Economics
Why study economics?
Economics has everything to do with liberty. If we are not free to use the fruits of our labors as we see fit, we are in bondage. If we don't understand how our money system works, tyrants will be able to steal from us and enslave us without our even knowing it.
Many Americans today are unaware of the immoral foundations of our money system, and they are largely unaware that the dollar is headed for collapse.
If you understand economics, you will be able to identify the truth in what politicians say, you will be a wiser voter, and most importantly, you will be better prepared for the future.
Many Americans today are unaware of the immoral foundations of our money system, and they are largely unaware that the dollar is headed for collapse.
If you understand economics, you will be able to identify the truth in what politicians say, you will be a wiser voter, and most importantly, you will be better prepared for the future.
Why Austrian Economics?
First, if you have never heard of Austrian Economics, you are probably wondering what it is. In Lew Rockwell's article Why Austrian Economics Matter, he says:
"It is not a field within economics, but an alternative way of looking at the entire science. Whereas other schools rely primarily on idealized mathematical models of the economy, and suggest ways the government can make the world conform, Austrian theory is more realistic and thus more socially scientific."
An approach that seeks to understand how economics really works rather than one that seeks to force conformity to artificial models is much more suited to freedom. That is why we'll be studying the Austrian School here at Abigail Adams Academy.
"It is not a field within economics, but an alternative way of looking at the entire science. Whereas other schools rely primarily on idealized mathematical models of the economy, and suggest ways the government can make the world conform, Austrian theory is more realistic and thus more socially scientific."
An approach that seeks to understand how economics really works rather than one that seeks to force conformity to artificial models is much more suited to freedom. That is why we'll be studying the Austrian School here at Abigail Adams Academy.
Introduction to Economics
Class Description
Every week, at your convenience, watch or listen to a lecture by Joseph T. Salerno, professor of Economics at Pace University. Each lecture is about 90 minutes long and is hosted at the Mises Institute. Next, study the supplemental materials. Links to these lectures and materials are below. Then join fellow economics students in an Internet classroom every Thursday morning to discuss the week's assignment. Please be prepared to discuss the materials. Class meets for 10 weeks.
Dates: June 2- August 4, 2011
Day and time: Thursdays, 10am Central Time (discussion lasts between 1.5-2 hours)
Fee: $20
Equipment: You'll need Internet access and a headset with a microphone. A webcam is strongly encouraged. It's helps us connect when we can see faces. Please be prepared to participate. You'll get so much more out of it!
Dates: June 2- August 4, 2011
Day and time: Thursdays, 10am Central Time (discussion lasts between 1.5-2 hours)
Fee: $20
Equipment: You'll need Internet access and a headset with a microphone. A webcam is strongly encouraged. It's helps us connect when we can see faces. Please be prepared to participate. You'll get so much more out of it!
Recommended Pre-Reading
Economics in One Lesson by Henry Hazlitt is a good easy introduction to Austrian Economics. If this if your very first time learning about Austrian Economics, this book is especially recommended as prereading. You can find a free pdf version here.
Class Materials
All materials are available on the Internet, with the links provided below. We'll be using the Introduction to Austrian Economics self-study course from the Ludwig von Mises Institute. The supplemental materials have been compiled by Tom Woods, historian and New Yorks Times best selling author. Below are the dates of live discussion with the material to be discussed.
Week 1
Lecture 1: Scarcity, Choice, and Value – Audio and Video
Percy L. Greaves, Jr., Understanding the Dollar Crisis, pp. 1-20, 27-54
Milton M. Shapiro, Foundations of the Market-Price System, pp. 81-113
Thomas C. Taylor, An Introduction to Austrian Economics, pp. 40-51 (ch. 4)
Week 2
Lecture 2: Exchange and Demand – Audio and Video
Shapiro, pp. 31-58, 115-78
Taylor, pp. 12-39 (chs. 2-3)
Leonard Read, “I, Pencil”
Week 3
Lecture 3: The Determination of Prices – Audio and Video
Greaves, pp. 65-91
Shapiro, pp. 179-233
Taylor, pp. 52-62 (ch. 5)
Murray N. Rothbard, The Mystery of Banking, pp. 15-27 (online pp. 14-23)
Week 4
Lecture 4: Price Controls: Case Studies – Audio and Video
Week 5
Lecture 5: Profit, Loss, and the Entrepreneur – Audio and Video
Taylor, pp. 74-89 (ch. 7)
Ludwig von Mises, “Profit and Loss,” in Mises, Planning for Freedom and Sixteen Other Essays and Addresses, pp. 108-30
Week 6
Lecture 6: Pricing of the Factors of Production and the Labor Market – Audio
Henry N. Sanborn, What, How, For Whom: The Decisions of Economic Organization, pp. 112-85
Taylor, pp. 63-73 (ch. 6)
Greaves, pp. 105-32
Murray N. Rothbard, “Restrictionist Pricing of Labor,” in Rothbard, The Logic of Action Two
Week 7
Lecture 7: Capital, Interest and the Structure of Production – Audio
Shapiro, pp. 235-60
Mark Skousen, The Structure of Production, pp. 133-49
Richard Fink, “Economic Growth and Market Processes,” in Fink, ed., Supply-Side Economics: A Critical Appraisal, pp. 372-94
Week 8
Lecture 8: Competition and Monopoly – Audio
Shapiro, pp. 319-72
Sanborn, pp. 62-65
Hans Sennholz, “The Phantom Called ‘Monopoly,’” in Bettina B. Greaves, ed., Free Market Economics: A Basic Reader, pp. 162-69
Sudha R. Shenoy, “The Sources of Monopoly,” in New Individualist Review, pp. 793-96
Week 9
Lecture 9: Money and Prices – Audio
Greaves, pp. 141-67
Rothbard, What Has Government Done to Our Money? pp. 1-96 (online, chs. I-III; online .pdf, pp. 7-48).
