Introduction To Austrian Economics

Principles of Austrian Economics and their application to the real world

What you'll learn

Learn what makes Austrian Economics unique

Learn about the main contributions of Austrian Economics

Learn the main principles of praxeology

Learn to understand the role of property and markets

Requirements

There are no special requirements other than the desire to learn about Austrian Economics

Description

Introduction to Austrian EconomicsCourse Outline1. What is unique about Austrian Economics?A video clip that introduces the central concepts of Austrian Economics, such as human action, time preference, uncertainty, economic calculation, entrepreneurship, market process, and spontaneous order.2. The rise of the Austrian SchoolVideo slides of the timeline of the history of the Austrian School, presenting the main contributions of the Salamanca School, Carl Menger, Eugen v. Böhm-Bawerk, Ludwig v. Mises, and Friedrich v. Hayek a explaining the relevance of Austrian economics for today.3. What is “human action”? Video slides about the definition of human action, and the axiomatic foundation of praxeology. Implications, such as time preference and subjective choice, the rejection of anthropomorphism and hypostasis, and the deduction of the plea for cooperation and friendliness.4. Uncertainty and contingencyVido slides about the role of speculation and entrepreneurship. The lecture examines the function of profit and loss in the market economy, the emergence of social order in a world where the future is unknown, and how prices serve as an orientation about allocation of the available resources.5. Property, markets, and capitalVideo slides about private property and free markets for capital accumulation. Explaining the concept of economic calculation in a world void of equilibrium and certainty. How to deal with unexpected change. The role of incentives and information. Markets as a discovery process. How the market economy deals with complexity.6. BibliographyPDF with an annotated list of further readings.Your instructor:Dr. Antony P. MuellerDr. Antony Peter Mueller is a distinguished professor of economics and a renowned scholar of Austrian economics with extensive international teaching and research experience. He has authored multiple books and numerous scholarly articles, contributing significantly to the field of economics. His most recent book is “A Primer on Austrian Macroeconomics”, to be published in January 2025 by Palgrave Macmillan, London.

Overview

Section 1: Introduction

Lecture 1 What is unique about the Austrian School?

Section 2: Rise of the Austrian School

Lecture 2 Origin and rise of the Austrian School

Section 3: Principles of human action

Lecture 3 Video lecture about the principles of human action

Section 4: Uncertainty and contingency

Lecture 4 The role of uncertainty and contingency in decision-making

Section 5: Property, Markets, and Capital

Lecture 5 Interrelationship between Property, markets, and capital

Section 6: Conclusion

Lecture 6 Further readings. Annotated bibliography of the Austrian School

The study of Austrian Economics brings a perspective to your life by which you not only will see politics, society and the economy in a different light but also learn about the principles of human action.