Writes Robert Murphy:
The fall of the Soviet Union should have spelled the demise of central planning, yet the socialist mentality thrives — albeit in a diluted form — in all governments in the so-called “free world.” No one explained the failures of pure socialism and of (the more moderate) interventionism better than Ludwig von Mises. Whether we want to understand why people are starving in North Korea, why minimum wage laws lead to teen unemployment, or what caused the boom and then crash in the U.S. housing market, the answer is in the Austrian School of economics. As the Obamacare disaster unfolds before our very eyes, it is critical for the average person — both adults and young people alike — to understand how economic science makes sense of these heartbreaking outcomes, and shows the way to solve them.
In this context, I am pleased to announce that on April 24, we will begin a six-week Mises Academy course that offers an introduction to the Austrian understanding of both pure socialism and of interventionism (or what is often called “the mixed economy” though Mises himself didn’t use that term). This course, titled “How Government Wrecks the Economy,” is the final installment of a three-part series that uses my Lessons for the Young Economist as the main textbook. (The first installment, “Action and Exchange,” gave an introduction to economic science and studied isolated individuals as well as a simple barter economy. The second course in the series, “Introduction to the Free Market,” explained money, comparative advantage, savings and investment, profit and loss, the stock market, and other topics in the setting of a pure market economy free from government interference. Both are available as independent study courses at the links provided, but they are not necessary to take the present course.) Specifically, in “How Government Wrecks the Economy” we will cover chapters 15 through 23 of Lessons for the Young Economist, finishing our coverage of the book.
Murphy is interviewed on this topic here: