Guided Tour

by Dan Sanchez on September 16, 2014



A Comprehensive Economics Education from the Ground Up

by Dan Sanchez on September 11, 2014

The Mises Curriculum is the best online resource available for self-motivated learners who want a comprehensive education in sound, free-market economics from the ground up. Everything discussed below and more is included in the Curriculum, which only costs $99/year.

You are free to take as many or as few courses as you like, and in whatever order suits you. But, for those who want to systematically approach their economics education, the courses have been developed to flow in a logical progression.

First, there are three introductory courses by David Gordon. In Economic Reasoning, Dr. Gordon uses his own guidebook for students, An Introduction to Economic Reasoning, to teach you how to think like an economist. And, to give you practice, he takes you through examples selected from the highly accessible bestseller Economics in One Lesson, by Henry Hazlitt. By the end of the course, you’ll be better at spotting economic fallacies than 99% of the country (and many professional economists, too!).

In Why Capitalism?, Dr. Gordon presents in broad strokes Ludwig von Mises’s picture of the market economy. He does this, using Mises’s most accessible works: popular lectures the great teacher delivered to American laymen. You will learn what a marvelous system true capitalism is, be taught its most characteristic features, and get a basic idea of how it functions.

In Broken Capitalism, Dr. Gordon continues to draw from Mises’s accessible works to show the Misesian view of intervention: what happens when the state shatters the harmony of the market.

Once you’ve gone through Dr. Gordon’s stimulating overview, you’ll be ready for a systematic tour of sound economics. In three included courses, Dr. Robert P. Murphy walks the student through every single chapter of his textbook Lessons for the Young Economist. These courses and textbook are excellent for teens, but adults who want a really solid foundation will also get a lot out of them. In Basics of Economics: Action and Exchange, Dr. Murphy teaches the basic principles of human action and the logic of prices. In Basics of Economics: Introduction to the Free Market, he shows how individual exchanges interrelate to form the profit-and-loss system that guides the miracles of coordinated production that only capitalism is capable of. And in Basics of Economics: Government Intervention, he explains why socialism, government inflation, price controls, and all other forms of market intervention only cause chaos and suffering. Busy and want the abridged version? Well the Curriculum also includes a single course by Dr. Murphy that covers selected chapters of the textbook, called Principles of Economics.

Need something that also serves as a systematic introduction to Austrian economics, but is more advanced and faster-paced? Adults and advanced students will love this pair of included courses taught by leading Austrian economists: Austrian Microeconomics taught by preeminent micro specialist Dr. Peter G. Klein and Austrian Macroeconomics taught by preeminent macro specialist Dr. Joseph T. Salerno

Or do you want a foundation in Austrian economics that is both exhaustive and advanced? Then there is absolutely no substitute for Murray Rothbard’s economics treatise Man, Economy, and State. And the Curriculum includes three courses by Dr. Murphy that will walk you through every single chapter of that book.

And to really round out your understanding of Austrian economics, let Dr. Gordon guide you through selected chapters from Ludwig von Mises’s great work Human Action. Learn the philosophy and social theory that underpins the Austrian view of the market society with Human Action: Austrian Economics & Philosophy and Human Action: Austrian Sociology. And go deeper into Mises’s monetary theory with Dr. Murphy’s Mises on Money and Banking.

Next, want to learn about the prehistory of all the wisdom you’ve absorbed? Explore Murray Rothbard’s fascinating Austrian Perspective on the History of Economic Thought with David Gordon in his courses Economic Thought Through the Ages and Classical Economics. Follow the adventure of free market and libertarian thought from Aristotle to Bastiat.

Want to go further into advanced topics? The pinnacle of Austrian theory, where all the threads come together, is Austrian monetary and business cycle theory, which you can explore with the following two courses:

Finally, want to apply all that awesome theory you’ve mastered to understand crucial episodes in economic history (including very recent history)? Then take any of these courses covering the economics of the 20th Century, with Robert P. Murphy:

If you attentively work through this program, even if you skip several courses (and especially if you take the quizzes to test your learning), it is no exaggeration to say that you will probably understand economics better than most Ivy League economists. What is more, you will have an amazing lens through which to clearly see the economic world around you.

And this is only one half of the Mises Curriculum! It also includes courses on political philosophy and history from still more top scholars. So, sign up today!


New! The Mises Curriculum

by Dan Sanchez on August 27, 2014



Mises University Live Webcast Schedule

by Dan Sanchez on July 20, 2014

Click the lecture titles below at the scheduled times to watch the live webcasts on YouTube.

July 20–26, 2014 • Mises Institute

• All times are central daylight time except where noted.

For the full PDF schedule including non-webcast sessions, click here. All the broadcasts below are free and do NOT require registration. For additional resources, including slides, forums, and a certificate of participation, register for Virtual Mises University.

