Courses on Economics

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Introduction to Economics: Part 6

Austrian Economics Overview

01/09/2010Audio/Video
What causes business cycles? Keynesians say the cycles happen because the free market economy does not spend enough. Thus, pump spending in. Additionally, Keynesians say that animal spirits cause these cycles. Government must fix things. Nobody could understand Keynes' General Theory. What was...
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Introduction to Economics: Part 1

Austrian Economics Overview

01/09/2010Audio/Video
Starting with Crusoe economics, Rothbard builds the economic concepts which can be developed by this analogy.These concepts are the axiom of human action . Among them are: man acts, man acts by virtue of his existence, man acts with purposeful behavior,...
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Introduction to Economics: Part 3

Austrian Economics Overview

01/09/2010Audio/Video
Rothbard considers how prices are determined by supply and demand on the free market. All long shortages are caused by government interventions. Forecasting is not possible. Economics is not an objective science.
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Introduction to Economics: Part 5

Austrian Economics Overview

01/09/2010Audio/Video
The entrepreneur is the major risk bearer. Business return on capital is long run profits or losses. Real rate of interest is determined by time preferences. Government contracts are cost plus. Medical costs are higher because supply is so restricted by government intervention.
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Introduction to Economics: Part 7

Austrian Economics Overview

01/09/2010Audio/Video
Deficits are equal to expenditures minus taxes. Reagan spoke of cutting government spending, but meant only cutting the rate of growth of government spending. Stagflation appeared in 1957-58. Inflation during a recession was not supposed to happen. It happened again in 1973-75.
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Introduction to Economics: Part 2

Austrian Economics Overview

01/09/2010Audio/Video
Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.
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Introduction to Economics: Part 4

Austrian Economics Overview

01/09/2010Audio/Video
Costs are always ex ante . There are no such things as social costs or social benefits . Costs are determined by how much entrepreneurs think consumers will pay. Costs are not determined by supply and demand. Nobody waits for costs to raise prices
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Fundamentals of Intervention

Austrian Economics OverviewInterventionism

08/28/2008Audio/Video
Power & Market - this second section of Rothbard's book - shows the state was to be protector of the people and property, but the government is contradictory to that task. Government both taxes and demands a monopoly of defensive services within a geographical area.
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The Supply of Money

Money and BanksAustrian Economics OverviewMoney and Banking

08/28/2008Audio/Video
How are money prices determined? The stock of the money commodity responds to demand and supply of the consumers and their preferences just as with any other good.
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Antimarket Ethics: A Praxeological Critique

Austrian Economics OverviewCapital and Interest TheoryPraxeology

08/28/2008Audio/Video
Praxeology - economics - provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments. Common criticisms of the free market are refuted praxeologically in this chapter. Absolute equality is an impossible goal.
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