The Power of Economic Thinking (Paperback)

by Mark Skousen (Author)

Editorial Reviews

Review
"I have earmarked several chapters to copy and use in my classes. Great effort!" -- Larry T. Wimmer, economics professor, BYU

"In many ways, [this] is my favorite of your books ... I have earmarked several chapters to use in my classes." -- Larry T. Wimmer, economics professor, BYU

"Quite profound and readible. My only disagreements come on Social Security and the estate tax. I like the short chapters!" -- Sheldon Jacobs, Editor & Publisher, No Load Fund Investor

"Skousen is the only economist I know who I can understand. He writes for the common man!" -- Dr. Laurence Hayek, U. K.

In many ways, [this] is my favorite of your books, with the possible exception of "The Making of Modern Economics." -- Larry T. Wimmer, economics professor, BYU

Product Description
"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else." - John Maynard Keynes

When Keynes wrote these famous worlds in 1936, he never realized how far the new frontiers of economics would reach. He had no idea that today economists would be accurately predicting the outcome of national elections, telling investors to reduce their risk and maximize their returns through stock index funds, showing legislators how they could reduce crime by offering concealed weapon permits, or cleaning up the environment by auctioning off pollution permits.

In his provocative new book, Mark Skousen contends that economics is no longer the "dismal" science. It is now the "imperial" science, invading like an army the new frontiers of crime, politics, religion, Wall Street, subjecting new economic analysis to gun rights, racial dscrimination, drug abuse, professional sports, health care, grade-school education, and environmentalism. Chapters include:

* Why private companies were able to quickly solve their own pension problem, but Social Security cannot
* Why the Food Stamp program works better than Medicare
* The economic reasons for terrorism in the Middle East
* Why consumer spending does not drive the economy
* Great turnabouts in history: Paul Samuelson, Milton Friedman, and other famous economists who changed their minds
* Economists prove that the poor are getting richer too
* Leisure, the basis of culture
* Are financial markets inherenlty unstable?
* How economists are changing the way accountants do business
* Has capitalism failed or succeeded? The tale of two graphs

Skousen applies easy-to-understand economic analysis to your personal and financial life, your business career, and most controversies of the day.

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Product Details

• Paperback: 334 pages
• Publisher: Bna Books (September 9, 2002)
• Language: English
• ISBN-10: 1572462019
• ISBN-13: 978-1572462014
• Product Dimensions: 8.9 x 5.9 x 0.8 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars See all reviews (3 customer reviews)
• Amazon.com Sales Rank: #620,047 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

11 of 11 people found the following review helpful:

5.0 out of 5 stars A great book!, February 5, 2003

By A Customer

I really enjoyed "The Power of Economic Thinking." I don't normally go for economics books, although I love to read on a wide variety of topics. This book really opened my eyes to the dramatic impact economic theory and beliefs have on almost every aspect of our lives and society.

This book provides many good examples, backed up with solid economic theory. It was interesting and informative at the same time. I highly recommend "The Power of Economic Thinking" to anyone in the economics world AND to anyone who DOESN'T think economics is very interesting or important. This book proved to me IT IS!

7 of 7 people found the following review helpful:

3.0 out of 5 stars good introduction to libertarian economics, May 3, 2007

By	Caraculiambro (La Mancha) - See all my reviews

If you haven't read any Mark Skousen, this is a good place to start. You'll get to know his thinking well. He's the author of over twenty books on economics (most of them privately published), and a leading light of the libertarian "Foundation for Economic Education."

First off, this book is not exactly what I thought it would be, and what you might think it is. The title seems to suggest this is something of an analysis and exploration of how economics -- especially, for example, by means of the kind of Freakonomic-type thinking so now in vogue -- has invaded numerous other disciplines and yielded unexpected insights. I'm not aware of a book like that: Skousen's book is useful but completely different. It is a tour of especially potent and promising economic ideas -- not necessarily recent ones.

To put labels on him: Skousen is a libertarian, supply-sider, and a free-market economist. In short, he believes governments should keep their hands off the economy, keeping taxes super low, providing minimal services, breaking down trade barriers, and spending their efforts fostering a climate conducive to free enterprise.

If you've ever been apprised of the libertarian stance on economic questions, then many of his ideas should be familiar: the gold standard was a really good idea, global trade is inevitable, investment leads to economic growth, etc.

I like him, though. He's scrappy, and not afraid to disagree with the luminaries of economics, such as Milton Friedman.

But I won't be reading another one of his books. He's a little too taken with himself, constantly quoting from his own books or continually reminding us how he correctly predicted one economic disaster after another.

Additionally, his books -- this one is no exception -- seem to be just a disorganized amalgam and rehashing of his ideas over and over again. If you've read one Skousen book, you've read them all.

5 of 6 people found the following review helpful:

5.0 out of 5 stars Single best economics investment, November 26, 2005

By	B. Hughes "econ addict" (USA) - See all my reviews (REAL NAME)

Mark Skousen is a clear-thinking and simple communicator
who takes a complicated subject of economics and simplifies it for
all readers. Unlike Charles Wheelan (who lacks an economic education and wrote the disappointing Naked Economics) Skousen holds a Ph.D. in economics and yet writes for the layperson.If you buy no other book for an understanding of economics , buy this book!