Dear friends, Another free-market economist has passed away. Robert Lucas, Jr. (1937-2023) died today at the age of 85. He was one of the many Chicago economists who won the Nobel prize, his in … [Read More...]
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Robert Lucas, Jr., Nobel Prize Winner, R.I.P.
Dear friends, Another free-market economist has passed away. Robert Lucas, Jr. (1937-2023) died today at the age of 85. He was one of the many Chicago economists who won the Nobel prize, his in 1995 for popularizing the "rational expectations" school of … [Read More...]
Stanley Engerman, Co-Author of “Time on the Cross,” R. I. P.
Stanley Engerman, economic historian at the University of Rochester, died on May 11, 2023, at age 87: See https://brightonmc.com/obituaries/stanley-lewis-engerman/2632/ When I was a student at BYU in 1971, my economics professor Larry Wimmer arranged for me … [Read More...]
FreedomFest 2019: Mark Skousen & Jo Ann Skousen – Investing for Two: How Couples Can Successfully Manage Their Finances Breakfast
Three Nobel Prize Winners Endorse New Macro Statistic
by Mark Skousen I now have three Nobel prize winners who are encouraging my development of gross output (GO) as the "top line" in national income accounting, as a complement to GDP as the "bottom line": "Mark … [Read More...]
Supply Chain Business Still Growing: Recession Fears May Not Pass GO
Washington, DC (Thursday, September 29, 2022): Today, the federal government released gross output (GO) – the measure of total spending in the economy – for the second-quarter 2022. Inflation-adjusted real GO increased 1.6% in the second period 2022. While … [Read More...]
Are economists the slowest learners?
Dear friends of freedom, Peter Drucker once said, "Economists are the slowest learners." I never believed that....until now. See the announcement below from the American Economic Association. I was very much looking forward to attending and maybe … [Read More...]
FreedomFest Agenda – Here’s a preview:
Dear friends of FreedomFest, The excitement is building for our July 13-16 intellectual feast at the Mirage in Las Vegas. The complete agenda with 250 speakers will be posted in a few days at www.freedomfest.com, but here are a few sessions that might … [Read More...]
Richard Rahn Reviews “The Making of Modern Economics” by Mark Skousen
Richard W. Rahn — economist, syndicated columnist and entrepreneur — reviewed the most recently updated fourth edition of The Making of Modern Economics by Mark Skousen. Here is the full review originally published in The Washington Times, on March 28, … [Read More...]
“The Making of Modern Economics” – The book the New Socialists fear the most
Good news! The brand-new fourth edition of “The Making of Modern Economics” has just been published by the prestigious publisher Routledge (publisher of the works of Friedrich Hayek). And it’s available for half off the retail price and shipping! Guess … [Read More...]
Why Ben Franklin Matters
Today is the 316th anniversary of the birth of founding father extraordinaire Benjamin Franklin (1706 – 1790). Franklin was an inventor, the first scientific American, the first diplomat of the United States, the first postmaster and a signer of both the … [Read More...]
Economy Slows, But the Outlook is Still Positive
Washington, DC (Wednesday, December 22, 2021): Today, the federal government released gross output (GO) – the measure of total spending in the economy – for the 3rd quarter. Real GO rose 4.4% (after inflation), a slowdown in the economy compared to the 2nd … [Read More...]
Samuelson vs Friedman, Match of the Century
By: Mark Skousen First published in the March 1999 issue of Liberty magazine. … [Read More...]
Despite Higher Inflation, the U.S. Economy Continues to Boom: Gross Output (GO) Hits $50 Trillion!
Washington, DC (Thursday, September 30, 2021): For the first time in history, total spending in the economy, Gross Output (GO), hit $50 trillion 2021, based on the latest economic data release. Gross Output (GO) is the top line in national income accounting; … [Read More...]
Are We Rome?
