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Disclosures: This is a paid advertisement for Med-X's Regulation A+ Offering. Please read the offering circular at invest.medx-rx.com. | | | "To keep the fish that they carry on long journeys lively and fresh, sea captains used to introduce an eel into the barrel. In the economics profession, Milton Friedman is that eel." -- Paul Samuelson
Over the weekend, while U.S. Special Forces captured the Marxist dictator Nicolas Maduro in Venezuela (see the "You Nailed It" column below), I attended the annual American Economic Association (AEA) meetings in Philadelphia.
The AEA committee graciously approved my session, "Honoring Milton Friedman on the 50th Anniversary of His Winning the Nobel Prize."
From left to right: Judy Shelton (Independent Institute), James Galbraith (U of Texas at Austin), Michael Bordo (Rutgers), Jeremy Siegel (Wharton School) and Mark Skousen (Chapman University).
C-SPAN executives considered it so important they agreed to film the entire two-hour session, which will be aired soon (stay tuned).
The panel, which I call "The Five," agreed that the views of Milton Friedman, the most famous free-market economist in the 20th century, are still relevant today, not only in monetary policy, but in the world of geo-politics.
What to Do with Venezuelan Oil?
For example, in 2004, Friedman was interviewed on Fox News about what to do with Iraq's oil reserves after we invade Iraq and the fall of Saddam. President Bush nationalized Iraqi oil.
Friedman responded, "A terrible mistake... We should have privatized the oil industry... We should have established an oil company and put it in a fund for the people of Iraq. Very much like we did with the oil fund that they have in Alaska."
Steve Moore and other economists are suggesting the same thing for Venezuela: "Venezuela should privatize the oil industry and give every citizen a share of the profits."
Friedman on Inflation and School Choice
Friedman's shadow is long when it comes to monetary policy, with his emphasis on limiting the quantity of money in the economy (the Monetary Rule). Over and over again, history has confirmed Friedman's statement, "Inflation is always and everywhere a monetary phenomenon."
Friedman's legacy also continues in the fight over school choice. In 1996, the Friedmans created "The Milton and Rose Friedman Foundation for School Choice," now called "EdChoice." In 1996, only three states offered school choice. Today, 29 do! See the map below.
'My Friendly Fights with Milton Friedman'
Milton was a long-time friend. I may have been the last person to have lunch with him before he died. Here is the photo of us together in San Francisco in late 2006:
After he passed away, I wrote this tribute that includes my various encounters with Milton and his wife Rose over a 20-year period: My Friendly Fights with Dr. Friedman -- MSKOUSEN.COM
It includes our debate over the gold standard at the New Orleans conference in 1999 where I tore up Milton's $20 bill, which almost ended our friendship.
Nevertheless, we remained friends, drawing from the wisdom of Thomas Jefferson, who said, "I never consider a difference of opinion in politics, religion and philosophy as cause for withdrawing from a friend."
Indeed, when an opportunity arose to teach at the top ranked Columbia Business School in New York City in 2004, Milton wrote a letter of recommendation to the dean which sealed the deal. Here is the letter:
Milton was a big fan of my book, "The Making of Modern Economics." In fact, he once told a colleague, "All histories of economics are BS -- Before Skousen!"
The feeling is mutual. My entire chapter 15 is devoted to Friedman and his contributions to economics, entitled "Milton's Paradise: Friedman Leads a Monetary Counterrevolution." | | The biggest opportunity of my 50-year career? In 1995, I called for the NASDAQ to double and then double again right before it shot up370% in the dot-com boom.
In 2003, I predicted the dot-com bust had bottomed and issued a "strong buy signal"right before the markets rebounded 95%...
So I've developed a knack in getting ahead of massive tech trends before anyone else.
And today, on the heels of a monumental President Trump move... I don't think the stakes have never been higher, and the window of opportunity is tight.
Get The Full Scoop Here. | | | What It's All About
In 2000, I published my one volume history of the great "worldly philosophers" including Adam Smith, Karl Marx, John Maynard Keynes, Ludwig von Mises and Milton Friedman.
