• Home
  • About Mark Skousen
    • Catalog
    • Mark Skousen Biography
    • Commonly Asked Questions
    • Jo Ann Skousen Biography
    • Mark Skousen’s Family and Famous Relatives
    • Books Recommended by Mark Skousen
    • Personal and Miscellaneous
  • Books
    • Economics Books
      • Economic Logic
      • EconoPower: How a New Generation of Economists Is Transforming the World
      • The Big Three in Economics: Adam Smith, Karl Marx and John Maynard Keynes
      • The Making of Modern Economics
      • The Structure of Production
      • Vienna & Chicago, Friends or Foes?
    • Finance and Investing Books
      • Maxims of Wall Street
      • A Viennese Waltz Down Wall Street: Austrian Economics for Investors
      • Investing In One Lesson
      • High Finance on a Low Budget
      • The New Scrooge Investing
  • Interviews
  • Appearances
  • Online Press Kit
    • Contact Information
    • Biographical Information
    • Headshots
    • List of Current Books
    • Forecasts & Strategies, Trading Services and Weekly Blog
  • FreedomFest
  • Persuasion vs. Force

MSKOUSEN.COM

Mark Skousen's Personal Website for the Best of Money & Economics

  • News
  • Economics
  • Personal Finance
  • Investing & Markets
  • Forecasts & Strategies
  • Politics & Liberty

AUSTRIAN VS. CHICAGO ECONOMISTS: RESPONSE TO THE 2008 FINANCIAL CRISIS

May 4, 2019 By Ned Piplovic 1 Comment

By Mark Skousen
Updated in 2019

 “Blessed paper credit! Last and best supply!
That lends corruption lighter wings to fly.”

–Alexander Pope

AUSTRIAN

Since I wrote “Vienna and Chicago, Friends or Foes?” in 2005, we’ve suffered another monetary crisis, this one so serious that it undermined the very foundation of our monetary and economic system and is known as the “Great Recession.”

How do the Austrian and Chicago economists differ when it comes to answer these questions:  What caused the financial crisis of 2007-09? What is the best way out of the crisis and Great Recession? Let’s first start with the Chicago school, and Milton Friedman’s famous article, “Why the American Economy is Depression-Proof.”

Is the US Economy Depression-Proof?

 In late 2009, I was in Stockholm, Sweden, for the Mont Pelerin Society meetings, where 300 top experts gathered from around the world. At this meeting, I organized a special ad hoc session reassessing Milton Friedman’s famous lecture “Why the American Economy is Depression-Proof.”[1]  Friedman gave this optimistic lecture in Sweden in 1954, at a time when some prominent economists and financial advisors were predicting another crash on Wall Street and a collapse in the economy. A little over 50 years later, in the face of the worst financial crisis since the Great Depression, everyone at the meeting wanted to know if Friedman, one of the founders of the international society, would change his mind. Nobody knows for sure, since Friedman died in late 2006, before the crisis started. I do know that until his death, he always defended his bold prediction. From 1954 until his death in 2006, the United States suffered numerous contractions in the economy, an S&L crisis, a major terrorist attack, and even a few stock market crashes, and still it avoided the “big one,” a massive 1930s’s style Depression characterized by an unemployment rate of 15% or more (Friedman’s definition of a depression).

In his lecture, Friedman pointed to four major institutional changes to keep another Great Depression was happening:  federal bank deposit insurance; abandonment of the international gold standard; the growth in the size of government, including welfare payments, unemployment insurance, and other “built-in” stabilizers; and most importantly, the Federal Reserve’s determination to avoid a monetary collapse at all costs. Because the public and officials are petrified by the possibility of another depression, Friedman predicted that any signs of trouble would lead the Federal Reserve to take “drastic action” and shift “rapidly and completely to an easy money policy.” Consequently, according to Friedman, rising inflation would be far more of a threat to post-war America than another Great Depression.

So far so good. But now, following the financial crisis of 2008, I suspect Friedman would be forced to revise his views if he were alive. Admittedly, Friedman is still technically correct. There was no Great Depression in 2008-09, that is, according to government statistics. The official unemployment rate rose to 10% in 2009, far below the 15% rate necessary to qualify as a “depression.”

