The Economics of Life Made Simple
“No science in the world is more elevated, more necessary, and more useful than economics.” — Carl Linnaeus, Swedish naturalist (1707-1778)
I’ve always wanted to do a “one article” summary of the “Economics of Life.” In 2023, in honor of Adam Smith’s 300th birthday, I got the opportunity.
Michael Shermer, publisher of Skeptic magazine, commissioned me to write a cover story for his magazine (circulation 50,000 plus) summarizing “The Economics of Life” as it applies to the seven hottest economic topics today. (See below.)
In this essay, I tell some remarkable stories about my college students over the years. It also integrates my gross output (GO) statistic and the Economic Freedom Index.
It includes 10 charts — for those who prefer to look rather than read.
The cover story came out last month, and now it can be read for free.
Here are the seven questions I seek to answer in the article:
- What is the secret to the success of capitalist nations, which have grown by leaps and bounds in the past 200 years?
- What drives the economy — consumer spending, business investment or government stimulus?
- Why are young people so attracted to democratic socialism, and is there a better alternative?
- Should valuable goods and services such as college education, medical services and transportation be made available to the public for free?
- What is money, what is it based on without a gold standard and can cryptocurrency ever replace it?
- Are booms and busts and periods of inflation and recession (like we’re experiencing now) inevitable?
- Do economists offer any solution to the global warming threat?
How to Change Students’ Minds
In this essay, I describe several powerful techniques I use in my college classes to change the minds of students on:
–Why socialism fails to work every time, while democratic “free enterprise” is a far superior model that benefits everyone.
–How free-markets fulfill the needs of the rich, the middle class and the poor.
–The dangers of offering valuable products and services like education and medicine for free.
–The one environmental chart (#9) that demonstrates we are winning the fight against pollution.
–Why business drives the economy and is far more important than consumer spending (see figure #5).
–Why inflation is permanent and inevitable in today’s society (figure #8).
–The number one threat to America and the West (see figure #7).
Last year, I was appointed the Doti-Spogli Chair of Free Enterprise at Chapman University. One of my tasks is to teach and promote free enterprise in colleges, clubs and other venues. I’m currently lining up a series of lectures around the country and the world. If you would like to have me speak in your home town, send me an email at mskousen@chapman.edu.
Don’t Miss the ‘Debate of the Decade’ at This Year’s FreedomFest
President Biden is convinced that global warming is the most serious threat we face in this country, even more than inflation, the national debt and nuclear war. We will have the “debate of the decade” on this issue: “Environmental Apocalypse Now — or Never?” Should we be spending trillions on electric vehicles and alternative energy while turning our backs on fossil fuels?
I’m pleased to announce that Michael Shermer, our resident scientist and publisher of Skeptic magazine, will moderate the debate between Douglas Brinkley, “America’s Historian” and author of the new book, “Silent Spring Revolution: The Great Environmental Awakening” and Michael Shellenberger, author of “Apocalypse Never: Why Environmental Alarmism Hurts Us All.” I can’t wait.
Michael Shermer (Left), Michael Shellenberger (Center) and Douglas Brinkley (Right) will all speak at FreedomFest.
We now have over 1,000 attendees signed up for the big show, July 12-15, in Memphis, Tennessee. We have over 200 speakers on every topic imaginable.
Our line-up includes Steve Forbes, John Fund (National Review), Steve Moore (Heritage Foundation), Larry Elder (a new presidential candidate), Tulsi Gabbard (a former Democratic congresswoman), Enes “Freedom” Kanter (a former NBA basketball player), David Boaz (Cato Institute), Bryan Kaplan (GMU), Douglas Brinkley (“America’s Historian”), Grover Norquist (Americans for Tax Reform), Art Laffer (famed economist), Richard Epstein (New York University law professor), Amity Shlaes (historian), Magette Wade, Barbara Kohm (VP of the Austrian central bank) and many more. Go here for the full lineup.
Our master of ceremonies is Lisa Kennedy, host of Fox Business.
We also have the Anthem film festival, a libertarian comedy festival and a full three-day investment conference, including such financial gurus as Alexander Green (Oxford Club), Louis Navellier and David Bahnsen. Plus, there will be a special interview with Jeremy Siegel, the “Wizard of Wharton,” and Burt Malkiel (Princeton). Our financial editors at Eagle Publishing will all be at FreedomFest — Jim Woods, Bryan Perry, George Gilder, Roger Michalski and Paul Dykewicz as part of our three-day investment conference. Stop by our booth!
If you haven’t been to FreedomFest, you are in for a treat. There’s nothing like it. As Steve Forbes says, “FreedomFest is my favorite conference. I changed my schedule to attend all three days. You should too.”
Get $77 Off the Registration Fee
Special Discount Code for Subscribers: I’ve arranged a special code to get $77 off the registration fee at FreedomFest. Use the code EAGLE77 when you register at www.freedomfest.com. Or call Hayley, at 1-855-850-3733, ext. 201.
You Nailed it!
Announcing the Winner of the First Doti-Spogli Free EnterPRIZE Student Essay Contest
On May 4, I awarded the first winner of the Doti-Spogli Free EnterPRIZE Student Essay Contest at Chapman University. Last year, I was appointed to the first Doti-Spogli Endowed Chair of Free Enterprise. The chair is funded by Ron Spogli, former U.S. ambassador to Italy and the founder and chairman of Freeman Spogli & Co., a private equity firm in Los Angeles. Jim Doti is the former president of Chapman University.
My responsibilities include teaching free-market economics to students, and giving out two awards each year: One to a faculty member who best promotes free enterprise. We gave it to Vernon L. Smith, the Nobel prize economist at Chapman. He received five American eagle gold coins, now worth $2,100 each. I thought it best to give a financial reward that increases in value over time, versus the dollar, which decreases in value.
The second yearly award goes to a student who writes the best essay on free enterprise.
This year, the award goes to Heather Johnson, a senior economics major who has been accepted into the University of Chicago graduate program. She won the contest with her essay, “California Dreamin’: How to Bring Back Business to the Golden State.” She made the case for cutting taxes, making it easier to build more housing, reducing red tape and lawsuits against businesses and increasing penalties for theft and robbery. We are sending the essay to California Governor Newsom and other legislators in hopes that they will make these changes to bring back business to California.
For her essay, she received a one-ounce American eagle gold coin.
Good investing, AEIOU
Mark Skousen
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