Austrian Economics Course for Young Geopolitics Enthusiasts
A 12-Week YouTube-Based Learning Journey
Course Overview
This course introduces Austrian Economics through engaging YouTube content, connecting economic principles to real-world geopolitical events. Perfect for curious 15-year-olds who want to understand how economics shapes global politics.
Prerequisites
- Basic understanding of supply and demand
- Interest in current events and world affairs
- Notebook for taking notes and tracking concepts
Week 1-2: Foundations - What Makes Austrian Economics Different?
Core Concept: Methodological Individualism
Primary Video:
- Mises Institute YouTube Channel: "What Makes Austrian Economics Unique?"
- Foundation for Economic Education (FEE): "Austrian Economics Hits the Headlines"
- Learn Liberty: "Five Books to Understand Austrian Economics"
Supplementary Content:
- Mises Institute: "Austrian Economics: An Introduction"
- Tom Woods Show: "Connecting Austrian Economics & Liberty"
- Peter Schiff: "What is The Difference Between Austrian and Keynesian Economics?"
Key Learning Points:
- Individual action drives economic outcomes
- Difference between Austrian and mainstream economics
- Why Austrians reject mathematical modeling
Geopolitical Connection: How different economic schools influence government policy in various countries
Assignment: Write a one-page comparison of how the US and European Union approach economic policy differently
Week 3-4: The Foundation - Human Action and Praxeology
Core Concept: All Economics Stems from Individual Choices
Primary Video:
- Mises Institute: "Ludwig von Mises and Human Action explained"
- Murray Rothbard: "Austrian Economics: An Introductory Course" (1972 lecture series)
Supplementary Content:
- Tom Woods: "Austrian Business Cycle Theory"
- Learn Liberty: "Austrian Economics Introduction"
- Foundation for Economic Education: "Understanding Austrian Economics"
Key Learning Points:
- Every person acts purposefully
- Economics is about understanding human behavior
- Why this matters for predicting economic outcomes
Geopolitical Connection: How understanding human action helps predict international relations and trade patterns
Real-World Exercise: Track your own economic decisions for a week and analyze the "why" behind each choice
Week 5-6: Money and Banking - The Austrian Perspective
Core Concept: Sound Money vs. Fiat Currency
Primary Video:
- Mises Institute: "What Has Government Done to Our Money?"
- Peter Schiff: "How an Economy Grows and Why It Crashes" (book companion videos)
- Tom Woods: "Austrian Monetary Theory Explained"
Supplementary Content:
- Foundation for Economic Education: "Sound Money" series
- Peter Schiff Show: Episodes on gold standard and inflation
- Mises Institute: "Money, Banking, and the Federal Reserve" documentary
Key Learning Points:
- Evolution of money from barter to digital
- Problems with central banking
- Why Austrians prefer gold standard
Geopolitical Connection: How currency manipulation affects international relations, trade wars, and global power dynamics
Case Study: Research how currency crises have affected different countries (Argentina, Venezuela, Zimbabwe)
Week 7-8: Business Cycles - Booms and Busts
Core Concept: Austrian Business Cycle Theory
Primary Video:
- Tom Woods Show: "Austrian Business Cycle Theory: Answering the Critics" (Episode 419)
- Peter Schiff: "Peter Schiff Was Right" compilation (2006-2007 predictions)
- Mises Institute: "Understanding Business Cycles"
Supplementary Content:
- Tom Woods: "Why You've Never Heard of the Great Depression of 1920"
- Peter Schiff: Analysis of 2008 financial crisis predictions
- Austrian Economics Center: "Business Cycle Theory Explained"
Key Learning Points:
- How artificial credit expansion creates bubbles
- Why government intervention often makes crashes worse
- Difference between Austrian and mainstream explanations of recessions
Geopolitical Connection: How economic crises lead to political upheaval, regime changes, and international conflicts
Research Project: Analyze a historical economic crisis (2008 Financial Crisis, Dot-com Bubble, etc.) through Austrian lens
Week 9-10: Government Intervention and Market Process
Core Concept: Spontaneous Order vs. Central Planning
Primary Video:
- Foundation for Economic Education: "Why Free Markets Work"
- Learn Liberty: "Problems with Government Intervention"
- Mises Institute: "Austrian Economics and Market Process"
Supplementary Content:
- Tom Woods: "Government Failures vs Market Failures"
- Peter Schiff: "Real vs Phony Economic Recovery" discussions
- Liberty Classroom: "Austrian Economics and Interventionism"
Key Learning Points:
- How markets coordinate without central control
- Why price controls create shortages
- Knowledge problem in central planning
Geopolitical Connection: Comparing economic freedoms across different countries and their impact on prosperity and international standing
Debate Exercise: Prepare arguments for both sides: "Should governments regulate markets heavily or allow free market operation?"
Week 11-12: Capital, Interest, and Entrepreneurship
Core Concept: Time Preference and Capital Formation
Primary Video:
- Mises Institute: "Austrian Theory of Capital and Interest"
- Tom Woods: "What Austrian Economics Can Teach Historians"
- Learn Liberty: "Austrian Entrepreneurship Theory"
Supplementary Content:
- Foundation for Economic Education: "Time Preference Explained"
- Peter Schiff: "Capital Formation and Economic Growth"
- Austrian Economics Center: "Entrepreneurship in the Market Process"
Key Learning Points:
- Role of time in economic decision-making
- How capital accumulation drives prosperity
- Entrepreneurship as the engine of progress
Geopolitical Connection: Why some countries develop faster than others, and how capital flows affect global power dynamics
Final Project: Create a presentation on "How Austrian Economics Explains [Choose a Country's] Economic Development"
YouTube Channels and Video Links
How to Find These Videos: Search YouTube using the channel names and video titles below. Most of these channels are easily found by searching their exact names.