However, it’s important to note that the official unemployment rate does not include discouraged workers who have stopped looking, and those numbers apparently are in the millions. According to economist John Williams, editor of Shadow Statistics, if you count discouraged workers, the real unemployment rate exceeds 20%. See the chart below.

AUSTRIANSource:  www.shadowstats.com

The Fed and the Federal government appear to have averted disaster once again, at least in the short term. Yet they were able to do so only by putting millions on unemployment insurance and welfare (over 47 millions on food stamps and Medicaid), taking on unprecedented powers, and adding trillions of dollars in debt that so weaken the government and the public’s trust in its financial capacity to avoid future economic difficulties, and could lead to runaway inflation or a deflationary collapse.

Clearly, bank failures are not a thing of the past, and there have been runs on commercial banks and other financial institutions (money market funds), although Friedman is right that most banks are now either taken over by the FDIC or the Treasury, or forced to merger with a bigger, safer bank. Still, major institutions like Bank of America and Citibank would not have survived had it not been for government bailouts.

Friedman also stated in his lecture, “There has been no major depression that has not been associated with and accompanied by a monetary collapse….Monetary contraction or collapse is an essential conditioning factor for the occurrence of a major depression.”

Yet a monetary expansion is no guarantee that a crisis can be avoided. In fact, the U. S. came awfully close to an economic collapse in late 2008 without any monetary contraction. During 2008, the money supply (M2) grew every month and 9% for the year. Clearly, monetary contraction isn’t the only source of instability in the economy. Economic disaster can also be precipitated by easy money, irresponsible banking practices, or perverse tax and regulatory policies. One of the weaknesses of the Friedman Chicago school approach is their belief that inflationary asset bubbles only have micro effects on the economy and can be defused without having a debilitating macroeconomic impact. The real-estate crisis of 2007-09 demonstrated otherwise, and that’s why most Chicago economists failed to predict

The Great Contraction, Updated

Interestingly, Friedman’s famous chapter, “The Great Contraction, 1929-1933,” taken from his magnum opus, A Monetary History of the United States, 1869-1960 (Princeton University Press, 1963), was reprinted in 2007, with a new introduction by his co-author, Anna J. Schwartz. The short book had long been out of print, and was brought back just before the real estate crisis started and after Milton Friedman died. It was perfect timing as we were about to witness the worst economic debacle since the Great Depression. Yet Professor Schwartz was oblivious to any evidence of a collapse. She wrote, “As the federal funds rate moves in a low and narrow range in response to low and stable inflation, volatility of the business cycle and real economy has moderated.”[2]

 

The Austrians Response

The Austrian economists, on the other hand, knew full well that the Fed’s artificial low interest rate policy and the government’s meddling with banks and mortgage companies to encourage excessive home ownership was about to blow up in their faces. Austrian financial economists, such as Peter Schiff, Bert Dohmen, and Fred Foldvary, anticipated the crisis, and said so in 2007 at FreedomFest. That is why I concluded “Advantage, Vienna” in the debate between the Austrian and Chicago schools on the business cycle (see chapter 6 of “Vienna and Chicago”).

Based on the Mises-Hayek theory of the business cycle, the Austrian economists proposed their fundamental thesis that monetary inflation is never neutral, and that asset bubbles cause unsustainable structural imbalances on a macro level. Inflation has negative unintended consequences. The Austrians knew that eventually a collapse was inevitable. As Ludwig von Mises once said, “We have outlived the short-run and are suffering from the long-run consequences of [inflationary] policies.”

At the end of our special session, I asked members of the Mont Pelerin Society how many of them still agreed with Friedman, that the American economy is “depression proof.” Only a handful raised their hands, and they were all American economists. The rest of the crowd, mostly from abroad, pointed out that most other countries did not suffer a banking crisis. The financial crisis was largely Anglo-American-induced. They agreed that until the United States adopts a stable monetary and banking system, it can no longer be considered depression-proof.

