college major, but students are often misled by flawed principles. They are frequently taught that government deficit spending and inflation are either harmless or beneficial for the economy, that the wealthy aren't contributing their fair share, that large corporations prioritize profits over ensuring a living wage for workers and that laissez-faire capitalism is responsible for environmental destruction, increasing inequality, harming the poor and causing periodic crises that require government intervention.
All these statements are either myths or misconceptions of the free market.
I've Written Two Bestselling Books on Economics for Laymen
I've written two bestselling books for Americans, both students and investors, to set the record straight.
In this Skousen CAFÉ, I ask you to help me spread the principles of sound economics.
Here are two things you can do:
First, encourage students, teachers and investors to read my two books on sound economics.
Steve Hanke, professor of economics at Johns Hopkins University, says it best:
"When asked for a short reading list to introduce economics, I respond by recommending two volumes by Mark Skousen: 'Economic Logic' and 'The Making of Modern Economics.' They provide a superb one-two punch. Economic principles, problems and puzzles are clearly and comprehensively dealt with. Importantly, Skousen knows his history of economic thought and informs readers about the blood, sweat and tears that have gone into producing modern economics."
Let me talk about each book and why they are vital to my mission of teaching sound economics, and to Making Economics Great Again. | | Once Accessible ONLY to the Wealthy, Private Equity is Now Available to ALL! Ranked as one of America's Top Economists, Dr. Mark Skousen, has uncovered a way for regular folks to access private equity investments without being wealthy or accredited! No more lawyers or private bankers. In fact, this company is Mark's largest personal holding!
How? It's through a private equity investment vehicle that's publicly traded. This company trades like a stock but invests in private companies most investors can't touch, and get this… It has an 8% Dividend Yield!
To learn more about this company and how to participate, watch this full research briefing right now. | | | Introducing Real World 'Common Sense' Economics
My plan to MEGA is to introduce practical models in my "Economic Logic" textbook, newsletters and lectures. How?
First, I teach economics based on my real-world experience running successful businesses (such as my publishing business and FreedomFest) and investing in the stock market.
It was there I discovered that the best way to introduce "micro" economics is with the profit-and-loss income statement that accountants and financial experts rely on to run businesses and pick winning stocks.
Every day on Wall Street analysts review the quarterly financial statements and estimate the "top line" (sales/revenues) and the "bottom line" (net income, profit) of private firms.
The P&L statement can explain why the quantity, quality and variety of goods and services have increased dramatically for both rich and poor.
"Economic Logic," now in its 6th edition and published by Capital Press, is the ONLY econ textbook that starts with the P&L statement. It's the best way for students to understand how the economy really works.
The principles of supply and demand are also important, but I introduce them in later chapters, after I explain the vital role of profits and losses.
Academic economists often have little real-world experience; they focus on theoretical "blackboard" economics. Many don't watch CNBC or Bloomberg; they don't know the difference between "P&L," "top line" and "bottom line" lingo of Wall Street analysts.
At the most recent American Economic Association (AEA) meetings in San Francisco, I ran into an author who was promoting his book on "real world" economics. I asked him, "Do you know what a P&L statement is?" He shook his head. "How about top line and bottom line?" Again, he didn't have a clue. In other words, he really didn't have any real-world experience as a businessman or investor.
Students love my approach because they are introduced to the practical side of the economy. It's a crash course in "common sense" economics.
Introducing My Universal Four-Stage Model of the Economy
Second, I introduce students to the macro economy with my "stages of production" approach. It's a four-stage model that is perfectly understandable in the business world.
Every good and service goes through all four stages -- natural resources, production, distribution and final use (consumption). For example, wheat is made into flour, flour into bread, which is packaged and shipped to the grocery store and sold to the consumer.
As Nobel laureate Sir John Hicks states, "The concept of production as a process in time… is the typical businessman's viewpoint, nowadays the accountant's viewpoint, in the old days the merchant's viewpoint."
I start with an example every student can relate to: Starbucks coffee. Here is my four-stage diagram:
Micro Model of the Economy: Starbucks Coffee Example
Source: "Economic Logic", 6th edition, figure 14.2, p. 333. I thank John Taylor (Stanford University) for providing this example.
