Robert Murphy will teach Principles of Economics, an online class for all ages that will use his book Lessons for the Young Economist. The class will consist of eight weeks of fantastic economics instruction from the ground up. His book, which is sure to become a standard text in the future, will be used in this class. The class is designed for high school students, but it is the ideal class for gaining a solid foundation in economic science at any age. The focus is on the Austrian understanding. The knowledge gained will establish a rock-solid basis for all future studies in economics. The goal is to present economics in the same way that it was given to Mises, Hayek, and Rothbard early in their schooling, a paradigm to inspire a lifetime of understanding and scholarship. No prior exposure to economic logic is required. Students may opt out of quizzes, tests, and grading.

In this course, we will study a vital period in the history of economics, using Murray Rothbard’s Classical Economics as the text. Austrian economics can’t be fully understood without knowledge of its main rival, the classical economics developed by David Ricardo. Rothbard gives a devastating analysis of Ricardo’s system, and we will see how some of its mistakes survive in contemporary non-Austrian economics. One of the most important of these is what Rothbard calls “verbal mathematics”. We will compare Ricardo’s approach with the causal realist method of J.B. Say, which prefigured the Austrian method. Among libertarians, fractional reserve banking has been one of the most debated issues. Anyone interested in this topic will find the course of value. Rothbard gives a detailed account of the bullionistcontroversy, involving the Bank of England, and an analysis of the Banking and Currency Schools. This is an indispensable background to understanding the Austrian theory of the business cycle. One of the highlights of the book is Rothbard’s analysis of Marxism. He not only provides a thorough account of the fallacies of Marxist economics but gives a full treatment of the philosophical basis of Marxism in messianic speculation as well. We will also cover Rothbard’s criticism of Jeremy Bentham, which provides his most detailed discussion of utilitarianism. Students will learn why Rothbard rejected this influential system. One of the funniest parts of the book is Rothbard’s discussion of John Stuart Mill, who, to say the least was not his favorite person. We’ll see what Rothbard found wrong in Mill’s economics and political philosophy. As will be apparent, the course will be of interest not only to students of economics but also to those interested in philosophy, politics, and history. The course continues my course on Volume 1 of Rothbard’s history, but that course is not a prerequisite for this one, and no material from it is presupposed. The course consists of six weekly lectures, followed by class discussion. Weekly quizzes will be available for those who wish to take the course for credit.

Curriculum Details To Be Announced

The purpose of this course, The Road to Serfdom: Despotism Then and Now, is to educate students about these contemporary dangers and arm them with the intellectual ammunition that they will need to oppose them and champion freedom instead. The totalitarian socialists of the early 20th century understood that they could not succeed unless they first discredited the ideas of freedom. The only way to stop their intellectual descendants ("the totalitarians in our midst," as Hayek would call them) is to counter their totalitarian ideas. Hayek was a hero of society for putting his career as a renowned economic theorist on hold (for most of the rest of his life, it turned out) to lay out one of the most articulate arguments for a free society ever made. We must revisit and strengthen these arguments if we are to choose capitalism and freedom over socialism and serfdom.

Students who take the course will gain an understanding of one of the most important philosophical influences on contemporary libertarianism.

Why do political thinkers think that obedience to the state is justified? What rights, if any, do people have? Do any of the thinkers lend support to libertarian themes?

This course will cover both the theory and history behind the Federal Reserve, the central bank of the United States. Instructor Robert Murphy will first detail the theory of free-market banking, and contrast it with the distorted banking sector resulting from special government privileges. Murphy will relay the sordid tale of how the Federal Reserve Act was designed on Jekyll Island in a secret meeting of government officials and international bankers. He will also cover the mechanics of modern Fed operations and the commercial banking sector. The course will also apply Austrian business cycle theory to the stock market crash of 1929 and the recent housing bubble.

Curriculum Details To Be Announced