Economic Logic 3rd Edition

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Press:Capital Press Capital Press; 3rd edition (May 5, 2008)
Publication Date:2008-5-5
Author Name:Mark Skousen


This is Professor Mark Skousen's much anticipated 2nd edition of Economic Logic, which includes for the first time his chapters on macroeconomic theory and government policy. 
(The 1st edition is only microeconomics.) Skousen's textbook promises a revolutionary pedagogy in teaching economics, with a new micro model that starts with the profit-and-loss income statement and a new 4-stage macro model that integrates micro and macro.
What's new in the 2nd edition: 1.
It offers a logical, step-by-step approach to economics, starting with the basics of microeconomics (the theory of wealth creation, individual behavior and the firm), and leading into macroeconomics (the theory of economy-wide behavior and government policy).
Students can predict what the next chapter will be.
Hence, the textbook is econological (a new term invented by Skousen meaning "using sound economic principles").
It applies the seven key principles of economics throughout the course: accountability, economy, saving/investment, incentives, competition/choice, entrepreneurship, and welfare.
It is the first and only textbook to begin the micro model with a profit-and-loss income statement to demonstrate the dynamics of the economy.
The principles of supply and demand are drawn out of the P&L statement.
Business students in particular find this approach attractive.
Skousen considers the P&L statement as the "missing link" in microeconomic pedagogy.
It integrates other disciplines into the study--finance, business, marketing, management, history, and sociology.
It makes frequent references to major economic events in history, such as the origin of money and the Great Depression, and the inventors of economic theories and terms (major economic thinkers are highlighted at the end of each chapter).
Thus, in this textbook, economic theory is never far from history because new theories almost always develop out of historical events (Adam Smith's competitive model from the Enlightenment; Karl Marx's radical distribution economics from the Industrial Revolution; and John Maynard Keynes's aggregate demand model from the Great Depression of the 1930s.) 6.
It devotes an entire chapter (13) to the financial markets, which are playing a growing role in the expanding global economy.
Students must understand Wall Street and the financial world to have a complete education in economics.
It introduces a new powerful four-stage universal macro model of the economy (resources, production, distribution, and consumption/investment), and shows how micro and macro are logically linked together.
see figure 4.1.) 8.
It integrates a new national income statistic called Gross Domestic Expenditures (GDE), which measures total spending at all four stages of production, and shows how it relates to Gross Domestic Product (GDP) and other aggregate business cycle statistics.
(See chapter 15.) Skousen explains why GDP over-emphasizes consumer spending in the economy, while GDE reflects what the proper balance between consumption and investment.
It introduces a new growth diagram that improves upon the circular flow diagram found in other textbooks, and demonstrates why saving and investing drive the economy, not consumer spending.
(See figure 17.7.) 9.
It provides a new alternative to the standard Aggregate Supply (AS) and Aggregate Demand (AD) curves, called Aggregate Supply Vectors (ASV) and Aggregate Demand Vectors (ADV), which do a better job of explaining the business cycle.
(See chapter 14.) 10.
It provides a new diagram to show the optimal size of government.
(See figure 20.1)

About the Author

Mark Skousen is a professional economist, investment expert, university professor, and author of more than 25 books. 
Currently he holds the Benjamin Franklin Chair of Management at Grantham University.
Since 1980, he has been editor-in-chief of Forecasts & Strategies, a popular award-winning investment newsletter.
In 2004-2005, he taught economics and finance at Columbia Business School and Columbia University.
He is a former analyst for the CIA, a columnist to Forbes magazine, and past president of the Foundation for Economic Education.
He has written for The Wall Street Journal, Forbes, and The Christian Science Monitor, and has appeared on CNBC, CNN, ABC News, Fox News, and C-Span Book TV.
His bestsellers include The Making of Modern Economics and Investing in One Lesson.


