Derek Jeter’s Big Finale…and I Was There!

by Mark Skousen on September 29, 2014

Last Thursday, at the invitation of Steve Forbes, I was able to attend Derek Jeter’s last game at Yankee stadium. Mr. Forbes has season tickets and occasionally invites me to join him. Tickets were selling for $850 and more, and those were bleacher seats, so I felt lucky. The Yankees were ahead 5-2 in the 9th inning when I told Mr. Forbes that I expected the Orioles to score three runs and tie the score, forcing Jeter to bat one more time to win it all in his final time at bat at Yankee Stadium. My prediction came true. Mr. Forbes can verify it. What a night!

I can relate to Derek Jeter. He never won the Most Valuable Player award, but he was a steady, reliable performer during his 20 years with the Yankees and ended up getting five World Series rings. By the same token, I consider my 35 years writing Forecasts & Strategies as a steady performer, never personally ranking #1 in any one year. But over the long run, I delivered a winning formula for financial success.

Mark Skousen and Steve Forbes enjoy Derek Jeter’s final home game at Yankees Stadium.

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Missing Link in Economics Revealed!

by Mark Skousen on September 15, 2014

by Mark Skousen
Presidential Fellow, Chapman University

For centuries economists have been searching for the missing link that would tie microeconomics (theory of the firm and individual behavior) with macroeconomics (theory of the economy as a whole).

I believe my four-stage model of the economy does just that.  Based on Austrian macroeconomics (known as Hayek’s triangles), I created a four-stage model of the macro economy in my book, The Structure of Production (NYU Press, 1990).  A few years later, John Taylor of Stanford University (famous for his Taylor Rule) independently produced a 4-stage micro model involving four stages in the production of Caribou Coffee.

A eureka moment!

I’ve incorporated both 4-stage micro and macro models in my textbook, Economic Logic (Capital Press, 2014), now in its 4th edition.  See especially chapter 14:  <http://www.amazon.com/Economic-Logic-Fourth-Edition-Skousen/dp/1621572226 It’s available in book print and Kindle.  If you want to buy it at a discount for only $34.95 plus S&H, call Eagle Publishing at 1-800-211-7661, and use code ECONL6.

SKOUSEN – TAYLOR LINK MACRO WITH MICRO

Figure 1.  Universal 4-stage Macro Model of the Economy

Source:  Mark Skousen, The Structure of Production (New York University Press, 1990); Economic Logic (Capital Press, 2014).

 

 

 

 

 

Figure 2.  4-stage micro model (production process of Caribou Coffee) 

Source:  John B. Taylor, Economics, 5th edition (Boston:  Houghton Mifflin, 2006)

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U.S. Economy Doing Better Than Expected

August 1, 2014

U. S. ECONOMIC ACTIVITY HOLDS STEADY IN 1ST QUARTER 2014 Washington, DC –  Gross Output, a broader measure of  U. S. economic activity published by the Bureau of Economic Analysis, held steady at $30,210.6 billion in the first quarter of 2014. “The GO data demonstrates that the economy is not as bad off as GDP [...]

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FreedomFest 2014 Report

July 31, 2014

Over 2,000 Look to Private Solutions at This Year’s “Greatest Libertarian Show on Earth” By Mark Skousen Producer, FreedomFest “This was my seventh FreedomFest, and the best ever. It’s turned into an annual reunion with old friends and new who come from all over the country and the world.  There’s nothing like it.”   –Gene Epstein, [...]

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Open Letter to All Freedom Lovers

June 2, 2014

From Mark Skousen, producer of FreedomFest I woke up this morning thinking about “Why We Need to Get Together Once a Year.“  Over the years, I’ve been impressed with the proliferation of free-market think tanks and freedom organizations which are doing their part to make a difference:  publishing websites, special reports and books; holding meetings [...]

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Marx Madness is Back

May 28, 2014

“Capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine democratic societies.” — Thomas Piketty, “Capital in the 21st Century” (2014) The Economist magazine rightly called French professor Thomas Piketty the new Marx, although a watered down Marx. His bestseller (rated #1 on Amazon and the New York Times) is a thick volume with the [...]

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Economist Makes Lead Story in the Wall Street Journal….Barron’s….and Forbes

April 28, 2014

I made the lead story in the Wednesday, April 23, 2014, edition of the Wall Street Journal.  The title:  “At Last, a Better Economic Measure.”  You can read it here:  http://on.wsj.com/PsdoLM The editors of the WSJ don’t allow the author to see or approve the headline or subhead, but they nailed it perfect.  And I [...]

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Steve Forbes Endorses My Gross Output Statistic

April 23, 2014

“Mark Skousen’s Gross Output statistic…will have a profound and manifestly positive impact on economic policy and politics.”  — Steve Forbes, Forbes magazine, April 14, 2014 The Bureau of Economic Analysis will start releasing Gross Output (GO) along with GDP every quarter starting on Friday, April 25.  I consider it a triumph in supply side “Austrian” [...]

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Chapman Students Are Surprised by the Answer to My Environmental Question

February 25, 2014

In January, my wife and I had the opportunity to teach at Chapman University, where I am a Presidential Fellow for 2014.  She taught a class in poetry, and I taught “Modern Political Economy:  Who is Winning the Battle of Ideas?”  I used my textbook, “The Making of Modern Economics,” now in its 2nd edition. One [...]

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A Personal Triumph 25 Years in the Making with Launch of New Macro Statistic

December 2, 2013

For the first time since World War II, the Federal government (Bureau of Economic Analysis) will begin publishing a new macro statistic Gross Output [GO] starting in spring 2014 at the same time it releases its quarterly GDP data. Forbes.com article has just published my article on this new statistic “Beyond GDP“: http://www.forbes.com/sites/realspin/2013/11/29/beyond-gdp-get-ready-for-a-new-way-to-measure-the-economy/ A shortened [...]

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