Yearly Archives: 2016

The Making of Modern Economics third edition

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Economists barely understand the history of their own subject today, in large part because most economists no longer even understand what role it could play in making an economist a better economist. I wrote my own book on this very subject, Defending the History of Economic Thought, when many historians of economics were themselves conspiring to remove HET from within economic theory. Strangely, many still are, and it is a battle for the soul of economics that continues. If you would like to have some idea of what would be lost to economists by ridding themselves of their own history, and to learn how economics became what it is, the hands down best history of economics ever written is by Mark Skousen who has just brought out the third edition of his exemplary text. Aside from everything else, it has the astonishing additional feature of being readable and entertaining. You cannot genuinely understand economic theory without understanding its history, and there is no better place I know for learning this history than from this book. Below is the notice put out on the release of the third edition.

March 9, 2016 was the 240th anniversary of the publication of “The Wealth of Nations,” by Adam Smith. On this day Dr. Mark Skousen announced the publication of the new third edition of his bestselling history, “The Making of Modern Economics.”

skousen making of modern economics

As you can see from the cover, the heroic figure in Skousen’s book is Adam Smith and his “system of natural liberty.” (Interestingly, the official pub date of the first edition of Skousen’s history was March 9, 2001.) All of the “worldly philosophers” – Ricardo, Say, Mill, Marshall, Menger, Marx, Fisher, Keynes, Schumpeter, Friedman, Krugman — are judged as defenders or critics of the great Scottish philosopher, and whether they advanced or attacked the House that Adam Smith Built.

Routledge, the top British academic publisher (famous for publishing the works of Hayek, another hero in Skousen’s work), is now the publisher of this bold history of the great economic thinkers.

What’s new in the third edition?

What’s the new edition all about?

First, Skousen expands his chapter on Adam Smith, including a new discussion and quotations from Smith’s “Theory of Moral Sentiments.” He also comments on the startling new discovery that Smith’s singular reference to the famous “invisible hand” metaphor is located in the mid-point of both “The Wealth of Nations” and “The Theory of Moral Sentiments.” Purposeful or coincident? Find out in chapter 1, “It All Started with Adam.”

Second, the third edition updates the chapter on Karl Marx, particularly the resurrection of the Marxist-inspired “liberation theology” in Latin America, with comments about Pope Francis and his severe criticism of capitalism. The growth of socialism and corruption in Latin America is discussed.

Third, the final chapter, “Dr. Smith Goes to Washington: Market Economies Face New Challenges,” has been completely revised. Here Skousen focuses on the West’s decline in economic freedom in consequence of higher deficits, taxes and regulations, and the growing debate over inequality, austerity, and the need for a new brand of capitalism following the financial crisis of 2008. The chapter ends on a positive note, with discussions on the advances in game theory, auction design, experimental economics, behavioral finance, and other aspects of the new “imperial” science.

How to Buy a Copy

The third edition (500 pages) of “The Making of Modern Economics” is available in hardback, paperback, Kindle, or audio. You can order on Amazon here.

The new edition is also available directly from the author at a discount. Amazon charges $47.95 for the paperback, but you can buy directly from the author by calling toll-free 1-866-254-2057. You pay only $30 plus $5 P&H. (Orders from outside the US, please add $15 extra for airmail–$45 total.) Or order online at http://www.miracleofamerica.com.

Awards and Translations

In 2009, “The Making of Modern Economics” (the 2nd edition) won the Choice Book Award for Excellence in Academia. It was recently ranked #2 in the Ayn Rand Institute’s Top Ten List of “Must Read Books in Economics.” It has been translated into five languages — Spanish, Chinese, Turkish, Mongolian and Polish.

What’s Different about “The Making of Modern Economics”?

Skousen’s history is a bold, new account of the lives and ideas of the great economists–Adam Smith, Karl Marx, John Maynard Keynes, Ludwig von Mises, Milton Friedman, and many others–all written by a top free-market economist. Presented in an entertaining and persuasive style, Professor Mark Skousen tells a powerful story of economics, with dozens of anecdotes, illustrations and photographs of the great economic thinkers.

