Um, I thought some of you might like to know there’s a free (yes, free) internet lecture on Austrian microeconomics tomorrow morning.
This is a free lecture with Peter Klein on Austrian microeconomics. (Did I mention it’s free?) If you enjoy this lecture, you can sign up later for the full course (which is not free, but is only 59 rapidly inflating US dollars for the six-week course)—about which you can read details below.
Tomorrow’s lecture starts at 10:30 NZ time tomorrow morning, Saturday. You can (and should) sign up here.
And you can, of course, enjoy the lecture wherever in the world you can wangle a decent internet connection. But if you want to join us in my Mt Eden office to do tomorrow’s course, feel free to join us from 10:15am at:
Organon Architecture offices
Level 1, 236 Dominion Rd (cnr Valley & Dominion Rd)
Mt Eden, Auckland
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Here’s the course description of the full course, to which you can sign up if you like tomorrow’s free sample:
The heart of Austrian economics is its theory of value, exchange, production, and market intervention, what we typically call “price theory” or “microeconomics.” Austrian microeconomics was introduced by Carl Menger and developed and extended by Austrian, British, and American followers in the nineteenth and twentieth centuries including Eugen Von Bohm-Bawerk, Ludwig Von Mises, Philip Wicksteed, and Israel Kirzner.
Unlike his contemporaries Walras and Jevons, Menger focused not only on the principle of marginal analysis, but also on the ‘subjective,’ human aspects of valuation and the scientific principle of cause and effect. As such, Austrian price theory is substantially different from the microeconomics of contemporary, neoclassical textbooks.
This course provides a systematic overview of Austrian microeconomics, starting with the basic of scarcity, choice, and value; then moving to exchange and demand; the determination of prices; factor markets and factor pricing (including labour); profit, loss, and the entrepreneur; the structure of production; and competition and monopoly. The emphasis is theoretical, but we focus on principles that apply broadly to everyday, ordinary economic problems and include several brief case studies.