The Capitalist Professor with George Reisman, Ph.D. - Free College Courses on Capitalism

George Reisman
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George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics. The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism. His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

  1. 10/13/2020

    Capitalism Macroeconomics Lecture 13

    Inflation. Exposition and critique of alternative theories of rising prices, leading to the conclusion that the quantity theory of money is the only valid explanation. The meaning of inflation. Its roots in deficits, the welfare state, and the unemployment and easy money arguments. Further effects of inflation: a. growth in government, including wage and price controls; b. the redistribution of wealth and income; c. the undermining of saving and capital accumulation and the productivity of labor; d. how inflation sets the stage for depression and deflation—why it is not a cure for unemployment or a source of capital; e. why inflation tends to accelerate to the point of destroying credit and ultimately money itself. The current state of inflation. READINGS Reisman: Chapter 19 Hazlitt: pp. 164-176 (chap. XXIII) Ludwig von Mises, “Wages, Unemployment, and Inflation” and “The Gold Problem” in Supplementary Readings in Macroeconomics [Ludwig von Mises, Planning for Freedom, pp. 150–160, 185–194] Library reading: Ludwig von Mises, Human Action, pp. 466-478. Samuelson, Chapter 13

    3h 4m

  2. 10/12/2020

    Capitalism Macroeconomics Lecture 12

    Keynesianism and Neo-Keynesianism. Exposition and critique of the Keynesian analysis: the unemployment-equilibrium doctrine and the IS curve; the consumption and savings functions; the diminishing marginal efficiency of capital; liquidity preference and the liquidity trap; compensatory fiscal policy and the multipliers. The economic consequences of Keynesianism. READINGS Reisman: Chapter 18 Samuelson: Chapters 6–8 (to p. 142) Optional: Samuelson, Chapter 15 Ludwig von Mises “Stones Into Bread, The Keynesian Miracle” and “Lord Keynes and Say’s Law” in Supplementary Readings in Macroeconomics. [Ludwig von Mises, Planning for Freedom, pp. 50–71] Optional: Adam Smith, “Of Public Debts” in Supplementary Readings in Macroeconomics. [Adam Smith, The Wealth of Nations, Book 5, Chapter 3]

    5h 14m

  3. 10/11/2020

    Capitalism Macroeconomics Lecture 11

    Relationship of the net-consumption/net-investment theory to the time-preference and productivity theories. The alleged problems of underconsumption and lack of “investment opportunities.” How the demand for capital goods and labor can permanently exceed the demand for consumers’ goods and the rate of profit be positive. More on why savings cannot outrun the need for savings; the automatic adjustment of the rate of saving to the need for capital. READINGS Reisman: pp. 787–797, 838–85

    3h 13m

  4. 10/10/2020

    Capitalism Macroeconomics Lecture 10

    Capital accumulation and its causes. The role of saving. The role of technological progress and the productivity of capital goods. The role of economic freedom. Critique of the secular-stagnation doctrine. National income and consumption. READINGS Reisman: review of 622–642 Optional: Samuelson, pp. 326–333.

    3h 5m

  5. 10/09/2020

    Capitalism Macroeconomics Lecture 9

    Capital accumulation and its causes. The role of saving. The role of technological progress and the productivity of capital goods. The role of economic freedom. Critique of the secular-stagnation doctrine. National income and consumption. READINGS Reisman: review of 622–642 Optional: Samuelson, pp. 326–333.

    2h 57m

  6. 10/08/2020

    Capitalism Macroeconomics Lecture 8

    The role of saving in spending and income payments. Saving versus hoarding. Saving and aggregate economic accounting: the national income/net national product identity. J. S. Mill’s proposition that demand for commodities is not demand for labor and the issue of double counting. READINGS Reisman: pp. 673–699, review of 441–447, then 699–715 Hazlitt: pp. 177-190 (chap. XXIV) Samuelson: Chapter 5; Optional: Samuelson, Chapter 11 Ludwig von Mises, “Capital Supply and American Prosperity” in Supplementary Readings in Macroeconomics. [Ludwig von Mises, Planning for Freedom, pp. 195–214]

    3h 16m

  7. 10/07/2020

    Capitalism Macroeconomics Lecture 7

    The role of saving in spending and income payments. Saving versus hoarding. Saving and aggregate economic accounting: the national income/net national product identity. J. S. Mill’s proposition that demand for commodities is not demand for labor and the issue of double counting. READINGS Reisman: pp. 673–699, review of 441–447, then 699–715 Hazlitt: pp. 177-190 (chap. XXIV) Samuelson: Chapter 5; Optional: Samuelson, Chapter 11 Ludwig von Mises, “Capital Supply and American Prosperity” in Supplementary Readings in Macroeconomics. [Ludwig von Mises, Planning for Freedom, pp. 195–214]

    2h 6m

  8. 10/06/2020

    Capitalism Macroeconomics Lecture 6

    Mass unemployment: the causes and the remedy. Real wages and the productivity of labor. Is government intervention to promote labor unions and raise wages in the self-interest of the wage earners or is its actual effect to cause unemployment and hold down the rise in real wages? READINGS Reisman: pp. 613–663 Hazlitt: pp. 134-151 (chaps. XIX-XXI) Samuelson: Chapter 14

    2h 60m
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George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics. The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism. His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

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