Economics 101

A collection of ten speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.Download the complete audio of this event (ZIP) here.

Economics 101 is a general podcast hosted by Mises Institute, with 8 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Mises Institute hosts Economics 101, a general show with 8 episodes published.

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• Economics 101

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

  Mar 1, 2004—S0

  <p>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.</p><p>Rothbard begins with the simple situation of Crusoe – one laborer- on an island. Capital is everything used in production that is not land or labor. Production ends up with consumer goods which are consumed. The free market coordinates everything. No world planning board can do this. Micro economics is the study of...

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• Economics 101

  2. Money and Prices

  Mar 1, 2004—S0

  <p>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.</p><p>Rothbard discusses how money originates. Products are originally merely exchanged between people. This is the barter system and it is based upon the double coincidence of wants. Very shortly, one or two commodities like wheat or tobacco emerge on the market as more marketable than others. Money is now...

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• Economics 101

  3. Capital, Interest, and Profit

  Mar 1, 2004—S0

  <p>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.</p><p>Entrepreneurship is an art not a course you can learn.</p><p>Labor earns wages. Land earns rent. Capital earns interest. Confusingly, the word capital means both the machines used to produce goods and the funds available for investment. Bohm-Bawerk answered the question of where interest rates come from.</p><p>Time is the key element in the...

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• Economics 101

  4. Labor

  Mar 1, 2004—S0

  <p>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.</p><p>There were workers in canning businesses making thirty cents an hour who were disemployed when a forty cents minimum wage was enacted. By changing definitions of employment government agencies manipulate figures.</p><p>Population growth issues have often been irrational. Overpopulation in one area could be under population...

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• Economics 101

  5. Labor and Unions

  Mar 1, 2004—S0

  <p>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.</p><p>Unions cannot determine wage rates without putting companies out of business and causing unemployment. They attempt to control the labor market by restricting people. Unions have very little power when labor is ample. There were no labor unions from 1885 to 1935. Unions were first established in construction, coal mining, and entertainment fields, but they...

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