 

Government Response to the Crisis

What should the government do in response to the crisis, if anything? The United States and many other countries followed the standard Keynesian prescription — the government ran massive deficits and the central banks cut interest rates. In short, they engaged in easy money at all levels:  injecting liquidity and adopting activist fiscal and monetary policy.

The 2007 reprint of “The Great Contraction” published Fed chairman Ben Bernanke’s remarks at a 2002 conference in Chicago honoring Milton Friedman on his 90th birthday. At the end, he said, “I would like to say to Milton and Anna:  Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”[3]  Bernanke said he had learned the Friedman lesson well. The Fed would not allow the banking system to collapse and cause another Great Depression. Indeed, he lived up to his word during the 2008 financial crisis in injecting massive amounts of liquidity (fiat money).

Unfortunately, Bernanke failed to recognize the other lesson found in Friedman’s scholarly works:  activist fiscal policy doesn’t work and is unnecessary. In Friedman’s testing of Keynesian policy prescription, he found that the deficit spending multiplier was extremely low, not 4 or 5 as taught in the textbooks, but 0 to 1, in its impact on the economy. Recently Robert Barro (Harvard) concluded it was close to 0, no positive impact at all. The increase in government spending was largely offset by private spending declining (crowding out).

Friedman and the Chicago economists argued that the money multiplier resulting from the Fed buying government bonds and injecting liquidity into the banking system was much higher, as much as 3 or 4. Accordingly, Friedman advocated that the Fed should be the primary source of new stimulus to get the economy going again, and fiscal policy should remain stable.

In short, it was unnecessary and maybe even downright harmful for Ben Bernanke to have called Treasury Secretary Henry Paulson in September 2008, and encourage the Congress to get involved. According to this view, the trillion dollar deficits and TARP monies were completely unnecessary. Monetary policy could do all the heavy lifting. After TARP became law, I asked Glenn Hubbard, former president of the Council for Economic Policy under Bush and the dean of Columbia Business School, if the Fed had all the emergency powers necessary to buy any asset — Treasuries, mortgages, even stocks — to avert a meltdown, and he said emphatically, “Yes.” It was not necessary to get Congress involved.

 

Did the Fed Cause the Real Estate Bubble?

After the financial crisis, Ben Bernanke refused to take responsibility for the collapse—or the real estate bubble. He noted that the real estate boom was a worldwide phenomenon, ignoring the fact that the dollar is a world currency. But what about the Federal Reserve’s responsibility to be the chief banking regulator? I was in attendance in January 2007, when Bernanke presented a luncheon paper on “Bank Regulation,” in which he used the words “crisis” and “panic” 34 times. Surely Bernanke knew about the irresponsible “subprime” and “no doc” loans commercial and mortgage bankers were involved in. Shouldn’t Bernanke have had the “courage to act” (to use the title of his memoirs) to stop this nonsense when he became Fed chairman; and shouldn’t he have resigned in disgrace for allowing it to happen?

 

The Austrian Response: “Do Nothing”? 

The most extreme response to the financial crisis is the recommendation by some Austrian economists to “do nothing,” that is, for the government to let the malinvestments collapse on their own weight. Libertarian economist Jeffrey Miron, who teaches at Harvard, wrote an article entitled “The Case for Doing Nothing,” for Reason magazine in 2009. According to these economists, government should not increase spending (the Keynesian prescription) nor should the Fed engage in easy money and inject liquidity (the Monetarist solution)—both policies might make matters worse. If anything, the government should retrench like everyone else. This was known as the classical economic policy. Thomas E. Woods, Jr., Austrian economist with the Mises Institute, wrote about the 1920-21 period in American history as an example:

“The conventional wisdom holds that in the absence of government countercyclical policy, whether fiscal or monetary (or both), we cannot expect economic recovery — at least, not without an intolerably long delay. Yet the very opposite policies were followed during the depression of 1920–1921, and recovery was in fact not long in coming. The economic situation in 1920 was grim. By that year unemployment had jumped from 4 percent to nearly 12 percent, and GNP declined 17 percent. No wonder, then, that Secretary of Commerce Herbert Hoover — falsely characterized as a supporter of laissez-faire economics — urged President Harding to consider an array of interventions to turn the economy around. Hoover was ignored. Instead of “fiscal stimulus,” Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, ‘Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.’ By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and it was only 2.4 percent by 1923.”[4]

It takes a great deal of faith in capitalism to adopt this laissez faire policy in today’s world.

