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9781479848522 Add to Cart Academic Inspection Copy

The Structure of Production

New Revised Edition
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In 2014, the U. S. government adopted a new quarterly statistic called gross output (GO), the most significance advance in national income accounting since gross domestic product (GDP) 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 this new revised edition of Structure of Production, 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.
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
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