Rothbard, The Case Against the Fed, pp. 29-69 (or Rothbard, The Mystery of Banking, pp. 77-177; online, pp. 52-108)
Week 10
Lecture 10: Banking and the Business Cycle – Audio
Ludwig von Mises, et al., The Austrian Theory of the Trade Cycle and Other Essays, Read: Garrison, Introduction and Summary; Mises’s essay and Rothbard’s essay.
Taylor, ch. 8 (pp. 90-95)
Week 1
Lecture 1: Scarcity, Choice, and Value – Audio and Video
Percy L. Greaves, Jr., Understanding the Dollar Crisis, pp. 1-20, 27-54
Milton M. Shapiro, Foundations of the Market-Price System, pp. 81-113
Thomas C. Taylor, An Introduction to Austrian Economics, pp. 40-51 (ch. 4)
Week 2
Lecture 2: Exchange and Demand – Audio and Video
Shapiro, pp. 31-58, 115-78
Taylor, pp. 12-39 (chs. 2-3)
Leonard Read, “I, Pencil”
Week 3
Lecture 3: The Determination of Prices – Audio and Video
Greaves, pp. 65-91
Shapiro, pp. 179-233
Taylor, pp. 52-62 (ch. 5)
Murray N. Rothbard, The Mystery of Banking, pp. 15-27 (online pp. 14-23)
Week 4
Lecture 4: Price Controls: Case Studies – Audio and Video
Week 5
Lecture 5: Profit, Loss, and the Entrepreneur – Audio and Video
Taylor, pp. 74-89 (ch. 7)
Ludwig von Mises, “Profit and Loss,” in Mises, Planning for Freedom and Sixteen Other Essays and Addresses, pp. 108-30
Week 6
Lecture 6: Pricing of the Factors of Production and the Labor Market – Audio
Henry N. Sanborn, What, How, For Whom: The Decisions of Economic Organization, pp. 112-85
Taylor, pp. 63-73 (ch. 6)
Greaves, pp. 105-32
Murray N. Rothbard, “Restrictionist Pricing of Labor,” in Rothbard, The Logic of Action Two
Week 7
Lecture 7: Capital, Interest and the Structure of Production – Audio
Shapiro, pp. 235-60
Mark Skousen, The Structure of Production, pp. 133-49
Richard Fink, “Economic Growth and Market Processes,” in Fink, ed., Supply-Side Economics: A Critical Appraisal, pp. 372-94
Week 8
Lecture 8: Competition and Monopoly – Audio
Shapiro, pp. 319-72
Sanborn, pp. 62-65
Hans Sennholz, “The Phantom Called ‘Monopoly,’” in Bettina B. Greaves, ed., Free Market Economics: A Basic Reader, pp. 162-69
Sudha R. Shenoy, “The Sources of Monopoly,” in New Individualist Review, pp. 793-96
Week 9
Lecture 9: Money and Prices – Audio
Greaves, pp. 141-67
Rothbard, What Has Government Done to Our Money? pp. 1-96 (online, chs. I-III; online .pdf, pp. 7-48).
Rothbard, The Case Against the Fed, pp. 29-69 (or Rothbard, The Mystery of Banking, pp. 77-177; online, pp. 52-108)
Week 10
Lecture 10: Banking and the Business Cycle – Audio
Ludwig von Mises, et al., The Austrian Theory of the Trade Cycle and Other Essays, Read: Garrison, Introduction and Summary; Mises’s essay and Rothbard’s essay.
Taylor, ch. 8 (pp. 90-95)