 

How to Order “Vienna and Chicago”

I refer to my book, “Vienna and Chicago, Friends or Foes?” as the Clash of the Titans. You can read more about it at http://mskousen.com/?s=vienna+and+chicago

It’s been endorsed by both sides – by Milton Friedman (Chicago school) and Roger Garrison (Austrian school). Supply side economist Art Laffer wrote me, “I don’t know whether I should love you or hate book. Your book was so good I spent half a day plus avoiding what I supposed to do in order to read it. It’s great!”

To order, go to www.skousenbooks.com. The price is US$20, and I pay the postage if mailed inside the US. (Add $30 for airmail shipment outside the US.) Or call Harold at Ensign Publishing, 1-866-254-2057.


[1] Milton Friedman, “Why the American Economy is Depression-Proof,” lecture delivered in Stockholm in April, 1954, and reprinted in Dollars and Deficits (Prentice-Hall, 1658), pp. 72-96. Friedman’s controversial lecture is still not available online, although my response, “Why the U. S. Economy is Not Depression-Proof” is:  http://mises.org/journals/rae/pdf/RAE3_1_5.pdf

[2] Anna Jacobson Schwartz, “New Preface,” The Great Contraction, 1929-1933 (Princeton University Press, 2007), p. xi.

[3] Ben S. Bernanke, “Remarks,” The Great Depression, 1929-1933, p. 247.

[4] Thomas E. Woods, Jr., “The Forgotten Depression of 1920” (Mises Institute, November 27, 2009):  http://mises.org/daily/3788

Filed Under: Austrian Economics Article, Featured Post, Main Tagged With: Austrian Economics, Chicago Economics, Economy, Financial Crisis, Mark Skousen

Comments

  1. jasa punching surabaya says

    June 30, 2019 at 8:10 pm

    You actually make it appear so easy with your presentation however I to find
    this topic to be actually one thing that I feel I’d never understand.
    It sort of feels too complicated and very
    large for me. I’m taking a look forward for your next post, I
    will attempt to get the dangle of it!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Connect with Mark Skousen

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Mark Skousen’s Top Ten

Top Ten

Recent Posts

Gross Output

Supply Chain Business Still Growing: Recession Fears May Not Pass GO

Washington, DC (Thursday, September 29, 2022): Today, the federal government … [Read More...]

Are economists the slowest learners?

Dear friends of freedom, Peter Drucker once said, "Economists are the slowest … [Read More...]

FreedomFest Agenda – Here’s a preview:

Dear friends of FreedomFest, The excitement is building for our July 13-16 … [Read More...]

Making of Modern Economics

Richard Rahn Reviews “The Making of Modern Economics” by Mark Skousen

Richard W. Rahn — economist, syndicated columnist and entrepreneur — reviewed … [Read More...]

Making of Modern Economics

“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 … [Read More...]

Franklin

Why Ben Franklin Matters

Today is the 316th anniversary of the birth of founding father extraordinaire … [Read More...]

Economy

Economy Slows, But the Outlook is Still Positive

Washington, DC (Wednesday, December 22, 2021): Today, the federal government … [Read More...]

Samuelson vs Friedman, Match of the Century

By: Mark Skousen First published in the March 1999 issue of Liberty … [Read More...]

Gross Output

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, … [Read More...]

Are we Rome?

Are We Rome?

By Mark Skousen Talk delivered on Saturday, September 11, 2021, Kimber … [Read More...]

Economy

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 … [Read More...]

FreedomFest

Fun Things to Do at FreedomFest This July

We already have more than 2,000 registered attendees for FreedomFest next month. … [Read More...]

