Austrian Economics: Introductory Course
Learn the essence of value, prices, money, and business cycles in 6 steps, starting from the logic of human action.
6steps · ~ 50min
Here’s a puzzle: water keeps you alive, but it’s almost free. A diamond does nothing useful, yet it costs a fortune. Why?
Mainstream economics answers with supply-and-demand curves and equations. The Austrian School answers with something far more intuitive — it depends on the person, the moment, and the situation. Value isn’t baked into objects. It lives in the minds of the people choosing between them.
That simple insight unravels a surprising amount. Once you see that value is subjective, you start to understand why prices can’t be “set” by a committee, why artificially cheap money causes bubbles, and why every attempt at central planning eventually collapses under its own weight.
This course follows that thread from start to finish. No math, no graphs — just a chain of ideas, each one building on the last.
If you’ve finished the Bitcoin course, this is the natural next step. Bitcoin makes a lot more sense once you understand the economics behind it.