First and foremost, Skousen tells the remarkable untold story of free-market capitalism’s long-running battle against Keynesianism, Marxism, socialism and other isms. It is an account of high drama with a singular heroic figure, Adam Smith and his celebrated “system of natural liberty.” The running plot involves many unexpected twists and turns; sometimes our hero is left for dead, only to be resuscitated by his free-market friends; the story even has a surprise ending.

A Full-Scale Critique of All Major Doctrines

All previous histories tend to give a dry, disjointed, and helter-skelter account of economists and their contradictory theories. But Skousen unifies the story of economics by ranking all major economic thinkers either for or against the invisible hand doctrine of Adam Smith. Thus, Marx, Veblen and Keynes are viewed as critics of Smith’s doctrine, while Marshall, Hayek and Friedman are seen as supporters.

Using this ranking system, The Making of Modern Economics offers a full-scale review and critique of every major school and their theories, including classical, Keynesian, monetary, Austrian, institutionalist and Marxist.

A Complete History

Skousen’s history is comprehensive. He makes a point of discussing all schools of economics and not just the ones he agrees with. Too many economists have omitted major characters from the history of economics, a practice bordering on intellectual dishonesty. Robert Heilbroner’s popular book, The Worldly Philosophers, for example, virtually ignores the laissez-faire French, Austrian and Chicago traditions. (His latest edition does not even mention Milton Friedman by name!)

Think of The Making of Modern Economics as a contra-Heilbroner history.

It’s a perfect antidote to all those biased, inaccurate attacks on the free market and its proponents.

Skousen records the lives and ideas of important economists often ignored in other histories, such as Montesquieu, Ben Franklin, J. B. Say, Frederic Bastiat, Friedrich List, Herbert Spencer, Ludwig von Mises, Knut Wicksell, Philip Wicksteed, Max Weber, Irving Fisher, Roger Babson, Frederick Taylor, A. C. Pigou, Joan Robinson, Murray Rothbard, and the three Paul’s: Paul Sweezy, Paul Samuelson and Paul Krugman.

Skousen’s book also restores the vital role of the Austrian and Swedish schools in the marginalist revolution and the development of monetary economics. It emphasizes the impact of other disciplines on economics, such as evolution, sociology, and religion.

“Tell All” Biographies

Skousen’s book brings history alive with exciting new insights into the lives of the great economists through in-depth biographies and the author’s own research, revealing an amazing tale of idle dreamers, academic scribblers, occasional quacks and madmen in authority.

The Making of Modern Economics does its best to entertain, with provocative sidebars, humorous anecdotes, even music selections reflecting the spirit of each major economist. Samples:

–Why Adam Smith burned his clothes…and then burned his papers.
–The “satanic verses” of the poet Karl Marx.
–Were Malthus, Ricardo, Marshall and Keynes anti-female?
–The infamous grading technique of Chicago’s Jacob Viner (he regularly flunked a third of his class).
–The sexual scandals of Karl Marx, Carl Menger, Joseph Schumpeter and Friedrich Hayek.
–The story behind Marx the phrenologist, Jevons the astrologer, –Keynes the palm reader, and Friedman the amateur hand-writing analyst.
–Which famous economist is buried next to rock star Jim Morrison in Paris?
–How Darwin and Wallace discover their theory of evolution after reading Malthus.
–Why Malthus and the doomsdayers have been proven wrong about overpopulation and environmental crises.
–The strange case of David Ricardo: Why Schumpeter, Keynes, and Samuelson admired him–and deplored him.
–Why Malthus refused to have his portrait made until age 67.
–Why Hayek blames John Stuart Mill, a hero of classical liberalism, for popularizing socialism among intellectuals in the 19th century.
–The real origin of the epithet “dismal science,” and why critics are now calling economics the “imperial” science, with ever-increasing applications in law, finance, history, and politics.
–How John Stuart Mill and the disciples of David Ricardo became hostage to the Marxists, and how Carl Menger and the Austrians revived the laissez faire model of Adam Smith from oblivion.
–The inside story of three multi-millionaire economists–David Ricardo, Irving Fisher and John Maynard Keynes.
–The bizarre story of Jeremy Bentham: from democratic reformist to utilitarian fascist.
–The socialist origins of the American Economic Association and the London School of Economics.
–Veblen’s incredible prophecies about World War I and II.
–Thorstein Veblen versus Max Weber: Who had a better vision of capitalism?
–How Irving Fisher became an advisor to the fascist Mussolini.
–The little-known story of how the economics establishment in the West (including economists at Cambridge, Harvard and Yale) failed to forecast the 1929-32 economic collapse.
–How Austrian economists Ludwig von Mises and Friedrich Hayek were able to predict the 1929-33 crisis, yet failed to convince the world of their theories.
–How the 1929 crash served as a catalyst for Keynes’s “general theory.”
–How Keynes saved the world from Marxism in the 1930s.
–The truth about Keynes’s homosexuality and the rumor that his Cambridge colleague, A. C. Pigou, was a Soviet spy.
–Gross Domestic Product (GDP)–how a Keynesian statistic was invented by a Russian.
–How Irving Fisher’s misinterpretation of his quantity theory of money led to his losing a fortune on Wall Street, and how Milton Friedman avoided repeating Fisher’s blunder.
–Why Friedman and the Chicago school triumphed over Mises and the Austrian school in discrediting Keynesianism and restoring the Adam Smith model of market capitalism.