The production of a cup of coffee at Starbucks starts with stage one, the coffee grower; moves to stage two, the coffee producer; then in stage three, the packaged coffee is shipped; and in the final stage four, the Starbucks machine turned it into a cup of coffee. At each stage of production, each firm adds value to goods in process, which ultimately sells for $5 to the consumer.
The Four-Stage Macro Model
The four-stage macro model is more general. Here is the diagram:
Four-Stage Macro Model of the Economy
Source: "Economic Logic", 6th edition, figure 14.3, p. 334.
Simple, is it not?
Unfortunately, the above four-stage micro and macro models do not appear in any of the major textbooks today, except my "Economic Logic."
Today's textbooks focus on "aggregate supply and aggregate demand," which is a far cry from "common sense" real-world economics that I advocate. As John Hicks told me years ago, "It was a great mistake that most economists abandoned the stages-of-production model" in favor of their aggregate models.
But I'm convinced that with your help the two diagrams above will be adopted soon and can easily be integrated into today's textbooks.
How to Measure the 'Whole' Economy: Introducing GO
Another important change that needs to be made is to introduce to students to gross output (GO), which Rob Arnott calls "the best measure of the 'whole' economy."
Arnott is chairman of the highly respected Research Affiliates in Newport Beach, California, and a brilliant quantitative financial analyst who will be speaking at this year's FreedomFest.
Today's economists focus only on gross domestic product (GDP) as THE measure of the economy, but it has a serious weakness: It leaves out the all-important supply chain, which is bigger than GDP itself! GDP measures final output only or finished goods only. This is a major omission.
GO is a more comprehensive measure of total economic activity, because it includes the value of the all-important supply chain. Without the supply chain, you wouldn't have any GDP at all.
Steve Forbes says it best: "GDP is the X-ray of the economy; GO is the CAT-Scan."
In the four-stage diagram above, GO measures stages #1, #2, #3 and #4. GDP measures stage #4 only.
GO does not replace GDP, but complements it, and tells a different story. It proves that business spending is far bigger, far more volatile and far more important than consumer spending.
All students and investors need to know the importance of both GO (the top line) and GDP (the bottom line) in national income accounting.
As Nobel laureate Finn Kydland states, "By integrating the vital role of the supply chain into national income accounting, Mark Skousen's development of gross output has created a more dynamic and broader view of the economy, and of the central role that business plays in national income, the business cycle and economic growth. I recommend that economists seriously consider his new approach to macroeconomics."
Want to know more about "Economic Logic"? Find out here.
Take Action: Order 'Economic Logic' Today
I urge you to get started by ordering "Economic Logic" at a substantial discount at www.skousenbooks.com, and then encouraging high school and college teachers, and business leaders, to become educated in sound economics.
If you want something shorter, consider ordering my 15-page essay, "Economics of Life Made Simple" for $3 each at www.skousenbooks.com. This essay is a hit with accountants, lawyers, doctors and other non-economists.
My Second Important Book: A Dynamic History of the Great Economists
In addition to "Economic Logic," I've written a popular history of the great economic thinkers, starting with Adam Smith. It's vital that students of economics know the history of the great economic thinkers, including Adam Smith, Karl Marx, John Maynard Keynes and Milton Friedman.
In the past, the story of economics was no story at all. Previous histories divided economists by their school of thought -- classical, Marxist, Austrian, Keynesian and Chicago -- but made no attempt to link them together. It was just a hodgepodge of one economist's theory after another with no plot, storyline, hero or villain.
My book, "The Making of Modern Economics," first published in 2001 and now in its 4th edition, changed all that. Adam Smith and his system of natural liberty became the heroic figure, who came under attack by the Marxists, Keynesians and socialists… They often left Smith for dead, only to be resuscitated by his defenders: the French laissez-faire school, the Austrian, Chicago and supply-side supporters. In the end, the Adam Smith model of free-enterprise capitalism survives and triumphs with the collapse of the Berlin Wall and Soviet socialist central planning.
Thus, economics as history is unified as never before. As Milton Friedman said, "All histories of economics are BS -- Before Skousen!"