By Mark Skousen Talk delivered on Saturday, September 11, 2021, Kimber Academy in Lehi, Utah and Liberty United Festival in Vineyard, Utah “History does not repeat itself, but it does rhyme.” – Mark Twain “In the end, there was no money left to … [Read More...]
While Inflation Threatens, the U.S. Economy is Firing on All Cylinders
Washington, DC (Thursday, June 24, 2021): On June 24, 2021, the federal Bureau of Economic Analysis (BEA) released data for the first quarter 2021 Gross Output (GO) – the most comprehensive measure of total spending in the economy, including the supply … [Read More...]
Fun Things to Do at FreedomFest This July
We already have more than 2,000 registered attendees for FreedomFest next month. We could have a record this year. Over a hundred people are signing up every week.Our line-up of speakers, panels and debates can’t be beaten. Our entire program has now been … [Read More...]
Where’s Walter Lippmann when we need him?
Columnist and author Walter Lippmann (1889-1974) was considered the most influential journalist of the 20th century. Who is the Walter Lippmann of our day? Richard Rahn, who writes for the Washington Times, comes the closest. He focuses on ideas and … [Read More...]
Gross Output (GO) Growth Outpaces GDP Again to Suggest Robust Recovery
Washington, DC (Thursday, March 25, 2021): On March 25, 2021, the federal Bureau of Economic Analysis (BEA) released data for the fourth quarter 2020 gross output (GO) – the most comprehensive measure of total spending in the economy, including the supply … [Read More...]
Business-to-Business (B2B) Spending Grows Faster Than GDP!
Washington, DC (Tuesday, December 22, 2020): On December 22, 2020, the federal Bureau of Economic Analysis (BEA) announced that gross output (GO) – the most comprehensive measure of total spending in the economy, including the supply chain – rose dramatically … [Read More...]
Ideal Holiday Gift! New 10th Anniversary Release of “The Maxims of Wall Street”
Dear friends, A hundred years ago, in 1920, the great author and poet Rudyard Kipling wrote a poem, “Gods of the Copybook Headings.” He was referring to the proverbs or maxims often drawn from sermons, almanacs, and scriptures extolling virtue and wisdom … [Read More...]
Ezra Taft Benson’s Remarks at FEE Headquarters in New York, May 1977
In 2001-02, I served as president of the Foundation for Economic Education (FEE), the oldest free-market educational institution in the United States. When I arrive I felt at home immediately when I saw the photographs of three members of my faith who had … [Read More...]
Elder Ezra Taft Benson Speaks in Communist Russia
“It was the most heart-rending and most inspiring scene I’ve witnessed.” --News reporter From the time he arrived, Ezra Taft Benson repeatedly requested that he be taken to visit one of the two Protestant churches in Moscow. … [Read More...]
10 LESSONS FOR 10-10-2020
This article was originally published on the FreedomFest Forum on October 10, 2020. The year 2020 has been anything but a year of seeing clearly. It has been characterized by uncertainty, divisiveness, and conflicting views. In the January prediction … [Read More...]
GO-Day Celebration
Dear friends, Good news! For the first time, the federal government (BEA) has released the "top line" gross output (GO) at the same time as the "bottom line" GDP. For years, publicly-traded companies have simultaneously posted the top line … [Read More...]
Macroeconomics on the GO: How Wall Street Economic Analysts Use Gross Output (GO)
Here are two examples of how private economic research firms are using gross output (GO) to analyze and predict the future of the economy, growth and the markets. 1. David Ranson, chief economist, HCWE, Inc. (formerly H. C. Wainwright Economics). … [Read More...]
Despite First Decline in More Than a Decade for Q1, Gross Output (GO) Might Still Offer Hope for a Robust Recovery in Late 2020
Washington, DC (Tuesday, July 7, 2020): On July 6, 2020, the federal Bureau of Economic Analysis (BEA) announced that gross output (GO) – the most comprehensive measure of total spending in the economy, including the supply chain – slowed dramatically in the … [Read More...]
