The Structure of Production New Revised Edition / Mark Skousen ; with a new introduction.

Format:

Book

Author/Creator:

Skousen, Mark.

Language:

English

Subjects (All):

Macroeconomics.

Production (Economic theory).

Genre:

Electronic books.

Physical Description:

1 online resource (462 p.)

Edition:

New rev. ed.

Manufacture:

Baltimore, Md. : Project MUSE, 2021

Place of Publication:

New York : New York University Press, 2015.

Language Note:

English

Summary:

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 : the case for a new macroeconomics

The theory of production in classical economics

Hayek and the 1930s : a new vision of macroeconomics

Time and production in the post-Keynesian era

The structure of production : the building blocks

Time and the aggregate production structure

Savings, technology, and economic growth

The theory of commodity money : economics of a pure gold standard

Economics of a fiat money standard : a theory of the business cycle

Implications for government economic policy

Conclusions : the future of economic theory and research.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9781479869954

1479869953

9781479833818

1479833819

OCLC:

1203843392