The power of economic thinking

the long version

In his provocative new book, Mark Skousen contends that economics is no longer the "dismal" science. It is now the "imperial" science, invading like an army the new frontiers of crime, politics, religion, Wall Street, subjecting new economic analysis to gun rights, racial dscrimination, drug abuse, professional sports, health care, grade-school education, and environmentalism. Chapters include: why private companies were able to quickly solve their own pension problem, but Social Security cannot; why the Food Stamp program works better than Medicare; the economic reasons for terrorism in the Middle East; why consumer spending does not drive the economy; great turnabouts in history: Paul Samuelson, Milton Friedman, and other famous economists who changed their minds; economists prove that the poor are getting richer too; leisure, the basis of culture; are financial markets inherenlty unstable; how economists are changing the way accountants do business; Has capitalism failed or succeeded: the tale of two graphs.