My Schedule at FreedomFest 2020
by Mark Skousen Editor, Forecasts & Strategies Dear FreedomFest friends, Welcome to the most HISTORIC FreedomFest ever. The challenges have never been greater, even to put on “the world’s largest gathering of free minds.” Those of … [Read More...]
40 Year of Forecasts & Strategies
Dear friends, My publisher, Salem Eagle, has just posted my special 40th Anniversary Report, “Seven Golden Lessons: An Editor’s Perspective After 40 Years.” It contains all the valuable lessons I’ve learned in 40 years on Wall Street. Since starting my … [Read More...]
U.S. Economy on the GO: Total Spending Accelerates
Washington, DC (Thursday, January 9, 2020): On January 9, 2020, the Bureau of Economic Analysis (BEA) released the “top line” measure of total spending at all stages of the economy, known as gross output (GO), for the 3rd quarter 2019. Real GO rose 2.5%, … [Read More...]
THERE’S MUCH RUIN IN A NATION: MODERN MONETARY THEORY
By Mark Skousen Chapman University [email protected] “Today, as in the past, a sound money system is the condition of man’s freedom and the key to his future.” -- Jacques Rueff[1] Three heterodox economists William Mitchell and Martin Watts (both … [Read More...]
Steve Forbes on the GO: I Make the Forbes 400 Richest Issue!
I’m mentioned on page 22 for my gross output (GO) model. (Sorry, I may be worth several million, but not several billion!) Steve Forbes endorses my GO model, saying GO is a “far more comprehensive, realistic and enlightening picture than gross domestic … [Read More...]
MY INTELLECTUAL ANCESTORS
BY MARK SKOUSEN Presidential Fellow, Chapman University "If I have seen a little further, it is by standing on the shoulders of giants." -- Sir Isaac Newton Dear readers, I thought you'd get a kick out of this series of photos and quotes -- looks … [Read More...]
Trade War Threatens Recession
Washington, DC (Monday, July 29, 2019): On July 19, 2019, the federal government released gross output (GO) for the 1st quarter 2019, and the 1.6% real-term growth -- which was 30% lower than the 2.3% advancement from the previous period – strengthened the … [Read More...]
MY SCHEDULE AT FREEDOMFEST 2019
by Mark Skousen Editor, Forecasts & Strategies Dear FreedomFest friends, Welcome to another great FreedomFest, “the world’s largest gathering of free minds.” Every FreedomFest, the first thing I do is get the printed program and circle … [Read More...]
AUSTRIAN VS. CHICAGO ECONOMISTS: RESPONSE TO THE 2008 FINANCIAL CRISIS
By Mark Skousen Updated in 2019 “Blessed paper credit! Last and best supply! That lends corruption lighter wings to fly.” --Alexander Pope Since I wrote “Vienna and Chicago, Friends or Foes?” in 2005, we’ve suffered another monetary crisis, this one … [Read More...]
GO Confirms a Slow-Growth Economy as We Enter 2019
Washington, DC (Friday, April 19, 2019): Today the federal government released gross output (GO) for the 4th quarter 2018, and the increase (2.3% in real terms) confirmed a slow-growth economy as we enter a new year. For the entire year of 2018, real GO grew … [Read More...]
The US Economy is NOT Slowing Down. Business Spending Soars!
By Mark Skousen Editor, Forecasts & Strategies Washington, DC (Thursday, February 21, 2018): “Gross Output provides an important new perspective on the economy and a powerful new set of tools of analysis, one that is closer to the way many businesses see … [Read More...]
The Economist Publishes New Ad for “Making of Modern Economics”
The November 24th issue of The Economist, page 73, is running a new full-page color ad for "The Making of Modern Economics." Here is the ad. (click the image below to see a high resolution version of the ad) … [Read More...]
Gross Output Indicates Continued Boom in the U.S. Economy as Business Spending Expands Rapidly in Q2
Washington, DC (Thursday, November 1, 2018): Gross output (GO), the top line of national accounting that measures spending at all stages of production, continued to build on the growth from the first quarter and advanced at an even faster pace than GDP in the … [Read More...]
