Mark Skousen on the Whole Economy and on FreedomFest.
Dr. Skousen, the creator of the Gross Output measurement, explains how it measures the whole economy, not just the slice measured by GDP, and why the economy is driven by business, not consumption. Also, why GO is a better predictor than GDP. He also talks about FreedomFest, the most successful conference for intellectually curious people who are interested in expanding freedom.
0:00 – Intro
1:59 – Where does FreedomFest come from?
5:20 – The Anthem Film Festival
8:15 – Why FreedomFest goes to Las Vegas and South Dakota
11:23 – Bringing intellectual speakers to FreedomFest
15:15 – FreedomFest Debates
18:49 – Signing up for FreedomFest
19:31 – A festival for attendees, not donors.
20:23 – The Structure of Production
22:00 – The Economics of Profit and Loss
24:03 – Say’s law
29:00 – What Seattle’s success says about Say’s law.
33:35 – Consumer spending and gross output.
45:17 – Gross Output versus GDP
48:09 – Inaccuracies of consumer confidence
51:38 - Predicting GO
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