The Structure of Production
The Structure of Production has been the underground bible for supply-side economics and Austrian macroeconomics. It serves as an analytical tool to explain asset bubbles, commodity inflation, and financial instability. This book provides a new introduction that updates Skounsen’s four-stage model with new statistical evidence, applications to textbooks, and historical interpretation. The Structure of Production also introduces new diagrams and models to improve teaching in the classroom: a new micro model using the P&L income statement that explains downsizing, upsizing, and creative destruction dynamics in the global economy.
Praise for The Structure of Production
“The next economics will have to be centered on supply and the factors of production rather than being functions of demand. I've read Mark Skousen’s book twice, and it comes the closest to achieving this goal.”
— Peter F. Drucker, Claremont Graduate University
“Skousen’s Structure of Production should be a required text at our leading universities. The book masterfully juxtaposes the ideas of the 'Austrians' against mainstream economics yet it is balanced, fair, well written, and clearly illustrated. It is an important book for students of economics and a treasure for academics.”
— John O. Whitney, Emeritus Professor in Management Practice at Columbia University