Primary Austrian Economics Channels:
1. Mises Institute (Official Channel)
- Search for: "Mises Institute" on YouTube
- Key Videos to Find:
- "What Makes Austrian Economics Unique?"
- "Austrian Economics: An Introductory Course" by Murray Rothbard (1972 lecture series)
- "Austrian Business Cycle Theory Explained"
- "Mises View" video series with various economists
2. Foundation for Economic Education (FEE)
- Search for: "Foundation for Economic Education" or "FEE" on YouTube
- Key Videos to Find:
- "Austrian Economics Hits the Headlines"
- "Why Free Markets Work"
- Educational economics series for students
3. Peter Schiff (Official Channel)
- Search for: "Peter Schiff" on YouTube (Channel has 576K+ subscribers)
- Key Videos to Find:
- "Peter Schiff Was Right" (2006-2007 predictions compilation)
- "How an Economy Grows and Why It Crashes" (book explanations)
- "The Peter Schiff Show" episodes on Austrian economics
- "What is The Difference Between Austrian and Keynesian Economics?"
4. Tom Woods Show
- Search for: "Tom Woods" on YouTube
- Key Episodes to Find:
- "Austrian Business Cycle Theory: Answering the Critics" (Episode 419)
- "Connecting Austrian Economics & Liberty"
- "What Austrian Economics Can Teach Historians"
5. Learn Liberty
- Search for: "Learn Liberty" on YouTube
- Key Videos to Find:
- "Five Books to Understand Austrian Economics"
- Austrian entrepreneurship theory videos
- Free market economics explanations
Specific Video Recommendations by Week:
Week 1-2 Videos:
- Search: "What is Austrian Economics Mises Institute"
- Search: "Austrian vs Keynesian Economics Peter Schiff"
- Search: "Foundation Economic Education Austrian School"
Week 3-4 Videos:
- Search: "Murray Rothbard Austrian Economics Introduction"
- Search: "Human Action Ludwig von Mises explained"
- Search: "Praxeology Austrian School"
Week 5-6 Videos:
- Search: "Peter Schiff sound money gold standard"
- Search: "Austrian monetary theory Tom Woods"
- Search: "What Has Government Done Our Money Mises"
Week 7-8 Videos:
- Search: "Peter Schiff was right 2008 crisis"
- Search: "Austrian business cycle theory Tom Woods"
- Search: "Why recessions happen Austrian perspective"
Week 9-10 Videos:
- Search: "Free markets vs government intervention FEE"
- Search: "Spontaneous order Austrian economics"
- Search: "Market process vs central planning"
Week 11-12 Videos:
- Search: "Austrian capital theory interest rates"
- Search: "Entrepreneurship Austrian school Learn Liberty"
- Search: "Time preference economic growth Austrian"
Additional Educational Channels:
Liberty Classroom (Tom Woods)
- Search for: "Liberty Classroom Tom Woods Austrian Economics"
- Full Austrian economics course available
Austrian Economics Center
- Search for: "Austrian Economics Center Vienna"
- Academic lectures and presentations
CaspianReport (Geopolitics + Economics)
- Search for: "CaspianReport economics geopolitics"
- Connects economic principles to global events
Pro Tips for Finding Videos:
- Use YouTube's filter options to sort by upload date for newest content
- Look for playlists created by these channels on Austrian economics
- Check video descriptions for links to related content
- Subscribe to channels you find most helpful for regular updates
- Use these exact search terms in YouTube for best results
Geopolitics Integration:
- CaspianReport - Geopolitical analysis with economic angles
- Wendover Productions - Economics of global systems
- Economics Explained - Compare different economic systems
Supplementary Learning:
- Khan Academy Economics - For foundational concepts
- Marginal Revolution University - Academic economics made accessible
Monthly Assessments
Month 1: Foundation Quiz
- Define Austrian Economics key principles
- Compare with other economic schools
- Explain human action concept
Month 2: Application Essay
- Choose a current geopolitical event
- Analyze through Austrian economics lens
- 500-word analysis
Month 3: Final Presentation
- Research project on chosen topic
- 10-minute presentation
- Connect Austrian theory to real-world geopolitics
Reading Supplements (Optional but Recommended)
Beginner-Friendly Books:
- "Economics in One Lesson" by Henry Hazlitt
- "The Law" by Frédéric Bastiat
- "What Has Government Done to Our Money?" by Murray Rothbard
Online Resources:
- Mises.org articles
- FEE.org daily content
- Austrian economics Wikipedia pages for quick reference
Study Tips for Success
- Take Notes: Create concept maps connecting Austrian principles to geopolitical events
- Discussion: Find online forums or local groups to discuss ideas
- Current Events: Read news with Austrian economics lens
- Question Everything: Apply Austrian principles to analyze daily economic news
- Connect the Dots: Always link economic theory to real-world geopolitical implications
Course Completion Goals
By the end of this course, you should be able to:
- Explain core Austrian economics principles clearly
- Analyze current events through Austrian lens
- Understand how economic policies affect international relations
- Debate economic policy from Austrian perspective
- Connect individual economic choices to global outcomes
- Appreciate the complexity of economic systems and government intervention
Remember: Economics is not just about money—it's about understanding human behavior and how it shapes our world. Austrian Economics provides unique insights into why certain policies succeed or fail, and why some countries prosper while others struggle.