Sunday July 20

7:00 p.m. Welcome, Jeff Deist

7:15 p.m. Faculty Introductions, Joseph Salerno

8:00–9:00 p.m. The Role of Austrian Economics in the Liberty Movement. Woods

Monday July 21

9:00–10:00 a.m. The Birth of the Austrian School. Salerno

10:15–11:15 a.m. Subjective Value and Market Prices. Hülsmann

11:30 a.m.–12:30 p.m. Praxeology: The Method of Economics. Gordon

1:30–2:30 p.m. The Division of Labor and Social Order. Herbener

2:45–3:45 p.m. Money. Engelhardt

4:00–5:00 p.m. Austrian Capital Theory. Garrison

6:00 p.m. An Evening with Judge Napolitano

Tuesday July 22

9:00–10:00 a.m. Entrepreneurship. Klein

10:15–11:15 a.m. Calculation and Socialism. Salerno

11:30 a.m.–12:30 p.m. An Austrian Critique of Mainstream Economics. Block

1:30–2:30 p.m. Monopoly, Competition, and Antitrust. DiLorenzo

2:45–3:45 p.m. The Place of Finance and Financial Markets in a Free Society. Hülsmann

4:00–5:00 p.m. The Economics of Fractional Reserve Banking. Herbener

Wednesday July 23

9:00–10:00 a.m. The Austrian Theory of the Business Cycle. Garrison

10:15-11:15 a.m. Everyday Logic of Economics. Gordon

11:30 a.m.–12:30 p.m. Concurrent Sessions

Contemporary Challenges to Austrian Economics. Murphy

The Time Preference Theory of Interest & Its Critics. Herbener

1:30–2:30 p.m. Hayek and Keynes: Head to Head. Garrison

2:45–3:45 p.m. FDA and Consumer Welfare. Higgs

4:00–5:00 p.m. Concurrent Sessions:

Contrasting Views of the Great Depression. Murphy

Environmental and Resource Economics. Terrell

Thursday July 24

9:00–10:00 a.m. How War Leads to Big Government. Higgs

10:15–11:15 a.m. The Case for Privatization—of Everything. Block

11:30 a.m.–12:30 p.m. The Robber Barons and the Progressive Era. Woods

1:30–2:30 p.m. The Corrupt Origins of Central Banking in America. DiLorenzo

2:45–3:45 p.m. Concurrent Sessions

Energy Policy. Murphy

Prediction and the Business Cycle. Thornton

4:00–5:00 p.m. Four Things the State is Not. Woods

Friday July 25

9:00–10:00 a.m. Common Objections to Capitalism. Terrell

10:15–11:15 a.m. Hayek and Friedman: Head to Head. Garrison

11:30 a.m.–12:30 p.m. Concurrent Sessions

Gold Standards: True and False. Salerno

Economics of Tariffs and Smuggling. Thornton

1:30–2:30 p.m. Concurrent Sessions

Anti-Market Mythology. DiLorenzo

Economics of Science and Technology. Klein

2:45–3:45 p.m. Concurrent Sessions

Issues in the Economics of Medical Care. Terrell

Errors, Business Cycles, and Government Stimulus. Engelhardt

4:00–4:45 p.m. Faculty Panels

Theory and Method: Engelhardt, Garrison, Gordon, Herbener, Klein, Salerno

Policy and History: Block, DiLorenzo, Murphy, Terrell, Thornton, Woods

Saturday July 26

9:00–10:00 a.m. Concurrent Sessions

Theory and History. Gordon

Applications of Austrian Economics to Business and Management. Klein

10:15–11:15 a.m. Concurrent Sessions

The Cultural Consequences of Fiat Money. Hülsmann

Game Theory. Engelhardt

11:30 a.m.–12:30 p.m. Concurrent Sessions

Political Entrepreneurship & the Economics of Wealth Destruction. DiLorenzo

The Economics of the Drug War. Thornton

1:30–2:30 p.m. Closing Lecture: My Years in the Austro-Liberty Movement. Block


Limited time offer! 3 courses for the price of 1

by Dan Sanchez on April 22, 2014

Twenty Robert Murphy lectures explaining sound economics from the ground up. Offer expires Thursday night. Click below for details.



Enroll in Understanding Monetary Chaos with Joseph Salerno before the first lecture (April 15), and receive a free hardback copy of course text The Mystery of Banking by Murray N. Rothbard, signed by Joseph Salerno, author of the introduction, and instructor of the course.

After enrolling, just email your name and address to (This offer applies to students who enrolled before this announcement as well.)


20% off through March. Sign up now else you forget!


Free Lesson on Supply and Demand

by Dan Sanchez on March 12, 2014

This lecture was produced for Robert Murphy’s series of 3 courses, Basics of Economics. Course #3, How the Government Wrecks the Economy, starts April 24. Sign up now to attend live! Courses 1 and 2 are NOT required, but they are available for “independent study” enrollment.