The book makes a unique contribution: For the first time, the history of the great economic thinkers was written as a full-blown story -- a dramatic plot with a hero, Adam Smith, and how his "system of natural liberty" came under attack by his enemies (Marx, Keynes and Veblen) but was rescued by his defenders (laissez faire French, Austrians, Chicagoans and Supply-Siders), and triumphed in the end with the collapse of the Berlin Wall and the Soviet central planning socialist model.
Every economist is judged by whether they seek to defend and improve upon the model that Adam Smith built, or want to tear it down and build their own. It's a simple but powerful theme running through the work.
An Academic Bestseller
As a result, my book has become my most popular academic work. The title, "The Making of Modern Economics," isn't memorable, but the storyline is.
Thousands of copies have been sold, and it has been translated into a half dozen languages. It has now gone through four editions and is published by Routledge (Friedrich Hayek's old publisher.)
It has won the Choice Book Award for Outstanding Academic Title, and was ranked the #2 best libertarian book in economics (behind Henry Hazlitt's "Economics in One Lesson") by the Ayn Rand Institute. It has been handed out to all the board members of a major Russian corporation, and read as a main selection of the Boulder Book Club and the Show-Me Institute (Missouri think tank).
Dozens of economics professors use it in their classrooms.
It has over 100 illustrations, portraits, photographs and even music selections for each chapter. Roger Garrison, Auburn professor, states, "My students love 'The Making of Modern Economics!' Mark Skousen makes the history of economics come alive like no other textbook." And Ken Schoolland (Hawaii Pacific University) wrote that the book is "the most fascinating, entertaining and readable history I have ever seen. My students love it."
The book's chapter on Marx is so significant that it was banned at the University of the Philippines, a hotbed of Marxism.
It has two chapters on Keynesian economics, which one economist has called "the most devastating critique of Keynesian economics ever written."
It has four chapters on the Austrian, Chicago and Supply-Side schools of economics, more than any other history.
And it was published coincidentally on March 9, 2000 -- the same pub date that Adam Smith's Wealth of Nations was published in 1776! Here is the background story: ADAM SMITH AND THE MAKING OF MODERN ECONOMICS -- MSKOUSEN.COM.
The President of a Major Country Praises My Book
You never know who is influenced by one's work. Last year, I met up with Argentina's libertarian president Javier Milei. I was given the opportunity to present to him the Spanish translation of "The Making of Modern Economics."
His eyes lit up and he said in perfect English, "Oh, you're Mark Skousen! I've read your book and I love it!" (see photos below, taken by my wife Jo Ann.)
We didn't have much time to talk, but Milei indicated that my book has influenced his efforts to bring back the glory days of Argentina.
What Others Are Saying
"Mark Skousen has emerged as one of the clearest writers on all matters economic today, the next Milton Friedman." -- Michael Shermer, Skeptic magazine (he commissioned me to write "Economics of Life Made Simple," which has become a bestselling pamphlet.)
"The Making of Modern Economics" is, according to Richard Rahn, "the single best economics book ever written." See why here: The Making of Modern Economics -- MSKOUSEN.COM.
Business leaders have also enjoyed the book. John Mackey, former CEO of Whole Foods Market, read the audio book. "Mark's book is fun to read on every page," he said. "I have read it three times, and listened to it on audio tape on my summer hike. I love this book and have recommended it to dozens of my friends." | | Still Guessing What to Trade? Between Fed decisions, earnings surprises, and geopolitical headlines, does it feel impossible to know what (and when) to trade?
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Last May, I received a letter about the book. It made my day… week… month… and year!
It came from Dick Armey, former House Majority Leader, who is also a PhD economist who taught at major universities in Montana and Texas before running for office. He is also the founder of FreedomWorks, and a strong advocate of the flat tax, privatization and free trade.
He gave me permission to reprint his letter:
"Dear Mark:
In 2004, you gave me a copy of your book "The Making of Modern Economics." For some sorry reason I set it aside and did not rediscover it until recently. More is the pity for me. I have now read it, and I must say I was enthralled, edified and entertained from start to finish.
