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Mark Skousen

Economic Logic 3rd Edition Paperback – May 27, 2008

by Mark Skousen (Author)

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"Eureka! Skousen has done the impossible. Students love it! I will never use another textbook again."—Harry Veryser, University of Detroit-Mercy

They said it couldn’t be done. Austrian economics is so different, they said, that it couldn’t be integrated into standard “neo-classical” textbooks. Consequently, college students learn nothing about the great Austrian economists (Mises, Hayek, Schumpeter).

Professor Mark Skousen’s Economic Logic aims to change that. Based on his popular course taught at Columbia University, Skousen starts his “micro” section with Carl Menger’s “theory of the good” and the profit-and-loss income statement to explain the dynamics of the market process, entrepreneurship, and the advantages of saving.

Then he uses a powerful Hayekian four-stage model of the economy to introduce "macro," including a new Austrian measure of spending at all stages of production (Gross Domestic Expenditures).

Economic Logic also offers chapters on the international gold standard, the defects of central banking, and the Mises/Hayek theory of the business cycle. A full critique of the Keynesian Aggregate Supply and Demand (AS-AD) model is provided with a revolutionary Austrian alternative. Entrepreneurship, the financial markets, environmental economics, monetary policy and inflation, federal spending and taxes, and government regulation are all included. Also covered are the leaders of all schools, including Austrian, Keynesians, Marxist, Chicago, and Public Choice.

Print length

673 pages
Language

English
Publisher

Regnery Publishing
Publication date

May 27, 2008
Dimensions

8 x 1.75 x 10 inches
ISBN-10

1596985453
ISBN-13

978-1596985452
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Editorial Reviews

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"I think your textbook is better than Paul Heyne's. It has an excellent balance of theory and the real world that no other text has achieved. I'll use it next time." --Prof. Charles Baird, CalState Hayward

"After using Economic Logic this semester, I will never go back to another textbook." --Prof. Harry Veryser, Walsh College, Michigan

About the Author

Mark Skousen is a professional economist, investment expert, university professor, and author of more than 25 books. Currently he holds the Benjamin Franklin Chair of Management at Grantham University. Since 1980, he has been editor-in-chief of Forecasts & Strategies, a popular award-winning investment newsletter. In 2004-2005, he taught economics and finance at Columbia Business School and Columbia University. He is a former analyst for the CIA, a columnist to Forbes magazine, and past president of the Foundation for Economic Education. He has written for The Wall Street Journal, Forbes, and The Christian Science Monitor, and has appeared on CNBC, CNN, ABC News, Fox News, and C-Span Book TV. His bestsellers include The Making of Modern Economics and Investing in One Lesson.

Product details

Publisher ‏ : ‎ Regnery Publishing; 3rd edition (May 27, 2008)
Language ‏ : ‎ English
Paperback ‏ : ‎ 673 pages
ISBN-10 ‏ : ‎ 1596985453
ISBN-13 ‏ : ‎ 978-1596985452
Item Weight ‏ : ‎ 3.05 pounds
Dimensions ‏ : ‎ 8 x 1.75 x 10 inches

Best Sellers Rank: #3,752,897 in Books (See Top 100 in Books)
- #2,029 in Microeconomics (Books)
- #2,642 in Government Management
- #2,994 in Macroeconomics (Books)

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Bruce Pettersen

Economic Logic by Skousen

Reviewed in the United States on March 9, 2010

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I had previously read "Economics" by Thomas Sowell and then tackled Skousen's book. One is a pleasant read and this one is a text book. That is not a negative because it's hard to find a free market text in economics being used in colleges today. I am not taking a class, it's just something I wanted to read, and I have enjoyed it. Somethings are a challenge because terms are used that I don't understand and have to get on the internet and find other writers that have explained the topic differently. However, in all fairness, I am not a college graduate. I am self taught or taught on the job. I was an accountant from 1978 to 1995 and then left the industry. I retired in 2004 and have enjoyed learning on my own. I have done very well in the market using Skousen's newsletter and the councel he provides. So, I have read two or three of his other books and I wanted to read a free market text in economics. I highly recommend it. Get Sowell's audio book from the library and listen to it also.

