10. MONEY, CREDIT AND BANKING: BARTER VS. MONETARY TRANSACTIONS

SUGGESTED ACTIVITIES

1. As an introduction to this Unit and as a change of pace, it might be desirable—if funds are available for the purchase of a film strip—to show “Understanding Inflation” by Henry Hazlitt, economist, and George Koether, writer-producer. This film strip, prepared for showing on a Dukane Projector, has sound accompaniment and lasts 20 minutes. For prices write to: B. G. Koether Associates, Box 1419, Bridgeport, Conn. 06601.

11. COMPETITION, “BIG BUSINESS,” AND MONOPOLY

SUGGESTED ACTIVITIES

1. A field trip to a large industrial plant or factory would be a good introduction to this Unit. Such a visit could help to dramatize the tremendous amount of savings and investment in plant and equipment necessary for any modern large-scale industry. In the course of the field trip, call attention also to the importance of the division of labor and cooperation as indicated by the company’s reliance on workers with highly specialized tools and skills.

12. INTERREGIONAL TRADE

SUGGESTED ACTIVITIES

1. Here are four quotations, one or all of which the teacher might write on the blackboard for the students to refer to from time to time in the course of this Unit:

The real gain of foreign trade to any country lies not in its exports but in its imports.

Henry Hazlitt, Economics in One Lesson (2nd ed., MacFadden, 1962), p. 63

13. HISTORY OF ECONOMIC THOUGHT

SUGGESTED ACTIVITIES

1. It should be helpful to have each student construct a “family tree” of the men who contributed to developing the major economic ideas presented in this syllabus. See the chart on pp. 162-163. Have each student draw his or her own skeleton outline, or have copies mimeographed or dittoed in quantity.

14. CAPITALISM, THE HAMPERED MARKET ECONOMY, SOCIALISM (COMMUNISM)

SUGGESTED ACTIVITIES

1. The teacher will find current newspapers and magazines increasingly helpful in connection with this Unit. Both teacher and students should bring to class articles dealing with economic activities here and abroad—production, construction, trade, merchandizing, retailing, etc.

15. ECONOMIC HISTORY

SUGGESTED ACTIVITIES

1. By now the students should have enough background to analyze specific current events from the economic point of view. Some of them might try writing letters to the local newspaper editor.

16. SUMMARY

SUGGESTED ACTIVITIES

1. As suggested at the beginning of the syllabus, ask the students to answer once more one or several of the 30 questions posed in Unit 1 (pp. 7-9). Compare their answers now with those they may have given at the start of the course. As a guide to the teacher for the significant points to look for in any definition of “economics,” called for to answer the first of those 30 questions, see pages 215-216 of this Unit.

These definitions are offered in the attempt to explain some of the more significant economic terms in the light of the subjective value, marginal utility, theory of economics, on which the defense of a free and unhampered market must rest. Anyone interested in more detailed explanations of the meaning of these and other economic terms should find it helpful to refer to Mises Made Easier: A Glossary for Ludwig von Mises’ HUMAN ACTION by Percy L. Greaves, Jr. (Dobbs Ferry, N.Y. 10522: Free Market Books, P.O. Box 298, 1974).

BBG

g=GLOSSARY

A

Action, 12, 16-19, g

“Administered price,” 51, 137, g

Advertising, 133-135, g

Aesop’s ant and grasshopper, 61-62, 113

Aggregate, 129, 172, g

Agricultural economy, 200, 203, 208-209, g

Ancient civilizations, 202-203, g

Animal behavior, 13, 29, 30-31

Antitrust legislation, 93, 142-143, 153, 154, g

A posteriori knowledge, 11, 13, 14n, g

A priori knowledge, 11, 13-14, 16, 44, 172, 210n, 215, g

Aquinas, Thomas, 166