It is beyond all doubt the best book of its kind, and I have read many of them, that I have ever read. Thank you for a gift beyond what I might have dared to hope and please forgive me my remissness. I carried it with me for weeks and repeatedly reviewed much of it.
If the rest of you want to know who we are and from whence we came, you can do no better than to read this book."
Signed "Dick Armey."
I've received a lot of accolades for my history, but this one is the most unique. It took 21 years for Dick Armey to review it!
Will wonders never cease?
How to Order My Book at a Discount
Routledge charges $55.95 plus postage for the paperback, but you can buy it at a substantial discount ($37) at https://skousenbooks.com. I autograph all copies and mail them at no extra charge inside the United States.
Order your copy today! Plus, they make an excellent gift to students.
Upcoming Appearance
Celebrating Ben Franklin's Birthday, Saturday, Jan. 17: Reason Foundation is hosting my talk and book signing of "The Greatest American" at its headquarters, 5737 Mesmer Ave. in Los Angeles, 2-5 p.m. PT. Refreshments will be served. This event is free, but you need to register at https://reason.org/event/ben-franklin-genius/. This will be a great occasion to begin celebrating the 250th anniversary of our nation's founding. See you there!
Good investing, AEIOU,
Mark Skousen
Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
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FreedomFest | | The Monroe Doctrine Is Back By Mark Skousen
Editor, Forecasts & Strategies
"Nobody cares about Latin America." -- Henry Kissinger
The big news over the weekend was President Trump's new imperial doctrine, now being called the Donroe Doctrine in the spirit of the Monroe Doctrine of the 19th century under President James Monroe, asserting U.S. dominance, rejecting foreign interference and using economic/military pressure, particularly against rivals like China, seeking control over Latin America as a U.S. sphere of interest.
I lived for two years in Latin America, including a year in Venezuela, and I can tell you that the 8 million ex-pats who left Venezuela are jumping with joy, and looking forward to returning to their homeland. Maduro is a thug, and a Communist to boot, and I for one am glad he was arrested by U.S. Special Force over the weekend.
It's not so much that he was a drug dealer, but how he destroyed what was once the richest country in Latin America. It's not so much about the oil industry as much is it about economic freedom and democracy.
In 1970, Venezuela was ranked #13 in the Economic Freedom Index, and now it is #165! The country's economy has collapsed, due to runaway inflation, nationalization of industries and widespread corruption.
Today, over 80% of Venezuelans live in "extreme poverty."
See the following report and charts put out by Steve Moore's Unleash Prosperity Hotline: Yes, Cry for Venezuela -- Unleash Prosperity. It summarizes how Venezuela went from a first-rate economy to third-world status, thanks for a Marxist ideology taking over. Most miracle economies go from third world to first world (like Singapore), but Venezuela did just the opposite.
The future for Venezuela is looking better… although the Maduro regime is still in control, but hopefully not for long. The Venezuela stock market has rallied 73% in one week!
In all Latin America, things are looking up. Chile recently elected a free-market leader, following the footsteps of Javier Milei's election in Argentina.
For decades, the attitude of U.S. foreign policy toward Latin America was benign neglect. As Henry Kissinger once said, "Nobody cares about Latin America." Well, we do now!
Hopefully, Cuba is next to be liberated.
We are going to have a special session at this year's FreedomFest, "The World's Fair of Liberty," on the bright future of Latin America. See you at https://www.freedomfest.com, July 8-11, 2026, at the Caesars Forum Convention Center. | | | About Mark Skousen, Ph.D.:
 Mark Skousen is an investment advisor, professional economist, university professor, author of more than 20 books, and founder of the annual FreedomFest conference. For the past 40+ years, Dr. Skousen has been investment director of the award-winning newsletter, Forecasts & Strategies. He also serves as investment director of four trading services: TNT Trader, Five Star Trader, Low Priced-Stock Trader, and Fast Money Alert. | | | | | |
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