He Read My Book Eight Times!!
Recently, I received a letter from an Englishman, who wrote:
"I am an armchair economist and have consumed your book, 'The Making of Modern Economics' in print and audio eight times so far. It has become my economics encyclopedia, prompting me to read/listen to many of the books you mention in the text as I broaden my understanding of economics."
His reading my book eight times must be a record.
He has far surpassed John Mackey, the former CEO of Whole Foods Market, who wrote, "I've read Mark's book three times. It's fun to read on every page. I have recommended it to dozens of my friends."
There's a reason why my book has gone through four editions and is published by a major academic publisher (Routledge).
What's 'The Making of Modern Economics' All About?
Here are its unique features:
-- It's the only history with a hero, Adam Smith, and his "system of natural liberty," and a cunning plot: The father of free-market economics comes under attack by his enemies (socialists, Marxists and Keynesians) and is often left for dead, only to be rescued by his friends (French laissez-faire, Austrian, Chicago and supply-side schools) -- and in the end triumphs with the collapse of the Berlin Wall and the collapse of the Soviet central-planning model.
-- It offers the most devastating critique of both Marxism and Keynesianism, the two biggest critiques of free-market capitalism.
-- It includes five chapters on the Austrian and Chicago schools of free markets.
-- It is the only history with illustrations, portraits and photographs.
Want to know more? Go here to find out.
What Others Are Saying
Greg Feirman, manager of Top Gun Financial writes: "Skousen is a brilliant and prolific economist as well as writer of a popular financial newsletter, Forecasts & Strategies, for decades now. Because of his interest in financial markets, Skousen is an economist obsessed with the real-world applicability of his economic ideas. He has written over 20 books, including 'The Making of Modern Economics', the best history of modern economics around."
The late, great William F. Buckley, Jr. wrote, "I champion Skousen's book to everyone. I keep it by my bedside and refer to it often. An absolutely ideal gift for college students."
Richard Rahn states, "Mark Skousen has produced the single best book on virtually all of those who have had a significant impact in economics. It's a delight to read cover to cover." | | Historic Shifts in the Markets: Are You Ready? History shows that generational wealth is built in moments of massive change. Like Trump's early presidency that reshaped markets in days, we're entering another transformative period.
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Get The Inside Track Here | | | How YOU Can Make a Difference in Educating People about Sound Economics
If you would like to join me in the MEGA campaign, I suggest the following:
First, order copies of "Economic Logic," "The Making of Modern Economics" or my 15-page essay "Economics of Life Made Simple" at a super discount at www.skousenbooks.com.
See if my two books and essay don't offer the best "easy to understand" introductions to sound economics today.
Second, help me get my two textbooks adopted at private and public colleges and universities. With enough funds, I can hire a marketing expert to make the rounds at the major colleges to adopt these textbooks for thousands of college students.
I'm putting up my own money to do this, but if you can join me and matching my investment, contact me at mskousen@chapman.edu.
Finally, I'm planning to run full ads in various newspapers and magazines, as well as online promotions, to sell additional copies of my books. If you can match my cost, I can promote my books to a larger audience.
Onward! Let's Make Economics Great Again! Join me in a good cause.
How to Order 'Economic Logic' and 'Making of Modern Economics' at a Super Discount
The price of "Economic Logic" on Amazon is $82 plus shipping, but if you order through www.skousenbooks.com, you pay only $44. I autograph each book and mail it at no extra charge anywhere in the 50 states.
"The Making of Modern Economics" is only $37 postpaid through www.skousenbooks.com. It's also beautifully narrated as an audiobook by Robertson Dean on Amazon.
"Economics of Life Made Simple" costs $3 each (minimum order is three copies). Buy a dozen copies or more and pass them around to your friends, students and colleagues.
Meet Me at FreedomFest in Palm Springs and Let's Strategize
I'm planning a special session at FreedomFest, June 11-14, in Palm Springs, to discuss ways to MEGA -- Make Economics Great Again. Will you join me?
