The Economic Way of Thinking
What you'll learn
- Understand the economic way of thinking
- Progress to higher level study of economics
- Understand concepts such as marginal benefits and costs, and how markets and government work
- Critically analyse and create economic policy
- Develop insights into key economic debates, including Austrian and Public Choice criticism of mainstream economics
- Understand the moral and ethical component of economic decision making
- You need to be able to devote time to study economics - about 12 hours of lectures plus supplementary reading and external video links
- You need an inquisitive nature and the ability to examine logical arguments; don't expect lists of definitions
Economics is about choices and trade-offs in a world of scarcity. This course will help you understand the economic way of thinking at a deep level, with an emphasis on human action and choice and with an ethical underpinning. The mainstream view will be challenged through the lens of Austrian and Public Choice economic theories.
An economic decision is any choice that involves perceived costs and benefits of any kind (not only of the financial kind) which may accrue to ourselves or to others. As such we are all economic actors and must make economic choices on a daily basis. As ethically aware people, we must examine our choices carefully, in line with our guiding values. As economists, we must examine the secondary and unintended consequences of any action, not just good intentions.
The course is suitable for students wanting to progress in economics, or for anybody who wants to understand the economic way of thinking, for use in private and professional life.
This series is produced especially for video, and consists of 12 sessions, each divided into between 4 to 8 modules. The course was developed for use in a first year, one semester principles of economics unit. The companion text book is Heyne, Boettke and Prychitko (2014) The Economic Way of Thinking 13e, published by Pearson Education. The text is not essential but is a useful resource.
Some recent student feedback:
"One of the best course I have enrolled in. The instructor is very knowledgeable and is exceptional in portraying a clear picture of the philosophy behind economic theory, that too in a clear and concise way. Money well spent."
"This is such a great course! It's intellectually stimulating and engaging. It includes multiple links to outside resources. Overall, it's a great value if you are interested in acquiring a solid understanding of economics. Thank you!"
Who this course is for:
- Students who want to learn principles of economics at university level
- People who want a different perspective on economics, emphasizing the role of entrepreneurship and free voluntary interaction between people
- Home educated students
Mark Hornshaw is a lecturer in Economics, Entrepreneurship and Management at the University of Notre Dame Australia, based in Sydney. Mark was awarded the Vice Chancellor's Award for teaching excellence in 2017, making him the top rated teacher at the top rated university in Australia at this time. Prior to this he was a successful entrepreneur in the telecommunications industry, and also worked in overseas aid and development. He is a regular and popular speaker at the Australian Libertarian Society's annual Friedman Conference.
Some student feedback:
"You can see Mark's passion for economics when he teaches."
"Mark is very passionate and gives great examples to further understanding."
"The way Mark breaks down content into easy to understand 'chunks' is great. I think he should write a text book."