Turning Hard Times Into Good Times

Mark Skousen and Gene Epstein return. Dr. Skousen is the speaker at the next NYC Junto meeting over which Gene presides. Dr. Skousen’s book “The Structure of Production” proposes an alternative to existing GDP accounting. Why is there a need for alternative national income accounting and what light might it shed on US economic performance? What difference does national income accounting makes in terms of policy and investment decisions? Does Mark agree with BLS inflation numbers or does he think they are understated, thus leading to an overstatement of GDP as economist John Williams insists? Also, Gene will be asked to comment on a recent article he wrote for Barrons discussing minimum wages and why mandating them are destructive. To what extent does the left’s insistence on minimum wage increases dovetail with existing GDP accounting? Gold shares are starting 2014 very strongly so your host will comment on a few of his favorites that you should keep an eye on.