EconoPower: How a New Generation of Economists is Transforming the World Paperback / softback - 2015

In 2006, the Nobel Peace Prize was for the first time awarded to an economist. Once ridiculed as the "dismal" science, economics has now emerged as the "imperial" science that influences every aspect of daily life, from politics to education to religion to Wall Street. Like an invading army, the science of Adam Smith is overrunning the whole of social science--law, finance, politics, history, sociology, environmentalism, religion, and even sports. In EconoPower, professional economist Mark Skousen shows how this is happening--and how economists are solving the world's problems on both the individual and national level.

EconoPower offers practical advice on personal financial matters--earning, saving, investing, and retiring--based on the breakthrough contributions of behavioral economists. It reveals exciting discoveries by economists to solve domestic problems, such as road congestion, health care, public education, crime, and other issues high on the public's list. And it looks at how economists are working successfully on international issues from global warming to religious wars. Looking toward the future, the book also reveals what kind of new dynamic economic philosophy will dominate the new millennium.

Skousen reveals how economists have gone beyond writing abstract academic papers and books and are now applying their theories in the real world by running businesses, consulting companies, and taking positions in government. Economics can change people's lives and nations' fortunes for better or for worse, he explains, depending on how closely they adhere to or violate basic principles. Those key principles include accountability, cost-benefit analysis, investments, and entrepreneurship. By understanding and incorporating these principles, better decisions will be made on individual, corporate, and government levels. To explain this thesis, the author offers analyses of key economists who have changed their views over time, an examination of major domestic and international issues, and an explanation of how economists can predict which politicians will be successful.

With EconoPower as their guide, readers will gain a firm understanding of the influence of economics and how it can be used to improve the world we live in.