The Core of What Economics Teaches

Tags: Austrian Economics Overview

11/21/2009 Robert P. Murphy

Free market capitalism coordinates every stage of every production desired by consumers as if by magic. Knowing Austrian economics will allow you to see which public policies are disastrous to this productivity. Unintended consequences, opportunity cost, and pricing theory are fundamental concepts to explain human action.

Presented by Robert P. Murphy at the “Economics for High School Students” seminar. Recorded at the Mises Institute in Auburn, Alabama; 20 November 2009. Sponsored by Jeremy S. Davis.

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.