I remember the frustration I felt when I enrolled in college to get my second degree. I was stuck between choosing finance and economics. I will never forget the advice given to me by my enrollment counselor. She said: “Finance majors make good money when they get out of school, but economists rule the world.” Needless to say, I chose economics and never looked back.
Today, you certainly do not have to have a background in economics to understand the wheels are falling off of the global economy. However, having a good grounding in the study of economic theory, and especially economic history, can give you great insights into today’s overwhelming global financial crisis. It can also make you a better investor.
While most of what I learned in college was something known as Keynesian economics (“big government” economics), I belong to the Austrian school of economics (“small government” economics.)
The Austrian school predicted the financial crisis. The Keynesian school was shell shocked by the crisis and actually thinks that they can solve a debt problem with more debt. But I digress.
Today, 95% of American universities teach and promote Keynesian economic thought, while just a handful teach Austrian economics. One of the primary American universities dedicated to the Austrian school of economics is Auburn University.
If you have ever wanted to become more educated about sound economic theory and history, this week offers a rare opportunity. This week, the Mises Institute at Auburn University will be presenting a free week of lectures from the tops minds in Austrian economics.
You can view the schedule of events here >> https://followthemoney.com/mises_university_schedule_2010.pdf
You can watch the lectures here >>http://www.ustream.tv/channel/mises-university-2010
While some of the topics may bore you out of your mind, there may be a few that will really help you gain a deeper understanding of economic theory. So do yourself a favor and turn off the boob tube one night this week and enjoy an evening with some of the only folks in the country who actually have any real clue why our economy is failing… and actually have real solutions to solve it.
About Jerry Robinson
Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.