THIS COURSE IS STILL OPEN FOR LATE REGISTRATION.

This course is systematic study of the fundamentals of Austrian Economics.  As well as being an excellent introduction to economic reasoning, principles, and advanced concepts on its own, it is the first of a series of courses that will cover the definitive textbook on Austrian Economics, Murray Rothbard’s Man, Economy, and State, in its entirety.  This series of courses will provide a comprehensive education in sound economic science.  This particular course covers the first 4 chapters (318 pages) of Man, Economy, and State (“Fundamentals of Human Action”, “Direct Exchange”, “The Pattern of Indirect Exchange”, and “Prices and Consumption”). For more details, read Professor Murphy’s article Study Rothbard in the Digital Universe of the Mises Academy and view the video below.

Interview with Robert Murphy on Mises Academy Course from Mises Media on Vimeo.

Lectures

The video lectures are online, and use Webex, the industry-standard web conferencing service.  Lectures will be Wednesday evenings, 6:00-7:30 pm EDT. They will be recorded and made available for enrolled students to download.

Reading

The primary text of the course is Man, Economy, and State by Murray N. Rothbard, specifically the first 4 chapters (318 pages).  This and any other assigned readings are available for free online.

Topics

Below are the readings and topics that will be covered in this 8-week course.

CHAPTER 1-FUNDAMENTALS OF HUMAN ACTION
(study guide in text and PDF)

1. The Concept of Action (p. 1)
2. First Implications of the Concept (p. 2)
3. Further Implications: The Means (p.
4. Further Implications: Time (p. 13)
5. Further Implications (p. 17)
A. Ends and Values (p. 17)
B. The Law of Marginal Utility (p. 21)
6. Factors of Production: The Law of Returns (p. 33)
7. Factors of Production: Convertibility and Valuation (p. 38)
8. Factors of Production: Labor versus Leisure (p. 42)
9. The Formation of Capital (p. 47)
10. Action as an Exchange (p. 70)
Appendix A: Praxeology and Economics (p. 72)
Appendix B: On Means and Ends (p. 76)

CHAPTER 2-DIRECT EXCHANGE
(study guide in text and PDF)

1. Types of Interpersonal Action: Violence (p. 79)
2. Types of Interpersonal Action:
Voluntary Exchange and the Contractual Society (p. 84)
3. Exchange and the Division of Labor (p. 95)
4. Terms of Exchange (p. 103)
5. Determination of Price: Equilibrium Price (p. 106)
6. Elasticity of Demand (p. 126)
7. Speculation and Supply and Demand Schedules (p. 130)
8. Stock and the Total Demand to Hold (p. 137)
9. Continuing Markets and Changes in Price (p. 142)
10. Specialization and Production of Stock (p. 153)
11. Types of Exchangeable Goods (p. 162)
12. Property: The Appropriation of Raw Land (p. 169)
13. Enforcement Against Invasion of Property (p. 176)

CHAPTER 3-THE PATTERN OF INDIRECT EXCHANGE
(study guide in text and PDF)

1. The Limitations of Direct Exchange (p. 187)
2. The Emergence of Indirect Exchange (p. 189)
3. Some Implications of the Emergence of Money (p. 193)
4. The Monetary Unit (p. 196)
5. Money Income and Money Expenditures (p. 198)
6. Producers’ Expenditures (p. 206)
7. Maximizing Income and Allocating Resources (p. 213)

CHAPTER 4-PRICES AND CONSUMPTION
(study guide in text and PDF)

1. Money Prices (p. 233)
2. Determination of Money Prices (p. 238)
3. Determination of Supply and Demand Schedules (p. 249)
4. The Gains of Exchange (p. 257)
5. The Marginal Utility of Money (p. 261)
A. The Consumer (p. 261)
B. The Money Regression (p. 268)
C. Utility and Costs (p. 276)
D. Planning and the Range of Choice (p. 279)
6. Interrelations among the Prices of Consumers’ Goods (p. 280)
7. The Prices of Durable Goods and Their Services (p. 288)
8. Welfare Comparisons and the Ultimate Satisfactions of the Consumer (p. 298)
9. Some Fallacies Relating to Utility (p. 302)
Appendix A: The Diminishing Marginal Utility of Money (p. 311)
Appendix B: On Value (p. 316)

Grades and Certificates

The final grade will depend on quizzes and exams.  The Mises Academy is currently not accredited, but this course is worth 3 credits in our own internal system.  Feel free to ask your school to accept Mises Academy credits.  You will receive a digital Certificate of Completion for this course if you take it for a grade, and a Certificate of Participation if you take it on a paid-audit basis.

Refund Policy

If you drop the course during its first week (7 calendar days), you will receive a full refund, minus a $25 processing fee.  If you drop the course during its second week, you will receive a half refund.  No refunds will be granted following the second week.