Santa Barbara Luncheon Series: Eurekanomics - Discovering the Missing Link in Macroeconomics
Lunch and refreshments will be provided.
For years, economists have debated the paradox of thrift -- if saving more is good for an individual, how can saving more be bad for the entire economy and cause a recession? To resolve this conflict between micro and macroeconomics, Professor Mark Skousen, a Presidential Fellow at Chapman University, talks about his new model of the economy and how his background in finance, accounting and business management helped develop his model and his work, "The Structure of Production" (NYU Press). In this timely lecture, he will seek to answer the question, "What drives the economy -- consumer spending, government stimulus, or business investment?" He also will update the audience on gross output (GO), his new statistic that measures spending at all stages of production, which has been recently adopted by the federal government.
The Structure of Production by author Mark Skousen, Ph.D.
In 2014, the U. S. government adopted a new quarterly statistic called Gross Output, the most significant advance in national income accounting since Gross Domestic Product 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 his book “Structure of Production” first published in 1990 and now in its 3rdedition 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
Reviews for Skousen’s “The Structure of Production”:
“The next economics will have to be centered on supply and the factors of production rather than being functions of demand. I've read Mark Skousen’s book twice, and it comes the closest to achieving this goal.” -Peter F. Drucker, Claremont Graduate University
“Skousen’s Structure of Production should be a required text at our leading universities. The book masterfully juxtaposes the ideas of the 'Austrians' against mainstream economics yet it is balanced, fair, well written and clearly illustrated. It is an important book for students of economics and a treasure for academics.” -John O. Whitney, Emeritus Professor in Management Practice at Columbia University
Mark Skousen, Ph. D., 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).
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Falko Hörnicke, CFA®, CFP® & George Tharakan, CFA
|As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.|