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Economics and the Pursuit of Happiness

5 Parts, 15 Lessons, 51 Videos   3H 30M
Parts
  • Introduction
  • Political Economy and Public Choice
    • Lesson 1: Political Implications of Economic Systems
    • Lesson 2: The Public Choice Perspective
    • Lesson 3: Bureaucracy and the Commercial Order
  • Moral Dimensions of Property and Trade
    • Lesson 4: Justice in Exchange
    • Lesson 5: Social Aspects of Justice and Commerce
    • Lesson 6: Property, Production, and Distribution
  • The Contest of Ideas: Keynes and Hayek
    • Lesson 7: John Maynard Keynes: Radical Conservative
    • Lesson 8: Hayek: Conserving Freedom
    • Lesson 9: Keynesianism and the Limits of Economics
  • The Contest of Ideas: Free to Choose?
    • Lesson 10: Freedom of Choice
    • Lesson 11: Hayek: Libertarian Paternalism
    • Lesson 12: On the Nature of Liberty
  • The Moral Dimensions of the Market Economy
    • Lesson 13: Moral Norms
    • Lesson 14: Justifying Income, Wealth, and Capitalism
    • Lesson 15: Market Freedom, Efficiency, and Tradition

Lesson 1 Lesson 1: Political Implications of Economic Systems

Presented by: Dr. Jay Richards
Busch School of Business and Economics at the Catholic University of America

Playlist

  1. Lesson 1, Video 1 - Dr. Jay Richards
  2. Lesson 1, Video 2 - Dr. Jay Richards
  3. Lesson 1, Video 3 - Dr. Jay Richards

Freedoms: Economic, Political, and Civic

Over the past century Europeans and Americans have placed high value on political and civic liberties that are associated with representative democracy. By contrast they have not regarded the economic liberties that are associated with free markets as important. This lesson will consider the role of government in the economy and why political and economic liberty are interconnected, ultimately standing or falling together.

Key Concepts:  (1) Economic Freedom, Political Freedom, & Civic Freedom (2) Socialism, (3) Democracy, (4) Neighborhood Effects (Externalities)

Lesson 1 Quick Quiz

Test Your Understanding of Lesson 1

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EPH Lesson 1: Political Implications of Economic Systems

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“Economic arrangements play a dual role in the promotion of a free society. On the one hand, freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself. In the second place, economic freedom is also an indispensable means toward the achievement of political freedom.”

Milton Friedman

“What the market does is to reduce greatly the range of issues that must be decided through political means, and thereby to minimize the extent to which government need participate directly in the game. The characteristic feature of action through political channels is that it tends to require or enforce substantial conformity. The great advantage of the market, on the other hand, is that it permits wide diversity.”

Milton Friedman

“Socialism can be nothing but destructive of freedom in the widest sense of the word. It wants to crown the work of emancipation, yet can result in nothing but the most abject subjugation of the individual.”

Wilhelm Röpke

“If, then, socialism is to be made the normal, permanent state, it presupposes a political system which manages to maintain the necessary hyper-integration of society by these artificial means, even without war, earthquakes or floods.”

Wilhelm Röpke

Learn More

h PDF

Milton Friedman, “The Relation between Economic Freedom and Political Freedom,” and “The Role of Government in a Free Society,” Capitalism and Freedom, Chapters 1 and 2, pp. 7-36.

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h PDF

Wilhelm Röpke, “Political Structure and Economic Structure,” The Social Crisis of Our Time, pp. 87-96.

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h Video

Economic Freedom in Action: Changing Lives,” with Johan Norberg, CATO Institute

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h Video

The Power of Choice: The Life and Ideas of Milton Friedman

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h Video

“The Power of the Market,” with Milton Friedman

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h Video

“Testing Milton Friedman,” with Emily Rooney, Walther Williams, et al.

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h Video

“The Economics and Life of Wilhelm Röpke,” with Dr. Samuel Gregg, Acton Institute

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