Introduction to Austrian Economics

Understanding the core principles of Austrian Economics is essential for informed discussions about the economy. As Ludwig von Mises wisely stated, engaging with debates around capitalism versus socialism requires a solid grounding in economic theory. This course provides that foundation.

We'll delve into the fundamental concepts that form the bedrock of Austrian Economics, equipping you with the tools to critically analyze economic issues. You'll gain a deep understanding of how these principles apply to real-world scenarios.

Here's a breakdown of what we'll cover:

• The Austrian Method: Learn the rigorous approach to economic inquiry championed by Austrian economists.
• Human Action: Explore the foundational work that underpins Austrian thought, focusing on individual choice and action.
• Subjective Value: Understand how value is determined by individual preferences, not objective measures.
• Production & Exchange: Analyze the processes of creating and distributing goods and services.
• Money & Banking: Examine the role of money and the impact of banking on the economy.
• Time Preference & Interest: Discover how individuals value goods and services in different time periods, and how this relates to interest rates.

The course culminates in applying these Austrian Economics fundamentals to two critical areas:

• The Austrian Critique of Socialism: Explore the inherent flaws and unintended consequences of socialist economic systems.
• Austrian Business Cycle Theory: Gain insight into the causes of economic booms and busts from a uniquely Austrian perspective.

Develop a deeper understanding of economic policy and gain the ability to engage in thoughtful discussions about the future of our economy.