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“Within the law, rule of law, and in a robust competitive model, you want to maximize freedom ... Economic freedom, in the context of the rule of law, is the best formula for success and prosperity.”

Mark Skousen is said to be one of the top 20 most influential living economists in the world. He’s written over 25 books on personal finance and investing, including two of America’s definitive textbooks on economics.

“We have to make the right decisions to encourage, to increase our standard of living. That is the ultimate purpose of economics—to tell us how to do that,” says Mr. Skousen.

He’s also the producer of the annual libertarian FreedomFest conference. In anticipation of the event next month, we sat down to discuss some of the major myths and misconceptions about our economy today.

“Even the stock market, by the way, is at an all-time high. But in real terms, after inflation, it’s the same [as] it was in 2021,” says Mr. Skousen.

He says that since World War II, America has been in a state of permanent inflation, and that returning to the Adam Smith model of economics is the only way to get back to what he calls “enlightened capitalism.”

“I judge every economist on whether they are defending and improving upon the Adam Smith model of economic liberty, or are trying to tear it down and build their own system of socialism, Keynesianism, totalitarianism, and so forth,” says Mr. Skousen.

Views expressed in this video are opinions of the host and the guest, and do not necessarily reflect the views of The Epoch Times.