An Austrian Perspective on the History of Economic Thought, the capstone of Murray Rothbard’s career, is one of the greatest works of intellectual history written in the twentieth century. It is a massive book, over one thousand pages of small print, and students often find it hard to read. This course, the first of a two-part series, will cover the first volume. Students who take it will gain a thorough knowledge of some of the key themes of the book.
People with three different interests will find this course of value. First, if you want to learn Austrian economics, it is essential to grasp how this system grew out of previous economic thought. Austrian economics developed the insights of the Spanish Scholastics, in particular the subjective theory of value, and reacted against the classical economics of Adam Smith and his followers. Rothbard’s book is an unrivalled source of insight on these vital topics.
Second, if you are interested in the thought of Murray Rothbard, you need to read An Austrian Perspective. It contains his views on many topics either not otherwise available or not discussed elsewhere in so much detail. These include the key mistake in Aristotle’s economics, why Adam Smith is overrated, the place of religion in economic development, and the importance of Cantillon and Turgot.
Third, if you are interested in history, you will find in Rothbard’s book a treasure trove of insights. How did the idea of natural law develop? What role did Catholics and Protestants play in the development of capitalism: is the Weber thesis correct? Was Machiavelli a teacher of evil? How did the modern state arise? What was the basis of mercantilism?
Each lecture will last about one hour, followed by a half-hour for questions and discussion. Weekly quizzes will be offered for those who wish to take the course for credit.
Here is a tentative schedule for the course:
Week 1: Greek and Medieval Economic Thought: The Fallacy that Exchange Requires Equal Value and How the Middle Ages Broke Free From It. Rothbard’s Method of Historical Inquiry
Week 2: The Spanish Scholastics: How They Developed the Subjective Theory of Value and Monetary Theory. Their Role as Precursors of Austrian Economics
Week 3: The Rise of the Absolute State: How the Divided Sovereignty of the Middle Ages Was Replaced by the Centralized State
Week 4: Mercantilism: How the State Controls the Economic System
Week 5: Cantillon and Turgot: The Real Founders of Modern Economics. Their Main Subjectivist Insights
Week 6: Adam Smith’s Counterrevolution: Abandoning the Subjective Theory of Value. Smith’s Compromises with the State.
Lectures
The video lectures are online. Lectures will be Wednesdays, 8:15 – 9:45 pm Eastern Time. They will be recorded and made available for enrolled students to download.
Reading
All readings for the course will be free and available online.
Grades and Certificates
The final grade will depend on quizzes. Taking the course for a grade is optional. 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.