Fully Illustrated with Over 100 Photos, Portraits and Graphs

Finally, The Making of Modern Economics is the first fully-illustrated history of economics, with over 100 charts, portraits, and photographs, including a picture of….
…Keynes in bed (where he made his millions),
…Eugen Boehm-Bawerk in official regalia as finance minister of Austria,
…Alfred Marshall trying to hide his oversized left hand,
…the preserved body of Jeremy Benthem in London,
…the only known photograph of Irving Fisher smiling (before he lost millions in the stock market), and
…over 75 rare and unusual photos and portraits of famous economists.

Provocative Chapter Titles

Here are the titles of each chapter of The Making of Modern Economics:

1. It All Started with Adam (Adam Smith, that is)
2. The French Revolution: Laissez Faire Avance!
3. The Irreverent Malthus Challenges the New Model of Prosperity
4. Tricky Ricardo Takes Economics Down a Dangerous Road
5. Milling Around: John Stuart Mill and the Socialists Search for Utopia
6. Marx Madness Plunges Economics into a New Dark Age
7. Out of the Blue Danube: Menger and the Austrians Reverse the Tide
8. Marshalling the Troops: Scientific Economics Comes of Age
9. Go West, Young Man: Americans Solve the Distribution Problem in Economics
10. The Conspicuous Veblen Versus the Protesting Weber: Two Critics Debate the Meaning of Capitalism
11. The Fisher King Tries to Catch the Missing Link in Macroeconomics
12. The Missing Mises: Mises (and Wicksell) Make a Major Breakthrough
13. The Keynes Mutiny: Capitalism Faces its Greatest Challenge
14. Paul Raises the Keynesian Cross: Samuelson and Modern Economics
15. Milton’s Paradise: Friedman Leads a Monetary Counterrevolution
16. The Creative Destruction of Socialism: The Dark Vision of Joseph Schumpeter
17. Dr. Smith Goes to Washington: Free-Market Economies Face New Challenges

What Others Are Saying

“A story rarely told….It’s unputdownable!”
–Mark Blaug (University of Amsterdam), author of Economic Theory in Retrospect

“I champion Skousen’s book to everyone. I keep it by my bedside and refer to it often. An absolutely ideal gift for college students.” –William F. Buckley, Jr., founder, National Review

“One of the most original books ever published in economics.”
–Richard Swedberg (University of Stockholm), author of Schumpeter: A Biography

“Provocative, engaging, anything but dismal!”
–N. Gregory Mankiw (Harvard University)

“Lively and accurate, a sure bestseller. Skousen is an able, imaginative and energetic economist.” – Milton Friedman

“Mark Skousen has emerged as one of the clearest writers on all matters economic today, the next Milton Friedman.” – Michael Shermer, Scientific American

“Irreverent, passionate, entertaining, sometimes mischievous, like the author himself!”
–David Colander (Middlebury College), coauthor of The Making of an Economist

“I have read Mark’s book three times. It’s fun to read on every page. I have recommended it to dozens of my friends.” – John Mackey, CEO, Whole Foods Market

“I loved the book–spectacular!”
–Arthur B. Laffer

“I couldn’t put it down! The musical accompaniments for each chapter are a wonderful touch. Humor permeates the book and makes it accessible like no other history. It will set the standard.” –Steven Kates, RMIT University, Australia

