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Just Released – Fourth Edition of “The Maxims of Wall Street”

September 28, 2015 By Mark Skousen Leave a Comment

As J. Paul Getty, America’s first oil billionaire, said, “Sound stocks purchased when their stocks are low and held for the long pull are very likely to produce high profits through dividends and increases in value.”

That quotation and 800 others are included in my classic collection, “The Maxims of Wall Street.” I took some copies with me on my recent Politics & Your Portfolio cruise to New England, and one attendee, John O’Brien of Florida, bought a copy and read it on the ship. He came up to me and said, “There’s more education in this book than with four years of college!”

SkousenOBrienMaxims4

Mark Skousen looks on as subscriber John O’Brien of Florida reads “The Maxims of Wall Street” on the deck of Eagle’s/FreedomFest’s Crystal Symphony cruise (New England/Canada).   
“There’s more educational value in Maxims than with four years of college today,” he said. 

New Fourth Edition Arrives on Thursday — at Half Price!

The Maxims of Wall StreetI’m happy to announce that we have sold out of the third edition, and I’ve gone back to press with the new fourth edition. The new edition will arrive on Thursday! It mentions more than a dozen new quotations and authors, such as this one: “The stock market takes the stairs up and the elevator down.” So true!

For 30 years, I’ve been painstakingly collecting all the wise old adages, proverbs, humor and legends on Wall Street, based on in-depth interviews with old timers, reading rare financial books and my own experiences of more than 40 years in the financial markets. They include famous lines from Warren Buffett (“If you wait to see the Robin sing, Spring may be over”)… J. P. Morgan (“Troubled waters make for good fishing”)… Richard Russell (“In a bear market, the winner is he who loses the least”)… and Steve Forbes (“Everybody is a disciplined, long-term investor until the market goes down”).

I divide the book into various categories: beating the market, diversification vs. concentration, value vs. growth, bulls vs. bears, black swan events… doomsayers and cassandras… hot tips and inside information… chartists vs. fundamentalists… taxes and tax havens… inspiring “pearls of wisdom” and even a few short stories.

The book has been endorsed by Warren Buffett, Jack Bogle, Dennis Gartman, Alex Green, Richard Band and Bert Dohmen. “Maxims” is nearly 300 pages long. The retail price on Amazon is $24.95, but my followers pay only $20 for the first copy, and all additional copies are only $10 each. All are personally autographed and mailed to you for free (I pay the postage). For all foreign orders outside of the United States, add $10 per book.

I’m offering this “half-off” deal because I know “Maxims” makes a great gift for friends, relatives, business colleagues, investors, your favorite stockbroker and money manager. Many people order a whole box (32 copies). The price of a box of books is only $300 postpaid, less than $10 each. As Hetty Green, the first female millionaire, said, “When I see something cheap, I buy a lot of it!” To order your copies at this super discount, call Ensign Publishing toll-free at 1-866-254-2057 or go to www.miracleofamerica.com/maxims.

 

Filed Under: Investments & Markets, Personal Finance, Philosophers and Businessmen, Skousen Books

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

September 28, 2015 By Mark Skousen 3 Comments

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 Kindle.

To buy the book: NYU, Amazon
Quarterly data for Gross Output can be found at the BEA site here.
For Skousen’s latest quarterly report on GO, see this.

From the cover:

SoP3coverweb2In 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 comes as a triumph for Mark Skousen, who advocated GO twenty-five 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.

Quarterly data for Gross Output can be found at the BEA site here.

For Skousen’s latest quarterly report on GO, see this.

Since the announcement, Gross Output has been the subject of editorials in the Wall Street Journal, Barron’s, and other financial publications, analyzed in the Eastern Economic Journal, and is now being included in leading economics textbooks, such as Roger Leroy Miller’s new 18th edition of Economics Today. Economists are now producing GO data for other countries, including the UK and Argentina.

In this third printing of Structure of Production, Skousen shows why GO is a more accurate and comprehensive measure of the economy because it includes business-to-business (B2B) transactions that move the supply chain along to final use. (GDP measures the value of finished goods and services only, and omits most B2B activity.) GO is an attempt to measure spending at all stages of production.

As Dale Jorgenson, Steve Landefeld, and William Nordhaus conclude in “A New Architecture for the U. S. National Accounts,” “Gross output [GO] is the natural measure of the production sector, while net output [GDP] is appropriate as a measure of welfare. Both are required in a complete system of accounts.”

