The Ludwig von Mises Institute

Joseph Salerno and Peter G. Klein are two of the most productive microeconomists in the Austrian School today. This seminar gives you a preview of their forthcoming textbook for graduate students.

The Seminar is open to full-time students (no charge for qualifying students). Registration is $125 for Mises Institute Members (click HERE to join, or to update your membership) and faculty, and $195 for non-Members. Registration includes daily boxed lunches, refreshment breaks, closing pizza party, transportation between the dorm and the Institute each day, and the use of Mises Institute research libraries and computers.

Suggested Texts

Milton M. Shapiro, Foundations of the Market-Price System, University Press of America, 1985.

Percy L. Greaves, Jr., Understanding the Dollar Crisis, Western Islands Publishers, 1973.

Thomas C. Taylor, An Introduction to Austrian Economics, Ludwig von Mises Institute, 1980.

Henry N. Sanborn, What, How, For Whom: The Decisions of Economic Organization, Cotter-Barnard Company, 1972.

Course Schedule

Monday - Friday, June 11 - 15, 2007

Shuttles from Cambridge Dormitory to Mises Institute 9:30 a.m. Monday - Friday

Shuttles from Mises Institute to Cambridge Dormitory 4:00 p.m. Monday - Friday

Registration Monday 9:00 - 10:00 a.m.

Sessions 10:00 - 11:30 a.m. and 2:00 - 3:30 p.m., Central Time

Lunch 11:30 am

Thursday pizza party 4:00 p.m. (shuttle leaves at 5:00 p.m. on Thursday)

Suggested Readings

Scarcity, Choice, and Value [Salerno]

• Greaves, pp. 1-20, 27-54
• Shapiro, pp. 81-113
• Taylor pp. 40-51 (Ch. 4)

Exchange and Demand [Salerno]

• Shapiro, pp. 31-58, 115-78
• Taylor, pp. 12-39 (Chs. 2-3)
• Leonard Read, “I, Pencil”

The Determination of Prices [Klein]

• Greaves, pp. 65-91
• Shapiro, pp. 179-233
• Taylor, pp. 52-62 (Ch. 5)
• Rothbard, The Mystery of Banking, pp. 15-27 (Online pp. 14-23)

Price Controls: Case Studies [Salerno]

Pricing of the Factors of Production and the Labor Market [Klein]

• Sanborn, pp. 112-85
• Taylor, pp. 63-73 (Ch. 6)
• Greaves, pp. 105-32
• Murray N. Rothbard, “Restrictionist Pricing of Labor” in Rothbard, The Logic of Action Two

Profit, Loss and the Entrepreneur [Klein]

• Taylor, pp. 74-89 (Ch. 7)
• Ludwig von Mises, "Profit and Loss" in Mises, Planning for Freedom and Sixteen Other Essays and Addresses, pp. 108-30

Capital, Interest and the Structure of Production [Salerno]

• Shapiro, pp. 235-60
• Mark Skousen, The Structure of Production, pp. 133-49
• Richard Fink, “Economic Growth and Market Processes” in Fink, ed., Supply-Side Economics: A Critical Appraisal

Competition and Monopoly [Klein]

• Shapiro, pp. 319-72
• Sanborn, pp. 62-65
• Hans Sennholz, The Phantom Called “Monopoly” in Bettina B Greaves, ed. Free Market Economics: A Basic Reader, pp. 162-69
• Sudha R. Shenoy, “The Sources of Monopoly” in New Individualist Review, pp. 793-96

Money and Prices [Salerno]

• Greaves, pp. 141-67
• Rothbard, What Has Government Done to Our Money? pp. 1-96; Online, Chs. I-III; Online pdf, pp. 7-48.
• Rothbard, The Case Against the Fed, pp. 29-69 (or Rothbard, The Mystery of Banking, pp. 77-177; Online, pp. 52-108)

Banking and the Business Cycle [Salerno]

• Ludwig von Mises, et al, The Austrian Theory of the Trade Cycle and Other Essays, Taylor, pp. 90-95 (Ch.8)