The Economic Way of Thinking

The Economic Way of Thinking

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!"

A university/college level course in economics

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What you will 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

Rating: 4.8

Level: All Levels

Duration: 18 hours

Instructor: Mark Hornshaw