Skousen states, “Gross Output fills in a big piece of the macroeconomic puzzle. It establishes the proper balance between production and consumption, between the ‘make’ and the ‘use’ economy, between aggregate supply and aggregate demand. I make the case that GO and GDP complement each other as macroeconomic tools and that both should play a vital role in national accounting statistics, much like top line and bottom line accounting are employed to providing a complete picture of quarterly earnings reports of publicly-traded companies.”

He concludes, “Because GO attempts to measure all stages of production (known as Hayek’s triangle), it is a monumental triumph in supply-side ‘Austrian’ economics and Say’s law.”

Using GO, Skousen demonstrates that consumer spending does not account for two-thirds of the economy, as is often reported in the financial media, but is really only 30-40% of total economic activity. Business spending (B2B) is over 50% of the economy, and thus is far larger and more important than consumer spending, more consistent with economic growth theory, and a better measure of the business cycle. (See chart below.)

GO1stQtr2015-B

About the Author

MARK SKOUSEN is a Presidential Fellow at Chapman University in California. He has taught economics and finance at Columbia Business School, and is a former economic analyst for the Central Intelligence Agency. He received his Ph. D. in economics at George Washington University (1977). He is the editor-in-chief of the investment newsletter Forecasts & Strategies, and author of several books, including The Making of Modern Economics.

Reviews

“Now, it’s official. With Gross Output (GO), the U.S. government will provide official data on the supply side of the economy and its structure. How did this counter revolution come about? There have been many counter revolutionaries, but one stands out: Mark Skousen of Chapman University. Skousen’s book The Structure of Production, which was first published in 1990, backed his advocacy with heavy artillery. Indeed, it is Skousen who is, in part, responsible for the government’s move to provide a clearer, more comprehensive picture of the economy, with GO.” — Steve H. Hanke, Johns Hopkins University (2014)

“The development of Gross Output is a good idea and a better measure [of economic activity] than GDP.” — David Colander, Eastern Economic Journal (2014)

“This is a great leap forward in national accounting. Gross Output, long advocated by Mark Skousen, will have a profound and manifestly positive impact on economic policy.” –Steve Forbes, Forbes magazine (2014)

“Skousen’s Structure of Production should be a required text at our leading universities.” (referring to second edition) –John O. Whitney, Emeritus Professor in Management Practice, Columbia University

“Monumental. I’ve read it twice!” (referring to first edition, published in 1990) — Peter F. Drucker, Clermont Graduate University

“I am enormously impressed with the care and integrity which Skousen has accomplished his work.” — Israel Kirzner, New York University

For Interviews or Lectures

To interview Dr. Mark Skousen or arrange a lecture, contact him at [email protected], or Valerie Durham, Media Relations, 410-570-0535, or email her at [email protected]

# # #

Filed Under: Austrian Economics Article, Economics, Gross Output, Main, News, Skousen Books

Maxims of Wall Street

October 30, 2014 By Mark Skousen 2 Comments

Maxims of Wall Street: A Compilation of Financial Adages, Ancient Proverbs, and Worldly Wisdom is a classic reference to read with delight for years to come, and an ideal gift to investors, stockbrokers and money managers. More than 800 pithy and insightful adages, inspirational short stories, famous quotes, and sage advice from Wall Street gurus, money managers, financial advisers, writers, philosophers and many others.

Buy the first copy for $20 and all additional copies for only $10, and I pay the U.S. postage. Also: If you order an entire box (32), you pay only $300 postpaid.  (For orders sent outside the United States, add $5 per book for S&H)

To order, call Eagle Publishing at 1-800/211-7661 or email [email protected]. Mention priority code MAXIMS to buy individual books and MARKR to buy a box of 32 books.

Note: I autograph all copies if you order through Eagle Publishing. Click here to read more about Maxims of Wall Street.

Filed Under: Main, Skousen Books

Missing Link in Economics Revealed!

September 15, 2014 By Mark Skousen Leave a Comment

by Mark Skousen
Presidential Fellow, Chapman University

For centuries economists have been searching for the missing link that would tie microeconomics (theory of the firm and individual behavior) with macroeconomics (theory of the economy as a whole).

I believe my four-stage model of the economy does just that.  Based on Austrian macroeconomics (known as Hayek’s triangles), I created a four-stage model of the macro economy in my book, The Structure of Production (NYU Press, 1990).  A few years later, John Taylor of Stanford University (famous for his Taylor Rule) independently produced a 4-stage micro model involving four stages in the production of Caribou Coffee.