Walter Lippmann

Where’s Walter Lippmann when we need him?

Columnist and author Walter Lippmann (1889-1974) was considered the most … [Read More...]

Gross Output

Gross Output (GO) Growth Outpaces GDP Again to Suggest Robust Recovery

Washington, DC (Thursday, March 25, 2021): On March 25, 2021, the federal Bureau … [Read More...]

Gross Output

Business-to-Business (B2B) Spending Grows Faster Than GDP!

Washington, DC (Tuesday, December 22, 2020): On December 22, 2020, the federal … [Read More...]

Maxims

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 … [Read More...]

Ezra Taft Benson

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 … [Read More...]

Ezra Taft Benson in Russia

Elder Ezra Taft Benson Speaks in Communist Russia

    “It was the most heart-rending and most inspiring scene … [Read More...]

lessons

10 LESSONS FOR 10-10-2020

This article was originally published on the FreedomFest Forum on October 10, … [Read More...]

GO-Day Celebration

Dear friends, Good news!  For the first time, the federal government (BEA) … [Read More...]

Gross Output

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 … [Read More...]

Gross Output

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 … [Read More...]

FreedomFest

My Schedule at FreedomFest 2020

by Mark Skousen Editor, Forecasts & Strategies   Dear … [Read More...]

Forecasts & Strategies

40 Year of Forecasts & Strategies

Dear friends, My publisher, Salem Eagle, has just posted my special 40th … [Read More...]

GO

U.S. Economy on the GO: Total Spending Accelerates

Washington, DC (Thursday, January 9, 2020):  On January 9, 2020, the Bureau of … [Read More...]

MODERN MONETARY THEORY

THERE’S MUCH RUIN IN A NATION: MODERN MONETARY THEORY

By Mark Skousen Chapman University [email protected] “Today, as in the … [Read More...]

Forbes

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 … [Read More...]

MY INTELLECTUAL ANCESTORS

BY MARK SKOUSEN Presidential Fellow, Chapman University "If I have seen a … [Read More...]

Trade

Trade War Threatens Recession

Washington, DC (Monday, July 29, 2019): On July 19, 2019, the federal … [Read More...]

FreedomFest

MY SCHEDULE AT FREEDOMFEST 2019

by Mark Skousen Editor, Forecasts & Strategies   Dear FreedomFest … [Read More...]

Austrian

AUSTRIAN VS. CHICAGO ECONOMISTS: RESPONSE TO THE 2008 FINANCIAL CRISIS

By Mark Skousen Updated in 2019  “Blessed paper credit! Last and best … [Read More...]

Gross Output

GO Confirms a Slow-Growth Economy as We Enter 2019

Washington, DC (Friday, April 19, 2019): Today the federal government released … [Read More...]

Gross Output

The US Economy is NOT Slowing Down. Business Spending Soars!

By Mark Skousen Editor, Forecasts & Strategies Washington, DC (Thursday, … [Read More...]

Making of Modern Economics

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 … [Read More...]

Gross Output

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 … [Read More...]

Adam Smith

ADAM SMITH AND THE MAKING OF MODERN ECONOMICS

By Mark Skousen Presidential Fellow, Chapman … [Read More...]

Gross output

US Economy Continues to Expand, but Business Spending Slows Temporarily

Washington, DC (Friday, July 20, 2018):  Gross output (GO), the top line of … [Read More...]

Steve Forbes

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, … [Read More...]

Steve Forbes

STEVE FORBES AWARDS MARK SKOUSEN A TRIPLE CROWN IN ECONOMICS

For Immediate Release July 18, 2018 Washington, DC:  Steve Forbes, chairman … [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 … [Read More...]

If GDP Lags, Watch the Economy GO

‘Gross output’ reflects the full value of the supply chain, and it portends much … [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 … [Read More...]

GO

GO Slow: New Leading Indicator Predicted Slowdown in GDP

by Mark Skousen Presidential Fellow, Chapman University Editor, Forecasts … [Read More...]

gross output

THIRD QUARTER GROSS OUTPUT AND B2B SPENDING GAIN MOMENTUM

Washington, DC (Friday, January 19, 2018): Gross output (GO), the top line of … [Read More...]

