The Structure of Production : : New Revised Edition / / Mark Skousen.

• VerfasserIn: Skousen, Mark,
• Place / Publishing House: New York, NY : : New York University Press, , [2015]; ©2015
• Year of Publication: 2015
• Language: English
• Physical Description: 1 online resource

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.

Table of Contents

Frontmatter -- CONTENTS -- INTRODUCTION TO THE NEW REVISED EDITION: GO BEYOND GDP -- INTRODUCTION TO THE PREVIOUS EDITION -- PREFACE -- ONE INTRODUCTION: THE CASE FOR A NEW MACROECONOMICS -- PART I THE STRUCTURE OF PRODUCTION: A HISTORICAL SURVEY -- TWO. THE THEORY OF PRODUCTION IN CLASSICAL ECONOMICS -- THREE. HAYEK AND THE 1930s: A NEW VISION OF MACROECONOMICS -- FOUR. TIME AND PRODUCTION IN THE POST-KEYNESIAN ERA -- PART 2 THE THEORETICAL FRAMEWORK -- FIVE. THE STRUCTURE OF PRODUCTION: THE BUILDING BLOCKS -- SIX. TIME AND THE AGGREGATE PRODUCTION STRUCTURE -- SEVEN. SAVINGS, TECHNOLOGY, AND ECONOMIC GROWTH -- EIGHT. THE THEORY OF COMMODITY MONEY: ECONOMICS OF A PURE GOLD STANDARD -- NINE. ECONOMICS OF A FIAT MONEY STANDARD: A THEORY OF THE BUSINESS CYCLE -- PART 3 APPLICATIONS -- TEN. IMPLICATIONS FOR GOVERNMENT ECONOMIC POLICY -- ELEVEN. CONCLUSIONS: THE FUTURE OF ECONOMIC THEORY AND RESEARCH -- REFERENCES -- INDEX -- ABOUT THE AUTHOR