The Structure of Production: New Revised Edition

The Structure of Production: New Revised Edition

by Mark Skousen


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In 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 came as a triumph for Mark Skousen, who advocated GO nearly 25 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.

In this new revised edition of Structure of Production, Skousen shows why GO is a more accurate and comprehensive measure of the economy because it includes business-to-business transactions that move the supply chain along to final use. (GDP measures the value of finished goods and services only, and omits B-to-B activity.) GO is an attempt to measure spending at all stages of production. Using GO, Skousen demonstrates that the supply-side of the business spending is far more important than consumer spending, is more consistent with economic growth theory, and a better measure of the business cycle.

Product Details

ISBN-13: 9781479848522
Publisher: New York University Press
Publication date: 09/25/2015
Pages: 417
Product dimensions: 5.90(w) x 9.00(h) x 0.90(d)

About the Author

Mark Skousen is a Presidential Fellow at Chapman University in California. Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He has written for the Wall Street Journal, Forbes, the Christian Science Monitor, and the Journal of Economic Perspectives. His economics works include The Structure of Production (NYU Press), The Making of Modern Economics (ME Sharpe), Economic Logic (Capital Press), and EconoPower (Wiley &Sons). His investment books include Investing in One Lesson (Capital Press), and The Maxims of Wall Street (Eagle Publishing). His latest book is A Viennese Waltz Down Wall Street: Austrian Economics for Investors (LFB Publishers).

Table of Contents

Introduction to the Paperback Edition xi
Preface xxxix
1. Introduction: The Case for a New Macroeconomics 1
2. The Theory of Production in Classical Economics 13
3. Hayek and the 1930s: A New Vision of Macroeconomics 43
4. Time and Production in the Post-Keynesian Era 84
5. The Structure of Production: The Building Blocks 133
6. Time and the Aggregate Production Structure 184
7. Savings, Technology, and Economic Growth 215
8. The Theory of Commodity Money: Economics of a Pure
Gold Standard 265
9. Economics of a Fiat Money Standard: A Theory of the
Business Cycle 282
10. Implications for Government Economic Policy 335
11. Conclusions: The Future of Economic Theory and Research 363
References 3 79
Index 401
About the Author 417

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