Wednesday, April 14, 2010

Mises Academy

The next stop on the journey is Mises Academy. I have begun studying the Austrian Business Cycle Theory (ABCT) with several other economists. Our professor is Dr. Robert Murphy, author of The Politically Incorrect Guide To Capitalism, and the study guides to Mises's Human Action, and Rothbard's Man, Economy, and State

From the course description: 

"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."

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