Understanding the Business Cycle
The technology of the world wide web is now bringing you live lectures on rational economics from The Mises Academy. First course:
In this introductory economics course, Dr. Murphy will guide students through an exploration of the Austrian Business Cycle Theory (the theory that enabled Ludwig von Mises and F.A. Hayek to predict the Great Depression and Peter Schiff and others to predict the current economic crisis), covering the fundamentals of Austrian Economics along the way. This approach combines the careful conceptual bricklaying of an introductory course with the excitement of a real-world applications course.
The course will integrate video conferenced lectures, live chat, forum discussions, online readings, video, audio, slideshows, written assignments and more. It is designed for both students and financial professionals, to provide a detailed look at all the moving parts of the Austrian theory, which traces the origin of cycles to manipulation of the money supply and the credit markets by the central bank. It shows how it is impossible to understand the bust without first understanding the distorted production structure that occurs during an artificial boom.
Understanding the Business Cycle considers both domestic and international implications, contrasts the Austrian theory with alternative theories, takes on common objections in the press and economic literature, and proposes reforms to eliminate cycles in the future. Particular focus on the current economic crisis comes at the end of the course.
Check out the full description and course syllabus here to see if you can organise the time—and to see some screenshots of the sort of thing you’ll be getting.
Why would you want to enrol? For your own economic self-defence. As Ludwig von Mises said:
"Economics must not be... left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence.”
By that he meant rational economics—not the flatulent mainstream variety that just brought down the world.
“Society lives and acts only in individuals; it is nothing more than a certain attitude on their part. Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping towards destruction. Therefore everyone, in his own interests, must thrust himself vigorously into the intellectual battle. None can stand aside with unconcern; the interests of everyone hang on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us.”