The Top Five Lessons for the Young Economist
The Mises Institute is taking back economics education...
PUBLIUS SPECIAL GUEST: Dr. Jonathan Newman, is a Fellow at the Mises Institute, a non-profit organization that exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
In public schools, students learn that FDR’s New Deal and World War II got the US out of the Great Depression. They learn that total government control over an economy has its downsides, but so does pure laissez-faire, so the best system is a mixed economy with government intervention. The role of the entrepreneur is minimized or even completely ignored while the role of the state is emphasized and praised.
Public education indoctrinates students so that they become unquestioning citizens who will embrace price controls, taxes, inflation, and regulations.
To fight back, we’re producing a series of short lectures corresponding to Robert P. Murphy’s excellent textbook, Lessons for the Young Economist. The text is already widely used in homeschool curricula, but we want even more students to learn Austrian economics and become equipped to think critically about socialism and interventionism. To that end, here are the five lessons from Murphy’s textbook that I think are most important.
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ABOUT: Founded in 1982 by Llewellyn H. Rockwell, Jr., with the blessing and aid of Margit von Mises, Murray N. Rothbard, Henry Hazlitt, and Ron Paul, the Institute seeks a free-market capitalist economy and a private-property order that rejects taxation, monetary debasement, and a coercive state monopoly of protective services.
Non-political, non-partisan, and non-PC, the Institute works with students and scholars from many countries, and reaches out to business leaders, professionals, and everyone else interested in our mission. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
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BIO: Dr. Jonathan Newman is a Fellow at the Mises Institute. He earned his PhD at Auburn University while a Research Fellow at the Mises Institute. He was the recipient of the 2021 Gary G. Schlarbaum Award to a Promising Young Scholar for Excellence in Research and Teaching. Previously, he was Associate Professor of Economics and Finance at Bryan College.
He has published in the Quarterly Journal of Austrian Economics and in volumes edited by Matthew McCaffrey and Per Bylund. His research focuses on Austrian economics, inflation and business cycles, and the history of economic thought. He has taught courses on Macroeconomics and Quantitative Economics: Uses and Limitations in the Mises Graduate School. He is the author of two children’s books: The Broken Window and Ludwig the Builder. His commentary appears regularly in the Mises Wire and Power & Market.
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Dr. Jonathan Newman, is a Fellow at the Mises Institute, a non-profit organization that exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.