The Power of Economic Thinking
by Mark Skousen
Foundation for Economic Education, 2002, 334 pages

"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.

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

Table of Contents

Introduction: The Power of Economic Analysis
The Imperial Science
Solving Domestic Issues
Solving International Issues
Correcting Fallacies and Debunking Myths
Breakthroughs in Economics
Changing People's Lives
Changing the Course of History
Predicting the Future

Published by the Foundation for Economic Education, 2002, 334 pages

• ISBN: 1572462019
• Retail price: $24.95

Available at Amazon.com for only $19.95!