Economics 101

1. Demand and Supply, Consumer Goods, Prices and Exchange

Austrian Economics OverviewCapital and Interest TheoryPricesValue and Exchange

03/01/2004Audio/Video
Micro economics starts with the basic fact that each person has short term and long term goals, like buying a ham sandwich and graduating from college. People act in the world to accomplish something. Human action is purposive. You employ different means to achieve certain goals.

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2. Money and Prices

Money and BanksAustrian Economics OverviewCapital and Interest TheoryMoney and BankingPrices

03/01/2004Audio/Video
Many believe that if governments would just issue greater quantities of money then all problems would be solved. In truth that would create unsurmountable problems by lowering the purchasing power of each money unit. Money is the one good that is not made better by increasing its supply.

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3. Capital, Interest, and Profit

Money and BanksAustrian Economics OverviewCapital and Interest TheoryMoney and Banking

03/01/2004Audio/Video
Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized.

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4. Labor

Austrian Economics OverviewProduction Theory

03/01/2004Audio/Video
Minimum wage laws force unemployment up. All of those with few skills looking for an entry position will be denied because they cannot add enough value to the business labor field to be paid minimum wage. Unemployment follows minimum wage hikes. Marginal workers are being denied the labor market.

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5. Labor and Unions

Austrian Economics OverviewMonopoly and CompetitionProduction Theory

03/01/2004Audio/Video
Rothbard covers the principles of demand and supply curves. Prices are at the seat of the whole system. Use the logic of reality. The most mobile labor force is teenagers. Over time, capital equipment per laborer increases. Real wage rates increase. Consumer prices decrease.

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6. Conservation and Property Rights

Legal SystemPolitical TheoryPrivate Property

03/01/2004Audio/Video
Free markets shift resources from where they are less valued to where they are most valued, benefiting consumers. When private property and free markets are allowed to operate, a natural conservation of resources occurs. Nothing is a resource unless it is useful to man.

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7. Banking and the Business Cycle

Booms and BustsMoney and BanksAustrian Economics OverviewBusiness CyclesMoney and Banking

03/01/2004Audio/Video
One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently insolvent. But, government has eliminated runs on banks...

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8. Mises in One Lesson

BiographiesWorld HistoryAustrian Economics OverviewCalculation and KnowledgePhilosophy and Methodology

03/01/2004Audio/Video
Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups.

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