Lecture series · recorded 2007
Fundamentals of Economic Analysis: A Causal-Realist Approach
Fundamentals of Economic Analysis: A Causal-Realist Approach is a free lecture series (10 recordings, 14.5 hours) you can stream or download at freecapitalists.org, with 2 speakers.
Joseph T. Salerno and Peter G. Klein are two of the most productive micro-economists in the Austrian School today. This seminar provides an introduction to Austrian Economics. Presented at the Mises Institute, 11-15 June 2007.
Money and BanksThe Entrepreneur
Cover painting: a herald proclaims Diocletian's Edict on Maximum Prices as merchants pull goods from a Roman market, 301. See every painting in the art gallery.
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01
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Scarcity, Choice, and Value 2007
In this first lecture of a series of lectures covering the basics of applied Austrian economics, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility.
Austrian Economics OverviewPhilosophy and MethodologyValue and Exchange
Read the transcript 11,703 words
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02
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Exchange and Demand 2007
All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value.
Austrian Economics OverviewMonetary TheoryPhilosophy and MethodologyProduction Theory
Read the transcript 13,230 words
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03
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The Determination of Prices 2007
What determines market prices? Buyers and sellers must know of feasible trades. They can learn from their mistakes. They prefer higher profits to lower profits. They think in discreet terms. Both participants win in market exchanges.
Austrian Economics OverviewCapital and Interest TheoryPrices
Read the transcript 14,558 words
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04
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Price Controls: Case Studies 2007
As with all government intervention, price controls do not achieve what their originators think they will. Trying to maintain a supply of milk by putting a price control on it will cause shortages, which are the very situations the price manipulators said they wanted to avoid.
Austrian Economics OverviewInterventionismPrices
Read the transcript 12,232 words
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05
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Pricing of the Factors of Production and the Labor Market 2007
Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution.
Austrian Economics OverviewPricesProduction Theory
Read the transcript 13,413 words
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06
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Profit, Loss and the Entrepreneur 2007
Causal-realist analysis allows imaginary constructs like the ERE — Evenly Rotating Economy — in order to isolate certain factors like interest. There would be no profit or loss in the ERE, because those can only exist under conditions of uncertainty.
Austrian Economics OverviewEntrepreneurshipThe Entrepreneur
Read the transcript 12,668 words
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07
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Capital, Interest and the Structure of Production 2007
Time preference says that individuals prefer satisfaction now to later, present to future. This explains the loan market. In the structure of production, the capitalist pays wages now, despite the fact that he himself does not get paid until the final stage when the product actually comes to market.
Austrian Economics OverviewCapital and Interest TheoryProduction Theory
Read the transcript 11,708 words
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08
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Competition and Monopoly 2007
Competition can mean rivalry or freedom. All firms must serve the preferences of consumers in order to exist. Monopoly has historically been an artificial privilege granted by the state.
Austrian Economics OverviewMonopoly and Competition
Read the transcript 12,571 words
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09
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Money and Prices 2007
In the history of money, bartering was awkward because wants were not divisible. Direct exchange depended upon a double coincidence of wants. Demand for a medium of exchange grew until a general medium of exchange emerged, like gold and silver.
Austrian Economics OverviewPhilosophy and MethodologyPricesMoney and Banks
Read the transcript 12,795 words
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10
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Banking and the Business Cycle 2007
We have today a hybrid of two forms of banking — loan banking (non-inflationary) and deposit banking (inflationary if not 100% reserve holdings). The cause of booms is the credit expansion by central banks that is not backed by pools of private savings.
Business CyclesMoney and BankingMoney and Banks
Read the transcript 12,378 words
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Recording dates, summaries and topics for 10 of these 10 lectures come from the Mises Institute's page for Fundamentals of Economic Analysis: A Causal-Realist Approach, checked 2026-09-27.
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About this series
- Is Fundamentals of Economic Analysis: A Causal-Realist Approach free to listen to?
- Yes. All 10 mirrored recordings stream in the browser or download as video and audio, at no cost and with no signup.
- How long is Fundamentals of Economic Analysis: A Causal-Realist Approach?
- 10 recordings, 14.5 hours in total.
- Who lectures in Fundamentals of Economic Analysis: A Causal-Realist Approach?
- Joseph T. Salerno and Peter G. Klein.
- When was Fundamentals of Economic Analysis: A Causal-Realist Approach recorded?
- 2007, per the recording dates recovered for this series.
- Is there a transcript of Fundamentals of Economic Analysis: A Causal-Realist Approach?
- Yes. Every lecture in the series has one, 127,256 words in total, free to read on each lecture's page and searchable in the browser.
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