ADAM SMITH AND THE MAKING OF MODERN ECONOMICS
By Mark Skousen Presidential Fellow, Chapman University [email protected] (This paper is an expanded version of the first Adam Smith Lecture presented on September 24, 2018, at the Panmure House, Edinburgh, Scotland, sponsored by the Edinburgh School … [Read More...]
US Economy Continues to Expand, but Business Spending Slows Temporarily
Washington, DC (Friday, July 20, 2018): Gross output (GO), the top line of national accounting that measures spending at all stages of production, continued to expand in the first quarter, but at a slower pace than the previous quarter. Based on data … [Read More...]
Full Remarks by Steve Forbes On the Presentation of a Triple Crown in Economics to Mark Skousen
The following are Mr. Forbes remarks following Skousen’s session on “Adam Smith, Marx and Keynes: Who’s Winning the Battle of Ideas?” on Wednesday, July 11, 2018, at the Global Economic Summit, FreedomFest, Paris Resort, Las Vegas. Who's winning the … [Read More...]
STEVE FORBES AWARDS MARK SKOUSEN A TRIPLE CROWN IN ECONOMICS
For Immediate Release July 18, 2018 Washington, DC: Steve Forbes, chairman of Forbes Media and Editor-in-Chief of Forbes magazine, bestowed upon economist Mark Skousen a Triple Crown in Economics for his work in economic theory, history and … [Read More...]
Mark Skousen’s article on Revista Procesos de Mercado (Review of Market Processes)
Revista Procesos de Mercado (Review of Market Processes) has just published Mark Skousen's article, "Blocking Progress in Austrian Economics: A Rejoinder," where he defends his work in gross output (GO) and responds to a recent critique by Walter Block. … [Read More...]
If GDP Lags, Watch the Economy GO
‘Gross output’ reflects the full value of the supply chain, and it portends much faster growth. Reprinted from THE WALL STREET JOURNAL. By Mark Skousen The Bureau of Economic Analysis will release its preliminary first-quarter growth figure on … [Read More...]
Away We GO: Business Spending Accelerates in 4th quarter 2017
Washington, DC (Thursday, April 19, 2018) Gross output (GO), the top line of national accounting that measures spending at all stages of production, accelerated economic growth to record levels in the 4th quarter 2017. Based on data released on Thursday, … [Read More...]
GO Slow: New Leading Indicator Predicted Slowdown in GDP
by Mark Skousen Presidential Fellow, Chapman University Editor, Forecasts & Strategies For the previous two quarters (Q2 and Q3, 2017) Gross Output, the new broader measure of the economy that includes the supply chain, was growing at a slower … [Read More...]
THIRD QUARTER GROSS OUTPUT AND B2B SPENDING GAIN MOMENTUM
Washington, DC (Friday, January 19, 2018): Gross output (GO), the top line of national accounting that measures spending at all stages of production, gained momentum in the 3rd quarter 2017. Based on data released on Friday, January 19, 2018 by the BEA and … [Read More...]
2ND QUARTER GROSS OUTPUT SHOWS SURPRISE SLOWDOWN IN ECONOMY
Washington, DC (Thursday, November 2, 2017): Gross output (GO), the top line of national accounting and a leading economic indicator, grew at a slower pace than GDP in the second quarter 2017, indicating a sudden slowdown in economic activity. Mark Skousen, … [Read More...]
ANNOUNCING A NEW EDITION BREAKTHROUGH COURSE IN FREE-MARKET CAPITALISM
“Mark Skousen is America’s leading economic author because he roots his luminous books in the real world. He is the Hayek of our era.” – George Gilder Based on his popular classes at Chapman University and Columbia Business School, Professor Mark Skousen … [Read More...]
