This was my video series teaching basic economics. I have intentions to do a reboot series and improve them in many different ways. The best method to view them is in the series playlist, which cuts each lesson up into smaller 10-20 minute chunks.
Understanding Economics
Common sense economic lessons for the interested layman. Step-by-step video powerpoint presentations of how a market economy works, informed by an Austrian school perspective.
Series Playlist
Introduction – Why Economics? Shattering Myths
Understanding Economics – Introduction: Why Economics? Shattering Myths from Ryan Safner on Vimeo.
Economics is perhaps the most misunderstood and chided and fallacious field in all of academia. Does it deserve this hate? If so, why? Is there a glimmer of hope and reason amidst madness? Learn the answers, and why you should learn real economics.
Lesson Zero – Thinking Like a (Good) Economist
Learn how to sort through some of the largest fallacies in economics, and apply good economic thinking to your daily life. All of this comes with mastery of a single fallacy that is the root of all economic error. Also, a brief note on ethics in economic
Lesson One – The Basics of Human Action
Starting from the very beginning, founding economic theory on absolutely true axioms and deriving universal economic law from them. Major principles: Human Action, Means & Ends, Goods, Production, Time, Scarcity, Choice, Cost, The Margin
Lesson Two – Land, Labor, & Capital
An overview of the process of production, and an analysis of the three factors of production – land, labor, and capital. The definition, importance, and function of each of the factors. Also, an extended example of a single-man economy (Robinson Crusoe) and how the process of production involves the cooperation of land, labor, and capital. Also, the importance of capital accumulation for economic growth and prosperity.
Lesson Three – Direct Exchange
An overview of the possibilities of interpersonal interaction with a specific focus on mutual exchange of goods between individuals. An elaboration of price theory – what are prices, how are they determined, supply & demand analysis, and more analytical tools. A discussion of markets, their allocative efficiency, the benefits of free trade, and how markets are self-correcting. All of this done abstracting away from money and complexities in order to comprehend the nature of exchange and the market – skills to be applied to all future lessons and analyses.
Lesson Four – Money & Banking
An overview of money and the financial system. A discussion of how money emerges out of an intersubjective consensus to solve the various problems associated with barter; the functions and utility of using money; how prices are determined with money; determining the value of money itself; a discussion of the various types and functions of banking; ending with a discussion of the current system of fractional reserve banking and its effects on an economy. Interspersed throughout the lesson are refutations of 7 major monetary fallacies most often committed that if left unchecked, lead to devastating misunderstandings and misuses of economics.