Economic Logic Fourth Edition“Eureka! Skousen has done the impossible. Students love it! I will never use another textbook again.”—Harry Veryser, University of Detroit-Mercy They said it couldn’t be done. Austrian economics is so different, they said, that it couldn’t be integrated into standard “neo-classical” textbooks. Consequently, college students learn nothing about the great Austrian economists (Mises, Hayek, Schumpeter). Professor Mark Skousen’s Economic Logic aims to change that. Based on his popular course taught at Columbia University, Skousen starts his “micro” section with Carl Menger’s “theory of the good” and the profit-and-loss income statement to explain the dynamics of the market process, entrepreneurship, and the advantages of saving. Then he uses a powerful Hayekian four-stage model of the economy to introduce “macro,” including a new Austrian measure of spending at all stages of production (Gross Domestic Expenditures). Economic Logic also offers chapters on: The international gold standard, the defects of central banking, and the Mises/Hayek theory of the business cycle. A full critique of the Keynesian Aggregate Supply and Demand (AS-AD) model, and a revolutionary Austrian alternative. Entrepreneurship, the financial markets, environmental economics, monetary policy and inflation, federal spending and taxes, and government regulation. Leaders of all schools, including Austrian, Keynesians, Marxist, Chicago, and Public Choice. |
Contents
The Fundamentals of Economic Behavior | |
The Structure of Economic Activity | |
MICROECONOMICS | |
The Law of Demand | |
Supply and Demand | |
How Costs Affect Prices | |
Measures of Economic Activity Income and Wealth | |
Price Inflation and the Purchasing Power of Money | |
Money and the Commercial Banking System | |
GOVERNMENT POLICY | |
Fiscal Policy and the Role of Government | |
Government Revenues and Tax Policy | |
Deficit Spending and the National Debt | |
Government Regulations and Controls | |
Monopoly and Competition | |
Land Rent and Natural Resources | |
Wages Employment and the Productivity of Labor | |
The Role of Entrepreneurship | |
Understanding the Macro Economy | |
Environmental Economics | |
Economics of the Business Cycle | |
Capitalism Socialism and Democracy | |
Common terms and phrases
Adam Smith Aggregate American assets Austrian benefits business cycle capital central bank century Chapter commodities companies company’s competition consumer consumption corporate cost countries created crisis currency customers debt decline deficit Depression developed earned economic growth economists entrepreneur example exchange factors of production Federal Reserve Figure firms funds global gold standard higher important increase individuals industry inflation interest rates investment investors John Maynard Keynes Keynes Keynesian Keynesian economics labor land Ludwig von Mises macroeconomic major marginal Microsoft million Milton Friedman Mises monetary policy money supply output Phillips Curve principle production process profits purchase raise recession reduce regulation rent retail revenue rise role saving Say’s law sector sell social spending stage of production standard of living stock market supply and demand tax rate theory trade unemployment United University wages wealth workers