RAPID GROWTH IN 1ST QUARTER GO: ECONOMY IS NOT SLOWING DOWN
By: MARK SKOUSEN Washington, DC (Wednesday, July 26, 2017): Gross output (GO), the top line of national accounting that measures spending at all stages of production, continued to increase much faster than GDP in the first quarter 2017, indicating a … [Read More...]
GROSS OUTPUT AND B2B INDEX ADVANCE SHARPLY AFTER ELECTION
Washington, DC (Friday, April 21, 2017): Gross output (GO), the top line of national income accounting, increased sharply and much faster than GDP in the fourth quarter 2016, indicating a robust economy for 2017. “Whenever GO grows faster than GDP, it’s a good … [Read More...]
SECOND QUARTER GROSS OUTPUT AND B2B INDEX INCREASE, STILL NO SIGNIFICANT GROWTH OF THE U.S. ECONOMY.
By Mark Skousen Washington, DC (Thursday, November 3, 2016): Gross output, the top line of national income accounting, increased 1.1% in the second quarter of 2016, according to data released today by the Bureau of Economic Analysis. It is still sluggish … [Read More...]
FIRST QUARTER GROSS OUTPUT AND B2B INDEX POINT TO NEGLIGIBLE GROWTH OF THE U.S. ECONOMY
Washington, DC (Thursday, July 21, 2016): U. S. economic activity is still sluggish and without indication of significant growth. Economic data released today indicates that industries in the early stages of production are struggling, which could spell … [Read More...]
HOW BEN FRANKLIN SAVED THE POST OFFICE AND HELPED UNIFY AMERICA
By Mark Skousen Special to the Franklin Prosperity Report July 4, 2016 “In the fourth year of Franklin’s administration, [the Post Office] paid a profit for the first time in its history.” -- Thomas Fleming, “The Man Who Dared the Lightning” … [Read More...]
FreedomFest Fun Activities
In addition to all the great debates, presentation and hundreds of vendors in our exhibit hall. there are many other activities to occupy your time and challenge your intellect. One … [Read More...]
Big news: the Bureau of Economic Analysis (BEA) has changed its definition of GDP that starts with Gross Output.
This is a significant breakthrough, which I have encouraged them to do for some time. Here is the BEA’s official release (March 25, 2016), which re-defined GDP as follows: "Real gross domestic product -- the value of the goods and services produced by … [Read More...]
FOURTH QUARTER GROSS OUTPUT AND B2B INDEX POINT TO BUSINESS RECESSION
By Mark Skousen April 21, 2016 Washington, DC (Thursday, April 21, 2016): U. S. economic activity continued to slow dramatically in the 4th quarter 2015, threatening recession. As a whole, the growth rate of the economy was anemic, almost flat, for … [Read More...]
CATO INSTITUTE POLICY FORUM: “GO Beyond GDP: What Really Drives the Economy?”
We hear constantly that consumer spending is 70% of GDP and that consumer spending drives the economy. Our government often sets policies and spends taxpayer money in order to increase consumer spending in a misguided attempt to stimulate the … [Read More...]
ANNOUNCING THE NEW THIRD EDITION OF “THE MAKING OF MODERN ECONOMICS” BY MARK SKOUSEN
March 9, 2016: Today marks the 240th anniversary of the publication of “The Wealth of Nations,” by Adam Smith. On this day Dr. Mark Skousen is also pleased to announce the publication of the new third edition of his bestselling history, “The Making of Modern … [Read More...]
Announcing the New Third Edition of “The Structure of Production”
Federal Government Introduces a New Macro Statistic: A Triumph in Supply-side “Austrian” Economics and Say’s Law Mark Skousen, The Structure of Production. New York University Press. Third revised edition, 2015, 402 pages. $26 paperback. Available on … [Read More...]
My Friendly Fights with Dr. Friedman
The Rational, The Relentless - Liberty Magazine - September 2007 by Mark Skousen “To keep the fish that they carried on long journeys lively and fresh, sea captains used to introduce an eel into the barrel. In the economics profession, Milton Friedman is … [Read More...]
