In this 5-week course, Dr. Murphy will review the causes of the Great Depression, the response of the Hoover Administration, and the New Deal. The approach will focus more on economic analysis rather than historical narratives, in particular contrasting the Keynesian interpretation of various events versus the Austrian explanation. Topics will include the operation of the gold standard and the accusations that it tied the hands of policymakers in implementing “stimulus,” Herbert Hoover’s alleged austerity program, the Friedman-Schwartz theory that the Fed’s unwillingness to inflate led to the severe downturn in the early 1930s, recent academic research showing the cartelization effects of the New Deal, and the myth of wartime prosperity. Dr. Murphy’s book, The Politically Incorrect Guide to the Great Depression and the New Deal, would be very helpful for students, but it is not required for the course. All necessary reading materials will be provided.
For a message from the professor and a screenshot of the syllabus, click here.
The video lectures are online. Lectures will be Friday evenings, 5:30-7:00 pm Eastern time. You do not need to be able to attend live, as the lectures will be recorded and made available for enrolled students to download.
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. 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.
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.