[singlepic id=39 w=320 h=240 float=]
Mark Skousen, an economist, college professor, and author, spoke at the CCA with a speech entitled “The Centrality of the Invisible Hand.” Skousen served as the president of Foundation for Economic Education (FEE) from 2001-2 and writes for “Forbes,” the “Wall Street Journal,” “Liberty Magazine,” as well as many other print and online publications. To honor Skousen’s dedication to economics and business, Grantham University even named its business school “The Mark Skousen School of Business.” Skousen is also the founder and producer of Freedomfest, a conference held annually in Las Vegas and centered around rejoicing in America’s freedom. He encourages all students to attend to hear speakers such as Steve Forbes, Ben Stein, and Dinesh D’Souza.
What are you planning on speaking on in the CCA?
It’s evolving a little bit. None of the speakers so far have gotten into much detail about “The Wealth of Nations,” the most famous book that Adam Smith wrote. We’ve had two lectures that covered “The Theory of Moral Sentiments,” which is a less known work of his. “The Wealth of Nations” is the most translated economics book ever., but not necessarily the most read because it’s over 200 years old and 2,000 pages. I’ve read it cover to cover and it is a very profound work. My topic is the invisible hand, which is the symbol that Adam Smith used to describe the free market. That people acting in their own self-interest somehow benefit the public in general. There are some controversies regarding the invisible hand. The other issue is was Adam Smith a devoted follower of laissez faire? Or was he actually a radical egalitarian, a social democrat, who actually favored a very strong and influential government? There is this debate among economists and social thinkers.
What do you think Adam Smith would say about today’s economic scene?
Smith made an interesting statement that I am going to quote in my talk: “Little else is required to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice.”
I, and I think Smith too, would add in a sound monetary system. So if you think about those four areas: Peace. Do we have peace today? No. Do we have easy taxes? Most people would say no. Do we have sound money? Probably not. And finally do we have a tolerable administration of justice? Now at that I would probably nod my head in agreement. These are some problems that Adam Smith would raise in today’s society. But he also certainly would be overwhelmed at the dramatic rise in our standard of living.
You were the president of the Foundation for Economic Education (FEE) for two years. What is FEE’s role in modern economics?
The biggest problem with FEE is that it has become relatively unknown compared to what it used to be. It used to be the free market think tank and all these other organizations have grown out of it. Almost everybody who’s now in charge of Young America’s Foundation or CATO or IHS, ISI, all of these organizations — almost all of the founders of those organizations went to a FEE seminar and were subscribers to The Freeman. But now The Freeman has a circulation of 5,000 people, which really dropped even though it continues to put out good material. Larry Reed, from what I understand, has moved the organization to Atlanta and they are working hard to do student seminars, which is where their influence is being felt, as well as The Freeman, which again doesn’t have the respect it deserves.
What was your position at the CIA?
Well, very private and very secret. No. I was an economic analyst. I never got into the underground world of the CIA. Mine was more in the overt side, the Office of Economic Research. I was there during the first energy crisis of the 1970s. So I enjoyed it and it taught me a lot about the government. But it was too bureaucratic, and after two years, I left to work in the private sector.
Do you still have the 1958 convertible?
The MGA! Nope. We sold that when we moved to New York. Seller’s regrets!