Sneak Preview: New Celebrity Speakers at FreedomFest in Palm Springs
I'm happy to announce an exclusive sneak preview of our two big-name speakers at this year's FreedomFest, June 11-14, 2025, at the Palm Springs Convention Center. They will be added to our www.freedomfest.com website soon! But, I wanted my subscribers to get advanced notice before the "early bird" discount ends in two weeks!
Kat Timpf! Kat is an American libertarian TV personality, writer and comedian who's famous for her regular appearance on Gutfeld! on Fox News. She graduated magna cum laude from Hillsdale College.
She will be speaking on her new books, "I Used to Like You Until" and "You Can't Joke About That." She will also talk about being a new mother and her fight against breast cancer. Not to be missed!
Adam Carolla! He hosts the hugely popular The Adam Carolla Show, a podcast which set the record as the "most downloaded podcast" as judged by Guinness. He plans to interview several big-name Hollywood celebrities in person at FreedomFest, TBA soon!
Adam will also headline our Punching Up Comedy Festival show.
This year's FreedomFest is gearing up to be most memorable. Other speakers include Steve Forbes, Art Laffer, Marc Eliot, Kennedy (Fox News) and financial gurus Jim Woods, Dave Phillips, Rob Arnott, Mike Turner, Alex Green and Rick Maybury (his first public appearance in 15 years). Over 200 speakers in all!
Early bird discount ends in two weeks, on March 31. Sign up now using the code EagleEB and get $150 off the retail price at www.freedomfest.com. Or call Hayley at 1-855-850-3733, ext. 202. You'll be glad you did.
Also, our hotel room block at the Renaissance Hotel is filling up fast. Now is the time to sign up. Go to Hotels & Airfare - FreedomFest.
Good Investing, AEIOU,
Mark Skousen
Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
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FreedomFest | | Hope for the Pope: How to Solve the Poverty Problem By Mark Skousen
Editor, Forecasts & Strategies
"Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime." -- Lao Tsu
"Governing a large country is like frying a small fish. You spoil it by too much poking." -- Lao Tsu
Last week, my wife and I took our three grandsons on the Grand Tour of Italy, visiting Milan, Venice, Florence, Pisa and Rome.
Much of the time was spent walking around and climbing up the stairs of giant Catholic cathedrals and visiting the Vatican.
In between, I read Pope Francis' autobiography ("first ever by a sitting pope") entitled "Hope."
Like many popes, Pope Francis believed his mission was like Mother Teresa's -- to help and shepherd the poor. Given that he is from Argentina, he writes, "The Latin American continent is marked by two realities: poverty and Christianity."
Pope Francis has seen firsthand the effects of poverty: millions in Latin America and around the world are poorly fed, poorly housed and poorly educated.
What to do about it? Some Catholic priests want the Church to "sell all they have and give to the poor," as Jesus admonished the young rich man in the Bible. But that radical policy is not likely to make any difference in the long run (as noted in the quote above by Tao Lzu).
Pope Francis himself endorses a form of "liberation theology," the Marxist doctrine that came out of Latin America. The Pope is a severe critic of capitalism. He wrote, "We can no longer trust in the unseen forces and the invisible hand of the market… where the powerful feed on the powerless."
He added, "Not to share one's wealth with the poor is to steal from them and to take away their livelihood. It is not our own goods which we hold, but theirs."
Strong words from the leader of the world's largest religion!
Unfortunately, the Pope is short on real solutions to poverty in his book. He endorses religious freedom but not the real solution to poverty, that is, economic freedom! He never once references the Economic Freedom Index, which shows clearly that countries that increase economic freedom reduce poverty and raise the standard of living of all citizens.
Courtesy of the Fraser Institute.
As you can see from this chart, courtesy of the Fraser Institute, most of Latin America is economically unfree. Chile is an exception -- and it's growing the fastest (see chart below, courtesy of Jose Pinera). Why? Because it has mostly adopted free markets since the 1970s.
Chart courtesy of Jose Pinera.
Robert Novak, author of "Will It Liberate?" states, "Revolutionaries seem most to create huge armies. Economic activists create jobs."
To truly liberate Latin America, the Pope should advocate open markets, foreign investment, low taxes, opportunities for business creation and ownership of property by all citizens, and political stability under the rule of law -- all sadly lacking in most parts of Latin America. | | | 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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