Joseph T. Salerno presents a series of ten formal lectures on topics related to the history and theory of the Austrian School of Economics.
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Forerunners of the Austrian School: The French Liberal School
Although often neglected by the English-speaking world, the French Liberal School of the nineteenth century has long provided a robust foundation for modern laissez-faire economics and the pro-freedom ideology we now sometimes call libertarianism.
2. The Origin and Decline of the Austrian School: Menger, Böhm-Bawerk, and Wieser
Where the classical economists had gone wrong was to speak of goods as if they were abstract classes. The Austrians noted that their value theory did not talk about concrete units and could not explain how individuals valued goods.
3. The Revival of the Austrian School: Mises and Rothbard
There were reasons for the decline of the Austrian School before its revival and rebirth by Mises and Rothbard. There was an Israel Kirzner view in the 1970s that the Keynesian avalanche had buried Austrian economics in 1936. Then there is a big bang theory of its rebirth in 1974 due to the South Royalton meeting and Hayek receiving the Nobel Prize.
4. The Theory of Monopoly Price: From Menger to Rothbard
Prior to Mises there had been nothing written on the theory of monopoly price. Mises felt there could be some limited times of monopoly on the free market, e.g. diamond mines, but Rothbard felt that there could not be monopolies. Both theories developed out of Menger’s original thoughts.
5. Modern Monetary Theory: The Austrian Contribution
Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there was preexisting value. A paper dollar must have such a connection to money. Government cannot create money. Money is not neutral. The natural trend of prices in a market economy is falling.
6. Keynes and the 'New Economics' of Fascism
Monetary inflation is the key way to bring about economic fascism. Fascism was a spending, borrowing government, militarism, imperialism, and a planned economy. Keynes’ followers came to power in the 60s with the Kennedy administration. Nixon went on to impose wage and price controls.
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