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, and a revolutionary Austrian alternative.
Entrepreneurship, the financial markets, environmental economics, monetary policy and inflation, federal spending and taxes, and government regulation.
Leaders of all schools, including Austrian, Keynesians, Marxist, Chicago, and Public Choice.
This comprehensive, yet accessible introduction to the major economic philosophers of the past 225 years begins with Adam Smith and continues through the present day. The text examines the contributions made by each individual to our understanding of the role of the economist, the science of economics, and economic theory. Boxes in each chapter highlight little-known and entertaining facts about the economists' personal lives that had an influence on their work.
In Vienna and Chicago, Friends or Foes? economist and author Mark Skousen debates the Austrian and Chicago schools of free-market economics, which differ in monetary policy, business cycle, government policy, and methodology. Both have played a successful role in advancing classic free-market economics and countering the critics of capitalism during crucial times and the battle of ideas. But, which of the two is correct in its theories?