Ep. 1036 What Are Other Economists Missing About the Economy?
The Tom Woods Show
Tom Woods
4.8 • 3.3K Ratings
🗓️ 10 November 2017
⏱️ 35 minutes
🧾️ Download transcript
Summary
Mark Skousen, who just released the 5th edition of his economics textbook, joins me to discuss quite a few topics, with special emphasis on why the Austrian School sees the economy more clearly than do other schools of thought. He takes on the "circular flow" model, the problems with GDP, and why the standard approach leaves out some of the most important activity in the economy.
Transcript
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| 0:00.0 | The Tom Woods Show, episode 1,036. |
| 0:03.6 | Prepare to set fire to the index card of allowable opinion. |
| 0:08.4 | Your daily dose of liberty education starts here, the Tom Woods Show. |
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| 0:28.2 | people you get 50 smackers check it out at tom woods.com slash ebates everybody tom woods here talking to mark |
| 0:37.4 | scowson today he is the author of a tech slash ebates. Everybody, Tom Woods here talking to Mark Scousen today. |
| 0:39.1 | He is the author of a textbook that is now in its fifth edition called Economic Logic, |
| 0:45.6 | but we know Mark Skousen for a lot more than that. |
| 0:48.7 | Mark is the author of over two dozen books. |
| 0:51.6 | In fact, he's an economist, an investment analyst, a newsletter editor, |
| 0:55.5 | and a college professor. Since 1980, he's been editor-in-chief of the financial newsletter |
| 1:00.3 | forecasts and strategies, and of course he is the producer of Freedom Fest, which is an annual |
| 1:06.0 | event in Las Vegas featuring a great many libertarian and conservative luminaries. He also served for two |
| 1:12.9 | years as president of the Foundation for Economic Education. And I want to talk to him today about |
| 1:18.4 | his textbook, Economic Logic, and in particular, I want to focus in on how understanding |
| 1:24.2 | the way the economy works from an Austrian perspective really helps you to see |
| 1:29.3 | things that other people don't see or can't see, that there are competing models of |
| 1:34.6 | understanding how we should conceive of the economy and what's happening in it that get things |
| 1:40.7 | all wrong, like consumption is 70% of the economy. This is all crazy nonsense. |
| 1:46.3 | And figures like gross output and the sorts of things that Mark and other Austrians talk about |
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