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

Economic Logic

Based on his popular classes at Chapman University and Columbia Business School, Professor Mark Skousen has just released the 5th edition of Economic Logic, the only “no compromise” college-level course in free-market economics.

It is uniquely based on his 40 years of experience as a CEO of several successful businesses, economic analyst for the CIA, president of a non-profit (FEE), and teacher at major colleges and universities.  (He has a Ph. D. in monetary economics from George Washington U.)  He is the founder of FreedomFest, “the world’s largest gathering of free minds.”  Dr. Skousen was recently ranked as one of the world’s top 20 most influential economists today.

Economic Logic is divided into 28 lessons or chapters, and is used as a primary textbook in over a dozen major colleges and universities.  It is designed to give you the analytical tools and market solutions to the most pressing problems facing business, government leaders, and individuals today:

  1. Real market solutions to the Great Recession and European debt crisis (including the hidden benefits of “austerity” programs).
  2. How John Mackey’s revolutionary “stakeholder” brand of “conscious capitalism” is destined to transform global business.
  3. Proof that the Federal Reserve is the engine of inflation, not the defender of sound money. (And why gold will never disappear as a monetary asset.)
  4. Why the Chinese model of state capitalism is destined to fail.
  5. How the Austrian school of Mises and Hayek trumps the Keynesians, Chicago monetarists, and Marxists. (Each chapter highlights an influential economist).
  6. How the welfare state violates the fundamental principles of sound economics, and how other countries have resolved the unfunded liability problem.
  7. Why saving, technology, entrepreneurship, and business investment drive the economy — not consumer spending or government stimulus.
  8. It introduces a major breakthrough in macroeconomics: a “top line” in national income accounting called gross output (GO), and why GDP distorts and leaves out critical information about production, consumption and investment.
  9. A full critique of Keynesian economics and the dangers of easy-money policies.
  10. Updates on the economics of global warming, Obamacare, and other threats to prosperity.

For more information, go to www.mskousen.com

 What Others Are Saying

 “Students love it.  I will never go back to another textbook.” – Prof. Harry Veryser (University of Detroit-Mercy)

From Amazon reviews:  “Ground breaking….Gave me a profound new understanding of real-world economics and personal finance….Easy to read without any need for math…My college economics courses, filled with perplexing theories like the paradox of thrift, GDP and Keynesian fiscal policy, were completely refuted in this excellent free-market textbook.”

Economic Logic

This new 5th ed. of Economic Logic is completely revised and updated, a 714-page workbook published by Capital Press/Regnery.  It retails for $79.95, but you pay only $39.95, plus $5 S&H (for all orders outside the US, add an additional $15).  For all credit call orders, call Ensign Publishing, toll-free 1-866-254-2057, or go to www.miracleofamerica.com.

Where Are the Best Schools in Austrian Economics?

Ideas On Liberty
Economics on Trial
July 2001

by Mark Skousen

“We must raise and train an army of fighters for freedom.”
—F. A. Hayek

Frequently students or parents approach me at investment or economics conferences with the question, “Can you recommend an undergraduate or graduate program in free-market economics?” With the explosive interest in a degree in economics, it’s imperative that students get a topnotch education.* In my experience, if students aren’t exposed early to the principles of Adam Smith and Ludwig von Mises, it is often difficult for them to shed the philosophies of John Maynard Keynes, Karl Marx, and other interventionsts later on.

Here in the United States most colleges and universities have a goodly number of “neoclassical” economists with a free-market bent. (There are a number of “free market” colleges and universities in Latin America, Europe, and Asia, a topic I shall pursue in a future column.) The American schools include the University of Virginia; the University of California, Los Angeles (UCLA); Florida State University; and the University of Chicago. However, anyone pursuing a degree in economics from these institutions will need to be well-versed in advanced mathematics in order to understand the professional language. As New York University Professor Mario Rizzo wrote me, “Contemporary economics has become a branch of applied mathematics.”

Graduate Schools in Austrian Economics

Fortunately, there’s a growing number of schools that specialize in Austrian economics. The best-known program is located at New York University, ranked as one of the top 20 economics departments in the country. The Austrian Economics Program, under the tutelage of Israel Kirzner, David Harper, and Rizzo, has been functioning at NYU since the days of Mises. The Austrian course work attracts students from around the world.

