The Structure of Production

Mark Skousen 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).

CONTENTS Introduction to the Paperback Edition xi Preface xxxix 1. Introduction: The Case for a New Macroeconomics 1 PART I THE STRUCTURE OF PRODUCTION: A HISTORICAL SURVEY 2. The Theory of Production in Classical Economics 13 3. Hayek and the 1930s: A New Vision of Macroeconomics 43 4. Time and Production in the Post-Keynesian Era 84 PART 2 THE THEORETICAL FRAMEWORK 5. The Structure of Production: The Building Blocks 133 6. Time and the Aggregate Production Structure 184 7. Savings, Technology, and Economic Growth 215 8. The Theory of Commodity Money: Economics of a Pure Gold Standard 265 9. Economics of a Fiat Money Standard: A Theory of the Business Cycle 282 ix PART 3 APPLICATIONS 10. Implications for Government Economic Policy 335 11. Conclusions: The Future of Economic Theory and Research 363 References 3 79 Index 401 About the Author 417