2ND QUARTER GROSS OUTPUT SHOWS SURPRISE SLOWDOWN IN ECONOMY

Washington, DC (Thursday, November 2, 2017): Gross output (GO), the top line of … [Read More...]

Economic Logic

ANNOUNCING A NEW EDITION BREAKTHROUGH COURSE IN FREE-MARKET CAPITALISM

“Mark Skousen is America’s leading economic author because he roots his luminous … [Read More...]

Gross Output

RAPID GROWTH IN 1ST QUARTER GO: ECONOMY IS NOT SLOWING DOWN

By: MARK SKOUSEN Washington, DC (Wednesday, July 26, 2017): Gross output … [Read More...]

GROSS OUTPUT AND B2B INDEX ADVANCE SHARPLY AFTER ELECTION

Washington, DC (Friday, April 21, 2017): Gross output (GO), the top line of … [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, … [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 … [Read More...]

HOW BEN FRANKLIN SAVED THE POST OFFICE AND HELPED UNIFY AMERICA

By Mark Skousen Special to the Franklin Prosperity Report July 4, … [Read More...]

FreedomFest Fun Activities

In addition to all the great debates, presentation and hundreds of vendors in … [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 … [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):  … [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 … [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 … [Read More...]

Announcing the New Third Edition of “The Structure of Production”

Federal Government Introduces a New Macro Statistic: A Triumph in Supply-side … [Read More...]

My Friendly Fights with Dr. Friedman

The Rational, The Relentless - Liberty Magazine - September 2007 by Mark … [Read More...]

The Making of Modern Economics

Recent Comments

  • Missy on Gary North, R. I. P.
  • Valerie on 10 LESSONS FOR 10-10-2020
  • Arch G. Woodside on The Other Austrian
  • Troy Lynch on Gary North, R. I. P.
  • Wayne Flanagan on Ideal Holiday Gift! New 10th Anniversary Release of “The Maxims of Wall Street”

Contact Mark Skousen

Personal Email

Forecasts & Strategies Email

FreedomFest Email

Social Media:
Facebook
LinkedIn
Twitter

Websites:
mskousen.com
markskousen.com
freedomfest.com

Mark Skousen Newsletters

 Mark Skousen Investment Newsletters

Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He also is editor of three trading services, Skousen Private Equity Trader; Skousen High-Income Alert and Fast Money Alert.

Jo Ann Skousen’s Odds & Trends

Jo Ann Skousen

Movie reviews, theater reviews, and commentaries by Jo Ann Skousen, author, editor, professor and Mark's wife of 41 years. She is the Festival Director for the Anthem Libertarian Film Festival and the entertainment editor for Liberty Magazine.

Mark Skousen’s Investor’s CAFE

Mark Skousen Investors CAFE

Skousen Investor CAFÉ is a weekly electronic newsletter written by Dr. Mark Skousen. Mark offers commentary on the markets, the economy, politics and other topics of interest and what they mean to individual investors. Sign up for FREE here.

FreedomFest Conference


FreedomFest is an annual festival in Las Vegas where free minds meet to celebrate “great books, great ideas, and great thinkers” in an open-minded society. It is independent, non-partisan, and not affiliated with any organization or think tank.

Anthem Film Festival

Anthem Libertarian Film Festival

Anthem is the only film festival in the country devoted to promoting libertarian ideals. Anthem shows films and documentaries that celebrate self-reliance, innovation, commerce, individual rights, and the power of persuasion over force. We are looking for the year's best films about personal and civil liberty.

Copyright © 2023 · Mark Skousen · Log in

✖
  • jasa punching surabaya

    You actually make it appear so easy with your presentation however I to find
    this topic to be actually one thing that I feel I’d never understand.
    It sort of feels too complicated and very
    large for me. I’m taking a look forward for your next post, I
    will attempt to get the dangle of it!

  • Cancel reply

    Cancel