NYU also offers a weekly Austrian Economics Colloquium and an annual summer course held at FEE. (Go to www.econ.nyu.edu/dept/austrian.) However, it should be noted that the NYU program is small, and most of the teachers there are non-Austrian.

George Mason University (in northern Virginia) is also attracting undergraduate and graduate students who want to specialize in Austrian economics, although Professor Peter Boettke, who also edits The Review of Austrian Economics, says that “what makes GMU particularly attractive are its affiliated fields of Public Choice, history of thought, and constitutional economics.” Boettke and Karen Vaughn teach the Austrian theory of the market process; Richard Wagner offers a course in institutional economics; and Walter Williams serves as chairman of the department. (Go to www.gmu.edu/departments/economics.) The Institute for Humane Studies is also located at GMU (www.theihs.org).

Another graduate Austrian program that is gaining prominence is at Walsh College of Accountancy and Business Administration in Troy, Michigan (near Detroit). Walsh College (www.walshcol.edu) specializes in business degrees—in marketing, management, finance, and economics. Under the direction of Harry Veryser, the school now offers a two-year bachelor’s degree and a master’s degree in economics. The entire faculty consists of free-market economists, with a special emphasis on Austrian economics. Students are assigned books and readings by Mises, Hayek, Henry Hazlitt, Wilhelm Ropke, Paul Heyne, and me, among others. Walsh’s program is impressive.

The Expanding Austrian Universe

With the Ludwig von Mises Institute (www.mises.org) next door, Auburn University (www.auburn.edu/business/economics) has attracted a large number of students over the years. The most prominent Austrian economist on campus is Roger Garrison, author of the new advanced macro text Time and Money. Garrison teaches the main course in macroeconomics. (Leland Yeager, former Ludwig von Mises Professor of Economics at Auburn, is now retired.) Unfortunately, Auburn recently discontinued its Ph.D. program. There are a goodly number of colleges offering solid undergraduate courses. Two mainstays are Hillsdale College in Michigan and Grove City College, near Pittsburgh. Grove City College (www.gcc.edu) no longer has Hans Sennholz as chairman of the department, but Hans indicates that the school is still free-market oriented, and John Moore, the president, is an economist. Hillsdale College (www.hillsdale.edu/dept/economics) has several free-market professors, the most well-known being Richard Ebeling, who runs the annual Ludwig von Mises lecture series. Hillsdale also houses the Mises library.

I should also mention Northwood University, an associate- or full-degree business school with campuses in Midland, Michigan; West Palm Beach, Florida; and Cedar Hill, Texas. Founded by Gary Stauffer and Arthur Turner in 1958, Northwood stresses free-market and Austrian economics. (Go to www.northwood.edu.)

In California, there are two universities with an Austrian bent. Santa Clara University, under the guidance of Daniel Klein, offers the Civil Society Institute (www.scu.edu/csi), which involves a weekly colloquium, lectures series, and “coffeehouse” for libertarian ideas. Other prominent members of the faculty are Laurence Iannaccone, Henry Demmert, Fred Foldvary, and David Friedman. Charles Baird, labor economist and Ideas on Liberty columnist, is the co-chairman of the department at California State University at Hayward (www.sbe.csuhayward.edu) and director of the Smith Center for Private Enterprise Studies. According to Baird, half the tenure-track economists there are “unabashedly free-market.”

Lawrence H. White, a specialist in free banking, was recently appointed the first F A. Hayek Professor of Economic History at University of Missouri-St. Louis (www.umsl.edu/divisions/artscience/economics). According to his colleague David C. Rose, “a number of economists are either outright Austrian or are very sympathetic to the Austrian school and free market ideals.”

If you want year-round sunshine, you can always come to central Florida and take one of my courses in investments, history of thought, or Austrian economics at Rollins College in Winter Park, Florida (near Orlando). (See www.rollins.edu.)

Austriae est imperare orbi universo!

*See Jon E. Hilsenrath, “In Hot Pursuit of Economics Ph.D.s—Short Supply and Big Demand Mean Young Graduates Are Courted Like Royalty,” Wall Street Journal, February 20, 2001, p. B1.