2 people found this helpful

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John S. Ryan

A fine free-market textbook

Reviewed in the United States on February 23, 2001

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Readers of Thomas Sowell's excellent _Basic Economics: A Citizen's Guide to the Economy_ may want to tackle this fine textbook next. Skousen presents basic economic concepts and principles in clear, crisp prose, and his presentation is the next level up from Sowell's: whereas Sowell eschews graphs and charts altogether, Skousen uses them sparingly and well in order to introduce, illustrate, and explain how markets work.

The text is suitable for anyone with approximately a high-school education (and I'd love to see it used in actual high schools). As such, it's well adapted for self-study.

35 people found this helpful

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David D.

Good Fundamentals of Economics Textbook

Reviewed in the United States on February 9, 2009

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This book is written at a high school/college level and is easy to read and understand without any need for math. It focuses more on creating a general and intuitive understanding of how and why the business, national, and world economies work, rather than on solving equations. It covers all areas of economics and finance, micro and macro; and how these fit in with business, the government, taxes, and human behavior. The topics it covers are up to date (2008).

This book is easier to read and understand than the other principles of economics textbooks that I have seen. I really enjoyed reading it and learned a lot from it. I like its format and its content. But you need to be aware that the book does have quite a few typos, editing errors, index errors and poorly labeled graphs in it, which make it a bit more difficult to study on your own. The book has a libertarian / Austrian School bent and explains in detail some of the Austrian School theory; I really enjoyed that aspect of it.

For my friends who are trying to understand basic economics on their own, I recommend reading this book this after Russell Robert's books, "The Best Book on the Market", "Commonsense Economics" and Sowell's "Basic Economcs" in that order.

7 people found this helpful

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Martha T. Glandon

Economic Logic

Reviewed in the United States on April 23, 2009

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Mark Skousen wrote this book but he allows you to decide which strategy you agree with. Very well written. When you finish, you will have a healthy respect for economics and feel that you know more but have also more understanding for other views.

3 people found this helpful

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Pedro Pacheco

Groundbreaking

Reviewed in the United States on March 28, 2009

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I wanted to learn such a difficult and mysterious subject and this book has the correct info to do so. Each chapter/topic is very straightforward in content and description. Plus it has exercises to let you gain deep understanding of each subject.

3 people found this helpful

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Ian Mackechnie

Excellent Economics Text

Reviewed in the United States on October 3, 2007

This is an excellent work; as both a text and for general reading. Microeconomics is regarded by most students as hard and boring. Skousen's work is neither. It presents real business economics in a simple and logical fashion. His diagrams are explained well and presented clearly. His topic headings are appropriate and at times, provocative, and his chapter summary, points to ponder and recommended reading are very useful. Another interesting feature of the book is a focus on one economist at the end of each chapter. This is an excellent way of getting the reader interested in both famous economists and some economic history.

Although I switched to Heyne's book 'The Economic Way of Thinking' to teach my Business Economics class last semester, I will be using Skousen's work in the future. It is the better book!

10 people found this helpful

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K. Au

Friendly to both user and instructor!

Reviewed in the United States on June 24, 2008

This textbook is an all-in-one textbook for economics. Not only does it have an overview explaining economic thinking but it also has comprehensive sections on micro and macroeconomics. An added feature is its section on government policy, helping the economic student understand how society's interventions in the market affect the economy. Perhaps the best component is the afterward "What Do Economists Do?" which discusses career opportunities and trends, even with expected incomes!

From an instructor's perspective, the book is designed to maximize learning while minimizing monotony. The text is illuminated with simple yet useful charts and diagrams. The explanation of principles is accomplished with modern scenarios, arousing the student's interest. Each chapter is followed with a summary, a list of important terms introduced in the chapter, and a brief biographical sketch of influential economists. Additionally, each chapter has "Problems to Ponder", including both abstract theoretical questions and practical, calculation-based questions. For supplemental study, each chapter has additional recommended readings.

This book is user- and instructor-friendly, perfect for any beginner economic student - simple, direct, and comprehensive.

14 people found this helpful

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Economic Logic 3rd Edition Paperback – May 27, 2008

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