Category Archives: Economics

Interest and Profit

Marxists, beware. In Chapter 8 of Foundations of Economics, Shawn Ritenour explains how the economic phenomena of interest and profit, both of which are anathema to the socialist Left, are natural and necessary features of life in a division-of-labor economy. … Continue reading

Posted in Books, Economics | Tagged , , , , , , , , , , | 4 Comments

Production, Capital, and Income Maximization

In Chapter 7 of Foundations of Economics, Shawn Ritenour gets into capital theory and explains how entrepreneurs try to maximize their income once they have forecast demand for their products. One of the questions I had before reading this book … Continue reading

Posted in Books, Economics | Tagged , , , , , , , | Leave a comment

Market Changes

Chapter 6 of Shawn Ritenour’s Foundations of Economics examines what happens when the supply or demand of a good or service in the marketplace changes. Ritenour makes the point that confusion sometimes results from a change in market prices. When … Continue reading

Posted in Books, Economics | Tagged , , , , , , | Leave a comment

Free Sample Lectures from My Liberty Classroom Series

Three of my 84 lectures for the Liberty Classroom website have been posted as free samples. Here are the topics: Introduction to Western Civilization Renaissance Humanism Absolutism and Mercantilism The videos are available at this link, where you can also … Continue reading

Posted in Economics, Liberal Arts | Tagged , , , , , , , , , , , | 1 Comment

Indirect Exchange and Market Prices

Chapter Five of Shawn Ritenour’s Foundations of Economics introduces us to the concept of money, which every society has developed to address the problems inherent to a barter economy. In a society where the division of labor has developed to … Continue reading

Posted in Books, Economics | Tagged , , | 2 Comments

Exchange, the Division of Labor, and Property Rights

Chapter 4 of Shawn Ritenour’s Foundations of Economics is the first in the book to focus on economics proper after the laying of much philosophical groundwork in the first three chapters. It also moves from the examination of actions individuals … Continue reading

Posted in Books, Economics | Tagged | Leave a comment

My Lectures Available on the New Liberty Classroom Site

Congratulations to my longtime friend Tom Woods on the launching of his new website Liberty Classroom after a year of planning and much blood, sweat, and tears. If you are interested in history or economics, if you home school your … Continue reading

Posted in Academia, Economics, Liberal Arts | Leave a comment

Laws of Human Action

Chapter 3 of Shawn Ritenour’s Foundations of Economics argues that the law of marginal utility and the law of (diminishing) returns are the most fundamental laws of human action. The chapter opens with a presentation of the diamonds-water paradox discussed … Continue reading

Posted in Books, Economics | Tagged , , , , | Leave a comment

F. A. Hayek: Austrian Economist and Social Theorist

Beware the Ides of March! OK, now that I’ve gotten that out of the way . . . Week 4 of the Mises Institute’s Home Study Course in Austrian Economics includes one audio lecture and a corresponding book chapter on … Continue reading

Posted in Economics | Tagged , , , , , | 2 Comments

Ludwig von Mises

I’m spending the day at the Austrian Scholars Conference, which is hosted by the Ludwig von Mises Institute, so it seems appropriate that I’m covering Week 3 of the Mises Institute’s Home Study Course in Austrian Economics, which has Ludwig … Continue reading

Posted in Books, Economics | Tagged , , , | Leave a comment