Learn About a Fascinating Period in History

by Dan Sanchez on January 20, 2014

Learn about the rise of the state and the struggle for liberty in the years between the world wars. Class starts Wednesday! And read the interesting article included in the sign-up page.

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The syllabus to Peter Klein’s upcoming online course Austrian Economics for Managers:

Lecture 1: Introduction

Part 1: Review of Austrian microeconomics, introduction of key concepts

  • Thomas C. Taylor, An Introduction to Austrian Economics (Washington, DC: Cato Institute, 1980), pp. 7-51.
  • Ludwig von Mises, “Profit Management,” in Mises, Bureaucracy (New Haven: Yale University Press, 1944), chapter 3.
  • H. Edward Wrapp, “Good General Managers are Not Professional,” Selected Paper No. 53, Graduate School of Business, University of Chicago (1979), esp. pp. 10-12, “The Paradox of Planning.”
  • Optional: Milton M. Shapiro, Foundations of the Market-Price System (Lanham, MD: University Press of America, 1985), pp. 1-114.

Part 2: Demand and the consumer

  • Shapiro, pp. 115-78.
  • Eddie Yoon, “Demand and Sales Aren’t Equivalent,” Harvard Business Review Blog, October 17, 2012.
  • Optional: Richard Priem, Sali Li, and John C. Carr, “Insights and New Directions from Demand-Side Approaches to Technology Innovation, Entrepreneurship, and Strategic Management Research,” Journal of Management 38 (2012): 346-74.
  • Optional: Arvind Sahay, “How to Reap Higher Profits with Dynamic Pricing,” Sloan Management Review, July 2007.

Lecture 2: Production, cost, and entrepreneurship

  • Taylor, An Introduction to Austrian Economics, pp. 63-89.
  • Ludwig von Mises, “Profit and Loss,” in Mises, Planning for Freedom and Sixteen Other Essays and Addresses, pp. 108-30.
  • Thomas C. Taylor, “Current Developments in Cost Accounting and the Dynamics of Economic Calculation,” Quarterly Journal of Austrian Economics 3, no. 2 (Summer 2000): 3-19.
  • Peter G. Klein, “Entrepreneurship and Corporate Governance,” Quarterly Journal of Austrian Economics 2, no. 2 (Summer 1999): 19-42.

Lecture 3: Competitive strategy

  • Michael Porter, “The Five Competitive Forces That Shape Strategy,” Harvard Business Review 86, no. 1 (January 2008): 78-93.
  • Robert Jacobson, “The ‘Austrian’ School of Strategy,” Academy of Management Review 17 (1992): 782-807.
  • Mathews, John A. 2006. “Ricardian Rents or Knightian Profits? More on Austrian Insights on Strategic Organization.” Strategic Organization 4: 97-108.

Lecture 4: Firm boundaries

  • Peter G. Klein, “Economic Calculation and the Limits of Organization,” Review of Austrian Economics 9, no. 2 (1996): 51-77.
  • Hal R. Varian, “A New Economy with No New Economics,” New York Times, January 17, 2002.
  • Mitchell Berlin, “Jack of All Trades? Product Diversification in Nonfinancial Firms,” Federal Reserve Bank of Philadelphia Business Review (May 1999): 15-29.
  • Peter G. Klein, “Mergers and the Market for Corporate Control,” in Peter J. Boettke, ed., Elgar Companion to Austrian Economics (Aldershot, U.K.: Edward Elgar, 1994), pp. 394-401.
  • Amar Bhide, “Reversing Corporate Diversification,” Journal of Applied Corporate Finance 3, no. 2 (September 1990): 70-81.
  • Optional: Todd R. Zenger, Teppo Felin, and Lyda S. Bigelow, “Theories of the Firm-Market Boundary,” Academy of Management Annals 5, no. 1 (2011): 89-133.

Lecture 5: Organizational design, Part 1: Delegation and decentralization

  • Michael C. Jensen and William H. Meckling, “Specific and General Knowledge, and Organizational Structure,” in Lars Werin and Hans Wijkander, eds., Contract Economics (Oxford: Blackwell, 1992), pp. 251–74.
  • Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment (Cambridge University Press, 2012), pp. 188-220.
  • Optional: Ralph Stayer, “How I Learned to Let My Workers Lead,” Harvard Business Review, November-December 1990.

Lecture 6: Organizational design, Part 2: Compensation, motivation, and evaluation

  • Yongmei Liu, James G. Combs, David J. Ketchen Jr., and R. Duane Ireland, “The Value of Human Resource Management for Organizational Performance,” Business Horizons 50 (2007): 503-11.
  • Steven N. Kaplan, “Are U.S. CEOs Overpaid?” Academy of Management Perspectives 22, no. 2 (May 2008): 5-20.

Ludwig von Mises, “Bureaucratic Management,” in Mises, Bureaucracy (New Haven: Yale University Press, 1944), chapter 4.