A eureka moment!

I’ve incorporated both 4-stage micro and macro models in my textbook, Economic Logic (Capital Press, 2014), now in its 4th edition.  See especially chapter 14:  <http://www.amazon.com/Economic-Logic-Fourth-Edition-Skousen/dp/1621572226 It’s available in book print and Kindle.  If you want to buy it at a discount for only $34.95 plus S&H, call Eagle Publishing at 1-800-211-7661, and use code ECONL6.

SKOUSEN – TAYLOR LINK MACRO WITH MICRO

Figure 1.  Universal 4-stage Macro Model of the Economy

Source:  Mark Skousen, The Structure of Production (New York University Press, 1990); Economic Logic (Capital Press, 2014).

 

 

 

 

 

Figure 2.  4-stage micro model (production process of Caribou Coffee) 

Source:  John B. Taylor, Economics, 5th edition (Boston:  Houghton Mifflin, 2006)

Filed Under: Economics, Gross Output, Main, News, Skousen Books

Economist Makes Lead Story in the Wall Street Journal….Barron’s….and Forbes

April 28, 2014 By Mark Skousen 4 Comments

I made the lead story in the Wednesday, April 23, 2014, edition of the Wall Street Journal.  The title:  “At Last, a Better Economic Measure.”  You can read it here:  http://on.wsj.com/PsdoLM

The editors of the WSJ don’t allow the author to see or approve the headline or subhead, but they nailed it perfect.  And I love the cartoon graphics!  It’s a perfect rendition of my four stage model of the economy.

Many readers captured the essence of my message.  As economic forecaster Jim Hagerbaumer of Florida wrote:  “Skousen is introducing a whole new species. This is one of the most important WSJ op-ed articles in years.”

I also wrote about Gross Output (GO) in the December 16, 2013, issue of Forbes.  Here’s the online version, with charts and response to critics:

My original article in Forbes Magazine (December 16, 2013):

Mark Skousen, Beyond GDP: Get Ready For A New Way To Measure The Economy, Forbes

http://www.forbes.com/sites/realspin/2013/11/29/beyond-gdp-get-ready-for-a-new-way-to-measure-the-economy/

Additional Commentary by Steve Forbes:
Steve Forbes, New, Revolutionary Way To Measure The Economy Is Coming — Believe Me, This Is A Big Deal, Forbes

http://www.forbes.com/sites/steveforbes/2014/03/26/this-may-save-the-economoy-from-keynesians-and-spend-happy-pols/

Gross Output Includes B-to-B….GDP doesn’t [Read more…]

Filed Under: Austrian Economics Article, Capitalism, Economics, Forbes, Free Markets, Great Economics, News, Politics, Skousen Books, Wall Street Journal

A Personal Triumph 25 Years in the Making with Launch of New Macro Statistic

December 2, 2013 By Mark Skousen 2 Comments

For the first time since World War II, the Federal government (Bureau of Economic Analysis) will begin publishing a new macro statistic Gross Output [GO] starting in spring 2014 at the same time it releases its quarterly GDP data.

Forbes.com article has just published my article on this new statistic “Beyond GDP“: http://www.forbes.com/sites/realspin/2013/11/29/beyond-gdp-get-ready-for-a-new-way-to-measure-the-economy/

A shortened version will appear in the Dec. 16 issue of Forbes magazine (circulation over 1 million).

I’ve been advocating this new national statistic since writing The Structure of Production (NYU Press) in 1990. Now it’s finally happening. Steve Forbes calls it a “real breakthrough.”

Steve Moore of the Wall Street Journal and Gene Epstein of Barron’s are looking into writing articles on GO.  So is The Economist.

Bill Nordhaus, professor at Yale University, writes, “Congratulations on the article and the work.  It has been a long slog to get the national accounts to introduce innovative measures, and Steve Landefeld [Director, BEA] has been a superstar in this respect…This will open up the potential for new insights into the behavior of the economy.”

GO goes a long way in providing the right balance in the production-consumption process that is missing in GDP data. As BEA Director Steve Landefeld and co-editors Dale Jorgenson and Bill Nordhaus state: “Gross output [GO] is the natural measure of the production sector, while net output [GDP] is appropriate as a measure of welfare. Both are required in a complete system of accounts.”

I think you’ll find the chart comparing GO and GDP of interest, how GO is consistently more volatile than GDP, and a better measure of the business cycle. (Click on the chart below to go directly to the article)

I’m excited — this is a personal triumph nearly 25 years in the making.