“Skousen gets the story ‘right’ and does it in an entertaining fashion, without dogmatic rantings.” – Peter Boettke, George Mason University

“Both fascinating and infuriating…engaging, readable, colorful.” – Foreign Affairs

“Lively….amazing….good quotations!” – Journal of Economic Perspectives

About the Author

Mark Skousen (Ph. D., economics, George Washington University) is a Presidential Fellow at Chapman University in California. He has taught economics, finance and business at Columbia Business School, Barnard, Mercy and Rollins colleges, and Chapman University. Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter (www.markskousen.com). He was analyst for the CIA, a columnist to Forbes magazine, chairman of Investment U, and past president of the Foundation for Economic Education (FEE) in New York. He is the editor of his own website, http://www.mskousen.com, and is the producer of FreedomFest, “the world’s largest gathering of free minds,” which meets every July in Las Vegas (www.freedomfest.com). His economics works include The Structure of Production (NYU Press), The Big Three in Economics (ME Sharpe), The Making of Modern Economics (Routledge) and Economic Logic (Capital Press). His investment books include Investing in One Lesson (Capital Press), and The Maxims of Wall Street (Eagle Publishing). In honor of his work in economics, finance and management, Grantham University renamed its business school, “The Mark Skousen School of Business.” Based on his work The Structure of Production (NYU Press, 1990), the federal government now publishes Gross Output (GO) every quarter along with GDP.

A history of the minimum wage in Australia

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1969 - Equal Pay rally at the Trades Hall, Carlton, Victoria.

1969 – Equal Pay rally at the Trades Hall, Carlton, Victoria.

There are many unique features about Australia but amongst them stands out our system of wage fixation. There is now a quite fascinating exhibition at Fair Work Australia in Melbourne on The History of the Minimum Wage which now has a history going back more than a century. Few economists have ever understood what every industrial officer in the middle of a strike has understood, that if you want the work done, you have to get the workers to do it. And you will only make the wages system work if it is seen as fair. To tell someone that fairness is shown by the equality of supply and demand has never convinced anyone yet. So we have the system we have and it has been with us since 1907.

The exhibition has been put together by my old comrade in fighting these wage increases, Reg Hamilton, now Deputy President of the Fair Work Commission. You can see the exhibit on the 7th floor of the Fair Work Commission in the Sir Richard Kirby Library at 11 Exhibition Street in Melbourne. If you get the chance, you should have a look.

If only J.M. Keynes had understood Say’s Law

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I’ve just come across this button you see on the right while looking on the net for something else. It accompanies an article I wrote three years ago on The Errors of Keynes’s Critics. The sentiment was mine and when I saw the words I had to track it down. It was, of course, quite pleasing to see that it had originated with me, but all the same it would also have been even more pleasing if someone else had said it, just to give me company.

says law button

Alas, I think the optimism I had when I wrote the post is rapidly evaporating. It had begun, “an important understanding is taking hold, that the road to unwind Keynesian economics travels through Say’s Law”, but whatever inkling of a hope for a more enlightened economics that I held then is now gone. The truth of the statement remains as valid in my mind now as it was when I wrote it.

It is quite straightforwardly impossible to make an economy work without understanding that growth can only occur if across the wide expanse of the economy, the value added by economic activity must be greater than the value that has been drawn down. Governments can subsidise what they like, but unless what is added on is more than what is taken away, growth cannot occur. In fact, that is exactly what economic growth means, and nothing else.

Is anyone from anywhere interchangeable with everyone from everywhere?

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What really astonishes me is that there are still any Germans at all who will vote for her: Europe’s migrant crisis dims once unassailable Merkel’s aura.

Lectured by the president of tiny Macedonia. Challenged at EU summits. Defied by supposed allies in Austria and Bavaria.
Such is the lot these days of Europe’s most powerful leader, Angela Merkel. The once-unassailable force in Brussels and Germany is now being worn down by an epic migration crisis.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e2a25f54-e784-11e5-ac45-5c039e797d1c.html#ixzz42f1Air8h

For Ms Merkel, no crisis has been as personal, as divisive at home or as damaging to her core European alliances. On Sunday, voters will have the opportunity to render their verdict on her handling of it as they go to the polls in three regions.