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Comment List (Total:9)

  •     This textbook is an all-in-one textbook for economics. Not only does it have an overview explaining economic thinking but it also has comprehensive sections on micro and macroeconomics. An added feature is its section on government policy, helping the economic student understand how society's interventions in the market affect the economy. Perhaps the best component is the afterward "What Do Economists Do?" which discusses career opportunities and trends, even with expected incomes!From an instructor's perspective, the book is designed to maximize learning while minimizing monotony. The text is illuminated with simple yet useful charts and diagrams. The explanation of principles is accomplished with modern scenarios, arousing the student's interest. Each chapter is followed with a summary, a list of important terms introduced in the chapter, and a brief biographical sketch of influential economists. Additionally, each chapter has "Problems to Ponder", including both abstract theoretical questions and practical, calculation-based questions. For supplemental study, each chapter has additional recommended readings.This book is user- and instructor-friendly, perfect for any beginner economic student - simple, direct, and comprehensive.
  •     Readers of Thomas Sowell's excellent _Basic Economics: A Citizen's Guide to the Economy_ may want to tackle this fine textbook next. Skousen presents basic economic concepts and principles in clear, crisp prose, and his presentation is the next level up from Sowell's: whereas Sowell eschews graphs and charts altogether, Skousen uses them sparingly and well in order to introduce, illustrate, and explain how markets work.The text is suitable for anyone with approximately a high-school education (and I'd love to see it used in actual high schools). As such, it's well adapted for self-study.
  •     I wanted to learn such a difficult and mysterious subject and this book has the correct info to do so. Each chapter/topic is very straightforward in content and description. Plus it has exercises to let you gain deep understanding of each subject.
  •     This is an excellent work; as both a text and for general reading. Microeconomics is regarded by most students as hard and boring. Skousen's work is neither.
  •     I had previously read "Economics" by Thomas Sowell and then tackled Skousen's book. One is a pleasant read and this one is a text book. That is not a negative because it's hard to find a free market text in economics being used in colleges today. I am not taking a class, it's just something I wanted to read, and I have enjoyed it. Somethings are a challenge because terms are used that I don't understand and have to get on the internet and find other writers that have explained the topic differently. However, in all fairness, I am not a college graduate. I am self taught or taught on the job. I was an accountant from 1978 to 1995 and then left the industry. I retired in 2004 and have enjoyed learning on my own. I have done very well in the market using Skousen's newsletter and the councel he provides. So, I have read two or three of his other books and I wanted to read a free market text in economics. I highly recommend it. Get Sowell's audio book from the library and listen to it also.
  •     Reading Economic Logic gave me a profound new understanding of how economics applies in the real world, especially in business and personal finance.
  •     If you are selecting a textbook for self-education, I would recommend the Mansfield book instead. It is a much better written Micro-Economics book. If you are getting this book because it is required reading for a class you are taking, be prepared and forewarned that it is riddled with amateurish typographical errors and misprints. I'm not the most observant eye, and would estimate that there is about one error per every four pages on average. Maybe more. It is very distracting to have the text riddled with misspelled words, conflicting numbers, and other typographical errors.
  •     This book is written at a high school/college level and is easy to read and understand without any need for math. It focuses more on creating a general and intuitive understanding of how and why the business, national, and world economies work, rather than on solving equations. It covers all areas of economics and finance, micro and macro; and how these fit in with business, the government, taxes, and human behavior. The topics it covers are up to date (2008).This book is easier to read and understand than the other principles of economics textbooks that I have seen. I really enjoyed reading it and learned a lot from it. I like its format and its content. But you need to be aware that the book does have quite a few typos, editing errors, index errors and poorly labeled graphs in it, which make it a bit more difficult to study on your own. The book has a libertarian / Austrian School bent and explains in detail some of the Austrian School theory; I really enjoyed that aspect of it.For my friends who are trying to understand basic economics on their own, I recommend reading this book this after Russell Robert's books, "The Best Book on the Market", "Commonsense Economics" and Sowell's "Basic Economcs" in that order.
  •     Mark Skousen wrote this book but he allows you to decide which strategy you agree with. Very well written. When you finish, you will have a healthy respect for economics and feel that you know more but have also more understanding for other views.

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