The New Mises Academy

This blog is about learning and right now, in particular, learning Austrian Economics. The wonderful mises.org has just announced a Mises Academy. There is an article about the context of this announcement. They are already offering a class that sounds very interesting. It is about understanding the business cycle. This Academy is definitely something to keep your eye on!

Thinking about the world

Since I have been spending so much time reading about Austrian economics (and libertarianism as well), I find my way of looking at and thinking about the American political and economic system is changing.

I am much more for pulling American troops out of foreign countries, all of them. For getting rid of useless (okay they are all mostly useless but still..) government and quasi-governmental agencies, like the Christopher Columbus Foundation, set up to celebrate his 500th anniversary of discovering the New World. Of course, that was 18 years ago and we are still funding it??!?!? That is just ridiculous and I am sure there are many more examples like that. I think drugs should be legalized or if most people aren't ready for that step, then decriminalized at least. This 'war' on drugs is a waste of time and money.

I really enjoy knowing that my thinking can be expanded still. Keep on learning!

Second Lecture of Home Study Course

I've listened to the second lecture of the home study course. It's called Marginalist Revolution by Joseph Salerno. He starts out with the information that the law of marginal utility was discovered at almost the same time by three men: Carl Menger, an Austrian, an Englishman, William Stanly Jevons and a Swiss, Leon Walras.

Carl Menger is considered by Salerno to be the sole founder of the Austrian School. He then talks about the classical school of economics and it's differences with the Austrians. He spends a large amount of time discussing marginal utility, using the common cow/horse scenarios.

All in all, an interesting lecture. It was obvious he was writing on a board to the audience, which of course you cannot see. I'm looking forward to listening to the next one.

The Concise Guide to Economics

I've recently finished reading The Concise Guide to Economics. It's a good primer on economic principles. There are a lot of chapters, but don't let that scare you off. Each chapter is very short, but to the point.

This is a good starting point, because if you want to know more about any of the topics covered, there is a bibliography at the end of each chapter and most of the citations are linked online. So it lets you continue learning and exploring on these topics.

Overall, a good basic collection of Austrian economics principles.

Getting the Basics

After spending a couple of weeks so far studying Austrian economics, I am starting to get the basics. What I really like about this is that it is intellectually sound and complete. It all hangs together and makes sense in all the different parts of economics. Money, credit, prices, I am enjoying how it all comes together.

My Plan of Attack

I am a planner and doing this study of Austrian economics is no different. I've found a great resource at mises.org. They have a great deal of their content available both in book/audiobook format but also freely available in Pdf format and easily downloadable mp3s.

My first guide was the Home Study Guide to Austrian Economics. I was able to download the audio lectures here, and was able to find most of the books mentioned available as pdf downloads.

Second, I am reading from The Mises University: Required Readings page. Another very quick read is available online called The Concise Guide to Economics.

I have another long list of readings that I will get to later. Tomorrow, I'll talk about the two BIG books in Austrian economics: Mises Human Action and Rothbard's Man, Economy and State with Power and Market.

First of many quotes I'm sure

First of many pertinent quotes that I will post, of course.

Another book I'm reading, (a real book, not a pdf) is Economics in One Lesson, by Henry Hazlitt. Copyright date is 1946. This is not the best book to start with for learning Austrian economics, but it is interesting. More problem solving than theory.

In any case, this quote applies exactly to the sub-prime mortgage mess we are in now and the housing bubble that caused it.

"Government-guaranteed home mortgages, especially when a negligible down payment or no down payment whatever is required, inevitably mean more bad loans than otherwise. They force the general taxpayer to subsidize the bad risks and to defray the losses. They encourage people to "buy" houses that they cannot really afford. They tend eventually to bring about an oversupply of houses as compared to other things. They temporarily over-stimulate building, raise the cost of building for everybody (including the buyers of the homes with the guaranteed mortgages) and may mislead the building industry into an eventually costly overexpansion."

That sounds like it was written yesterday, not 63 years ago.

Learning Every Day

I have always believed that learning, in any field, is very important to a full, realized life. I have started this blog to share what I learn. My two current topics are Austrian school economics and staying healthy. Odd bedfellows, perhaps, but I have very eclectic interests.

I have been studying health intensely for five years now, and I will talk about that here from time to time. But my main focus now is learning all I can about the Austrian School of Economics, whose two main proponents were Ludwig von Mises and Murray Rothbard.

On the side, I have put links to what I am currently reading. I'll post thoughts about my reading and all the easily available resources for you to do your own self-study at home.  I look forward to sharing my love of knowledge and my new knowledge as time passes.