As this week’s dramatic Brussels summit made clear, Ms Merkel is still doggedly fighting for a pan-European plan in which EU borders would remain open, with inflows of refugees controlled directly from Turkey.

Economic growth isn’t everything. Homeland and history are much much more. These socialists and libertarians are merely blind to the future they are creating, like those communist idiots who were shot in the Lubyanka in the back of the neck.

Are you now or have you ever been a climate change denier?

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Climate has fallen somewhat into the background, in some small part because the planet is not actually warming. Not that it matters to some: AG Lynch: DOJ Has Discussed Whether to Pursue Civil Action Against Climate Change Deniers

Attorney General Loretta Lynch acknowledged Wednesday that there have been discussions within the Department of Justice about possibly pursuing civil action against so-called climate change deniers.

“This matter has been discussed. We have received information about it and have referred it to the FBI to consider whether or not it meets the criteria for which we could take action on,” Lynch said at a Senate Judiciary Committee hearing on Justice Department operations.

So stay tuned. The comparison with tobacco is so spurious that even to have raised it shows how intellectually challenged these people are. But as they say, if you can’t beat ’em, jail ’em.

#NeverTrump

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Apparently this is becoming a common hashtag among Republicans who will vote Clinton before they let a Donald Trump become President. The article is titled, What Would Hamilton Do? which is based on a request among established Republicans to answer the question, What’s Wrong with Donald Trump? Before I continue, I will note that hundreds of emails is a drop in the ocean, but this is what we have:

Hundreds emailed; the breadth of response — across all regional, social, professional, and class divides and every conceivable wing of the party; and the depth of feeling, with her correspondents being “appalled, repulsed, afraid, and dismayed” at the prospect of Trump being either nominee or president. Their concerns included his authoritarian conduct, his lack of principle, his racism, his conduct toward women, his erratic behavior, and his potential access to the nuclear arsenal. They were party stalwarts who had voted Republican on a regular basis, served in Republican administrations, and raised money for and volunteered in campaigns.

Out of which a profile emerged:

“I’m a 40-year-old National Review and Instapundit-reading conservative who has voted for the Republican in every election since 1996. I intend to vote for Cruz in the primary and would be happy to vote for Cruz or Rubio in November. My opinions about Hillary Clinton are about what you would expect, and if it’s Hillary vs. Trump, I’ll most likely vote Libertarian. I’ve spoken with many of my friends from my College Republican days and it seems they all have the same thoughts. I will never vote for Trump. Ever. And if that brings about the end of the GOP, so be it. Any party that picks Trump as its voice is not a party I want to be affiliated with. He has no moral compass and no abiding principles except for self-promotion. Being in the wilderness, politically speaking, is preferable to being complicit in the election of Donald Trump, and with it the destruction of the party I have supported my entire adult life.”

Well, let us get down to it then. First, nothing would give me greater pleasure than to destroy the Republican Party as it now is. As useless at protecting what matters to me as the Democrats. I will happily exchange your aimless and worthless hides for the millions who are seeking a refuge from the mess you have made of the United States.

Second, if Hillary Clinton President does not fill you with horror then you are dead from the neck up. Your views and your values are dead to me. You have nothing you can say that will get us to agree. Off you go, you Democrat numbskull.

Third, if you are looking for a moral compass, you will not find it looking inside your own misbegotten souls. You cannot see what is at stake and care little about preserving your own society as it was and as millions wish it to be. Every new refugee hostel should be put up within princincts that have voted Clinton in the next election and then we will see how things go in 2020.

Fourth, you have no idea what democracy means. One vote per person, and no more than one vote per person. If you really do side with those who seek a borderless USA, then you have no clue what a nation state is and why there really is value in a continuity between something called America in 1816 and that entity with the same name in 2016. What exactly you are trying to preserve by voting Clinton escapes me since absolutely nothing that truly matters will survive eight more years like the the last eight have been.

Fifth, speaking about those last eight years, where have you been? The clamour you have been making about Obama all this time has been so quiet that I am not sure it could even have been detected. You have been given votes and seats year after year and have achieved nothing at all. So something else is going to be tried, and you can sit there with your hands covering your eyes but this is your fault since you allowed the system to break and did nothing to fix it.

