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Economics is full of puzzles and paradoxes that often frustrate and
challenge everyone, including economists. This engaging book
includes fifty puzzles and focuses on three types of paradox.
First, everyday observations that appear to belie common sense
(such as, why do some supermarket items sell for more per ounce in
larger sizes?). Secondly, those paradoxes which have perplexed
economists in the past but have since been fairly resolved (such
as, the diamond-water paradox). Finally, empirical or conceptual
anomalies that remain unresolved and present a challenge to today's
economists (such as the voting paradox).Fifty puzzles and paradoxes
are analysed in a clear framework. Examples include: the fairness
of market wages, the alleged gold absurdity, Giffin goods and the
Irish potato famine, the paradox of thrift, the supposed perversity
of Wall Street, the leisure paradox, why the best Washington apples
are shipped out of state (the Alchian-Allen theorem), the question
of whether teachers are underpaid, whether studying economics makes
people immoral and whether war is good for the economy. This
original and unusual book will have a wide appeal, ranging from the
lay person with an interest in everyday economic puzzles, to the
student and teacher wishing to develop their understanding of some
of the paradoxes that have existed and continue to exist in
economics. It will serve as an ideal source for teachers who want
to challenge their students with unusual economic problems.
Here is a bold history of economics - the dramatic story of how the
great economic thinkers built today's rigorous social science.
Noted financial writer and economist Mark Skousen has revised and
updated this popular work to provide more material on Adam Smith
and Karl Marx, and expanded coverage of Joseph Stiglitz,
'imperfect' markets, and behavioral economics.This comprehensive,
yet accessible introduction to the major economic philosophers of
the past 225 years begins with Adam Smith and continues through the
present day. The text examines the contributions made by each
individual to our understanding of the role of the economist, the
science of economics, and economic theory. To make the work more
engaging, boxes in each chapter highlight little-known - and often
amusing - facts about the economists' personal lives that affected
their work.
* The book is written in a lively style and includes text boxes
highlighting little-known and often amusing facts about these
famous economists, all of which add colour to the text * Provides a
comprehensive overview of the historical development of economic
thought and of its relevance to contemporary policy issues * Offers
an Austrian economics perspective, in contrast to the competing
textbooks * Updated to cover MMT (modern monetary theory), climate
change, the COVID-19 pandemic; minimum wage debates, Schumpeter and
socialism, Malthus and immigration, and more
* The book is written in a lively style and includes text boxes
highlighting little-known and often amusing facts about these
famous economists, all of which add colour to the text * Provides a
comprehensive overview of the historical development of economic
thought and of its relevance to contemporary policy issues * Offers
an Austrian economics perspective, in contrast to the competing
textbooks * Updated to cover MMT (modern monetary theory), climate
change, the COVID-19 pandemic; minimum wage debates, Schumpeter and
socialism, Malthus and immigration, and more
Here is a bold history of economics - the dramatic story of how the
great economic thinkers built today's rigorous social science.
Noted financial writer and economist Mark Skousen has revised and
updated this popular work to provide more material on Adam Smith
and Karl Marx, and expanded coverage of Joseph Stiglitz,
'imperfect' markets, and behavioral economics.This comprehensive,
yet accessible introduction to the major economic philosophers of
the past 225 years begins with Adam Smith and continues through the
present day. The text examines the contributions made by each
individual to our understanding of the role of the economist, the
science of economics, and economic theory. To make the work more
engaging, boxes in each chapter highlight little-known - and often
amusing - facts about the economists' personal lives that affected
their work.
In 2014, the U. S. government adopted a new quarterly statistic
called gross output (GO), the most significance advance in national
income accounting since gross domestic product (GDP) was developed
in the 1940s. The announcement came as a triumph for Mark Skousen,
who advocated GO nearly 25 years ago as an essential macroeconomic
tool and a better way to measure the economy and the business
cycle. Now it has become an official statistic issued quarterly by
the Bureau of Economic Analysis at the U. S. Department of
Commerce. In this new revised edition of Structure of Production,
Skousen shows why GO is a more accurate and comprehensive measure
of the economy because it includes business-to-business
transactions that move the supply chain along to final use. (GDP
measures the value of finished goods and services only, and omits
B-to-B activity.) GO is an attempt to measure spending at all
stages of production. Using GO, Skousen demonstrates that the
supply-side of the business spending is far more important than
consumer spending, is more consistent with economic growth theory,
and a better measure of the business cycle.
History comes alive in this fascinating story of opposing views
that continue to play a fundamental role in today's politics and
economics. "The Big Three in Economics" traces the turbulent lives
and battle of ideas of the three most influential economists in
world history: Adam Smith, representing laissez faire; Karl Marx,
reflecting the radical socialist model; and John Maynard Keynes,
symbolizing big government and the welfare state. Each view has had
a significant influence on shaping the modern world, and the book
traces the development of each philosophy through the eyes of its
creator. In the twenty-first century, Adam Smith's "invisible hand"
model has gained the upper hand, and capitalism appears to have won
the battle of ideas over socialism and interventionism. But author
Mark Skousen shows that, even in the era of globalization and
privatization, Keynesian and Marxian ideas continue to play a
significant role in economic policy.
EconoPower will provide you with a firm understanding of the
influence of modern economics and how it can be used to improve the
world we live in. It offers practical advice on numerous personal
financial matters earning, saving, investing, and retiring based on
the breakthrough contributions of behavioral economists. And it
looks at how economists are working successfully on issues such as
public education, crime, and global warming. EconoPower also
examines how a new economic philosophy may dominate the new
millennium.
The case for returning to a gold standard has usually been made on
a political, not economic basis. In this new edition of his classic
work, Mark Skousen introduces the key concepts and research showing
the case for gold from an economic standpoint while offering
realistic scenarios for how gold could once again become the basis
of a monetary system.
ContentsFree Money - Is Sound MoneyHans F. SennholzThe
SolutionMurray N. RothbardA Golden ComebackMark SkousenThe Great
Gold RobberyJames BovardGold StandardsCharles CurleyCloser Look at
GoldCharles E. WeberGold Has Risen - But Remains the SameDonald
McLaughlinGold Is Legal, But.....Robert G. AndersonLetter from the
Paper PlanetErnest G. RossPrecious Metals Investing TipsAdam
Starchild
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