The Ludwig von Mises Institute

Dr. Joseph Salerno is visiting scholar at the Mises Institute, Summer 2006, and he will give a series of lectures on the fundamentals of Austrian economic theory, with a special emphasis on its technical aspects. There are ten lectures, one per day for ten days. The public is invited to come to these lectures but we do need notice. They will also be archived on the media section of the site, and become part of Mises.org's podcast series.

SUGGESTED TEXTS

Milton M. Shapiro, Foundations of the Market-Price System, University Press of America, 1985.

Percy L. Greaves, Jr., Understanding the Dollar Crisis, Western Islands Publishers, 1973.

Thomas C. Taylor, An Introduction to Austrian Economics, Ludwig von Mises Institute, 1980.

Henry N. Sanborn, What, How, For Whom: The Decisions of Economic Organization,Cotter-Barnard Company, 1972.

COURSE SCHEDULE AND SUGGESTED READINGS

• Scarcity, Choice, and Value
  • Greaves, pp. 1-20, 27-54
  • Shapiro, pp. 81-113
  • Taylor pp. 40-51 (Ch. 4)
• Exchange and Demand
  •  Shapiro, pp. 31-58, 115-78
  •  Taylor, pp. 12-39 (Chs. 2-3)
  •  Leonard Read, “I, Pencil”
• The Determination of Prices
  •  Greaves, pp. 65-91
  •  Shapiro, pp. 179-233
  •  Taylor, pp. 52-62 (Ch. 5)
  • Rothbard, The Mystery of Banking, pp. 15-27 (Online pp. 14-23)
• Price Controls: Case Studies
• Profit, Loss and the Entrepreneur
  • Taylor, pp. 74-89 (Ch. 7)
  • Ludwig von Mises, "Profit and Loss"  in Mises, Planning for Freedom and Sixteen Other Essays and Addresses,  pp. 108-30
• Pricing of the Factors of Production and the Labor Market
  • Sanborn, pp. 112-85
  • Taylor, pp. 63-73 (Ch. 6)
  • Greaves, pp. 105-32
  • Murray N. Rothbard, “Restrictionist Pricing of Labor”  in Rothbard, The Logic of Action Two

• Capital, Interest and the Structure of Production
  • Shapiro, pp. 235-60
  • Mark Skousen, The Structure of Production, pp. 133-49
  •  Richard Fink, “Economic Growth and Market Processes” in Fink, ed., Supply-Side Economics: A Critical Appraisal, pp. 372-394
• Competition and Monopoly
  • Shapiro, pp. 319-72
  • Sanborn, pp. 62-65
  • Hans Sennholz, The Phantom Called “Monopoly”  in Bettina B Greaves, ed. Free Market Economics: A Basic Reader, pp. 162-69
  • Sudha R. Shenoy, “The Sources of Monopoly”  in New Individualist Review, pp. 793-96
• Money and Prices
  • Greaves, pp. 141-67
  • Rothbard, What Has Government Done to Our Money? pp. 1-96; Online, Chs. I-III; Online pdf, pp. 7-48.
  • Rothbard, The Case Against the Fed, pp. 29-69 (or Rothbard, The Mystery of Banking, pp. 77-177; Online, pp. 52-108)
• Banking and the Business Cycle
  • Ludwig von Mises, et al, The Austrian Theory of the Trade Cycle and Other Essays, Read: Garrison, Introduction and Summary; Mises's essay and Rothbard's essay.
  • Taylor, pp. 90-95 (Ch.8)