So be off with you, you useless cowards. There is a new American about to be made, which we hope will be more like the old one you have been so willing to see go by.

The champion of the non sequitor

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And an arrogant ignoramus as well. You tell me how what Obama said is in any way related to what Netanyahu said:

In an interview with veteran American journalist Jeffrey Goldberg for The Atlantic, Obama described one particularly charged meeting in which Netanyahu “launched into something of a lecture about the dangers of the brutal region in which he lives,” i.e. the Middle East.

Obama said he felt Netanyahu was being condescending towards him, and responded: “Bibi, you have to understand something. I’m the African American son of a single mother, and I live here, in this house. I live in the White House. I managed to get elected president of the United States. You think I don’t understand what you’re talking about, but I do.”

Seriously, what is the relationship between what Netanyahu said and what Obama replied? Indeed, what evidence is there that Obama understands anything of importance about the Middle East, or about anything else for that matter? Read the whole article. What comes across is how out of depth he is about some of the most difficult issues any president must deal with. Even more what comes across is how little he cares whether he causes harm to Israel. Seven years down and one to go, but it will still be a close-run thing.

Sarah Palin on Ted Cruz – she doesn’t seem to like him

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It’s from Sarah Palin’s Facebook Page where you can find all of the links to the points she makes.

GOP Majority Voters in Primary are Wayyyyyy Beneath Cruz, So Says Cruz

* Calling GOP frontrunner supporters “low information” disengaged voters, Ted Cruz’s insinuation reeks of all the reasons America knows “the status quo has got to go.” The arrogance of career politicians is something at which the rest of us chuckle, but Cruz’s latest dig strays from humorous into downright nasty. Cruz is right, though – independent, America-first, commonsense conservatives supporting Donald Trump ARE “low information” when it comes to having any information on Cruz’s ability to expand the conservative movement, beat Hillary Clinton, unify and lead the nation.

* Where’s information on any Cruz success whilst in his short, half-term U.S. Senate seat, proving his resume’s advantage over another career politicians’s lawyerly executive inexperience that includes never having created a single private sector job, but boasting of his constitutional law teacher creds? (Remember America experimented with that resume before; how’d that work out for the country?)

* Where’s info on his reasoning in inviting more illegal aliens to flood our porous borders by enticing families with benefits and literal gifts (like teddy bears and soccer balls)?

* Any info on why he won’t denounce his highest-profile campaign buddy, despite Glenn Beck’s proclamation that he “hates” America’s innocent victims of 9/11 and calls the families crybabies? nor hold accountable his campaign manager for abhorrent tactics that mirror Alinsky’s Politics of Personal Destruction?

* Info on why he continues to stand on stage with that most prominent supporter who slurs millions of patriotic Americans supporting the GOP frontrunner, calling them Nazi “brown shirts”?

* Info on consistency with his big endorsement this week, as Carly tells it like it is so very recently?

“Ted Cruz is just like any other politician. He says one thing in Manhattan, he says another thing in Iowa. He says whatever he needs to say to get elected, and then he’s going to do as he pleases. I think people are tired of a political class that promises much and delivers much of the same.” – Carly Fiorina 1/2/16

* Info on his support for his crony capitalists’ insistence that he fast-track Obama’s unbalanced trade agenda, then lied about it?

* Info on why he’s fine with increasing U.S. debt?

* Info on how it helps make America great again by arrogantly disenfranchising this Primary season’s majority voters who are fed-up, inspired, optimistic, and engaged? How does it help unify the party or the nation when that holier-than-thou narcissism manifests itself through negative, biting, deceptive tactics… when he’s had so many opportunities to disavow his campaign’s shenanigans and apologize for his own?

The information we’ve sought is nonexistent, thus “low information voters” comprising the GOP majority support Cruz staying in the Legislative branch, while hopefully gaining understanding of the private sector’s need to reduce the big government he’s a big part of.

Trump’s energized, positive campaign has led to this record setting stat: of all 24 states that have voted so far, ALL smashed previous GOP turnout records! 4,347,317 votes nationwide for Trump already. Now THAT’S “enlarging the tent.” Any info, Ted, on where you think that “disengaged” momentum will take us?