Most of the economics textbook writers are planning to include a section on GO in their next editions (McConnell, Parkin, Gwartney, Hubbard), and economic analysts are now starting to look at it.  In an email, Roger Leroy Miller, professor at University of Texas at Arlington, says that he has added a section on Gross Output for his 18th edition of Economics Today.  It is already part of my own Economic Logic textbook.

I hope you’ll check out the Forbes article, as well as Economic Logic and The Structure of Production for a more in-depth look at this important development.

Filed Under: Austrian Economics Article, Economics, Forbes, Great Economics, Main, News, Skousen Books

Has Government Adopted My New Macro Model?

October 4, 2013 By Mark Skousen 6 Comments

“How can I possibly put a new idea into your heads, if I do not first remove your delusions?” – Robert Heinlein

For several years now, I have been advocated the need for adding a new national aggregate statistic called Gross Output (GO) that measures total spending at all stages of production and not just the final stage (GDP).

I believe that GO fills in a major piece of the macroeconomic puzzle.  It establishes the proper balance between production and consumption, between the “make” and the “use” economy, and one that is consistent with growth theory.

Most importantly, GO and my 4-stage model of the economy are compatible with standard national income accounting and neo-classical macroeconomic analysis. You don’t have to rewrite the textbooks, just add it into the chapters.

Now for the good news.  I recently received a letter from Steven Landefeld, the director of the Bureau of Economic Analysis (BEA), the official government agency that releases GDP data every quarter.  He wrote me that starting next year, the BEA will begin publishing an expanded aggregate statistic that is similar to my own GO, every quarter along with GDP. [Read more…]

Filed Under: Economics, Great Economics, News, Skousen Books

“Making of Modern Economics” Translated into Polish!

December 18, 2012 By Mark Skousen Leave a Comment

I spent time with the “Anti-Bernanke” Polish central banker Les Balcerowicz when I visited Poland in June at the invitation of Jan Fijor, who has published several of my books in Polish.

Along these lines, I’m happy to announce that the Polish edition of “The Making of Modern Economics” has just been published.

“The Making of Modern Economics” has been translated into five languages — Spanish, Chinese, Turkish, Mongolian and now Polish. The book won the Library’s Choice Book Award, and it is rapidly becoming the #1 book to explain the history of economics on college campuses. My book tells the story of the great economic thinkers from Adam Smith to Milton Friedman, including important chapters on Marx and Keynes. John Mackey (CEO, Whole Foods Market) likes it so much he’s read it three times! For more information on this popular book on the history of economic thought, see the “Making of Modern Economics” page.

If you’d like a copy, call Eagle Publishing, 1-800/211-7661 and mention code ECONP3 for the paperback version ($29.95 plus $5 S&H), or code ECONH3 for the hardcover book ($49.95 plus $5 S&H).

I also have several copies of the beautifully designed Spanish or Polish translation if you would like to buy one. The price is only $29.95, plus $5 S&H. To order, call Eagle, 1-800/211-7661. To order the Spanish-language book, mention code ECONHS and to order the Polish-language book, mention code ECONHP.

This would make a wonderful holiday gift for any student, history-buff, investor or business person.

Filed Under: Great Economists, Skousen Books

Roger Garrison and I with the Totem Pole of Economics

August 19, 2012 By Mark Skousen Leave a Comment

Roger Garrison visited me last week at my home in New York during the Austrian economics seminar at FEE.

The Totem Pole of Economics
Click here for the story behind the Totem Pole of Economics.

 

Filed Under: Adam Smith, Austrian Economics Article, Skousen Books

Fantastic Review of Maxims of Wall Street by Barron’s

June 7, 2012 By Mark Skousen Leave a Comment

I’m delighted to announce that Barron’s reviewed Maxims of Wall Street, my compendium of sayings, quotes and pithy witicisms about investing and the stock market, on June 2. Click here to read the complete review. My favorite quote is: “A cogent collection of quotations from the investing giants, phrasemakers, and chroniclers on the beguiling, heartless, and trying ways of Wall Street….a diverting reference for an avid investor or market-history buff.” You can get a copy of Maxims of Wall Street (a perfect gift for Father’s Day!) from Amazon.com or Eagle Publishing, www.markskousen.com or 800-211-7661. Enjoy!

Filed Under: Skousen Books

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Mark Skousen’s Top Ten

Top Ten

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