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Lessons for the Young Economist Teacher's Manual Lessons for the Young ECONOMIST ROBERT P. MURPHY Lessons for the Young ECONOMIST Teacher’s Manual The Ludwig von Mises Institute dedicates this volume to all of its generous donors and wishes to thank these Patrons, in particular: Jeremy and Helen Davis Scott Scharpen Vijay Boyapati David Atherton Mary Diane Dolan Lessons for the Young ECONOMIST Teacher’s Manual ROBERT P. MURPHY LvMI MISES INSTITUTE Copyright © 2012 by the Ludwig von Mises Institute. Permission to reprint in whole or in part is gladly granted, provided full credit is given. For information write the Ludwig von Mises Institute 518 West Magnolia Avenue, Auburn, Alabama 36832. Mises.org ISBN: 978-1-61016-204-3 Contents PART I: FOUNDATIONS 1. Thinking Like an Economist . 3 Thinking Like an Economist . 4 Is Economics a Science? . 5 The Scope and Boundaries of Economic Science . 7 Why Study Economics? . 8 Test Questions . .15 Answers . 19 2. How We Develop Economic Principles . 21 Purposeful Action versus Mindless Behavior . 21 The Social versus the Natural Sciences . 22 The Success of the Natural Sciences versus the Social Sciences . 22 How We Develop Basic Economics . 23 Test Questions . .31 Answers . 35 3. Economic Concepts Implied By Action . 39 Introduction . 39 Only Individuals Act . 39 Individuals Have Preferences . 40 Preferences Are Subjective . 40 Preferences Are a Ranking, Not a Measurement Using Numbers . 41 Different Individuals’ Preferences Can’t Be Combined . 42 Test Questions . .47 Answers . 49 v vi | Lessons for the Young Economist: Teacher’s Manual 4. “Robinson Crusoe” Economics . 51 Introduction . 51 Crusoe Creates Goods With His Mind Powers . 51 Consumer Goods versus Producer Goods . 52 Land, Labor, and Capital Goods . .52 Income, Saving, and Investment . 53 Goods Are Valued Unit by Unit . 54 Pulling It All Together: What Should Crusoe Do With Himself? . 55 Test Questions . .63 Answers . 67 PART II: CAPITALISM: THE MARKET ECONOMY 5. The Institution of Private Property . 73 Society Requires Rules . 73 Capitalism: This Is Private Property . .73 The Market Economy and Free Enterprise . 75 Test Questions . .83 Answers . 87 6. Direct Exchange and Barter Prices . 89 Why Do People Trade With Each Other? . 89 Direct Exchange / Barter . 90 Prices . 90 How Prices Are Formed in Barter . 91 Test Questions . .99 Answers . 103 7. Indirect Exchange and the Appearance of Money . 107 The Limitations of Direct Exchange . 108 The Advantages of Indirect Exchange . 109 The Advantages of Money . 109 Who Invented Money? . 110 Contents | vii Test Questions . .121 Answers . 125 8. The Division of Labor and Specialization . 129 The Division of Labor and Specialization . 129 Why Specialization Makes Labor More Productive . .129 Enriching Everyone By Focusing on Comparative Advantage . 130 Test Questions . .137 Answers . 141 9. Entrepreneurship and Competition . 145 Entrepreneurship . 145 Competition Protects Customers . 146 Competition Protects Workers . 146 Test Questions . .153 Answers . 157 10. Income, Saving, and Investment . 161 Income, Saving, and Investment . 161 Investment Increases Future Income . 161 How Saving and Investment Increase An Economy’s Future Output . 162 Test Questions . .169 Answers . 173 11. Supply and Demand . 177 Supply and Demand: The Purpose . 177 Demand: Its Definition and Its Law . 177 Supply: Its Definition and Its Law . 179 Using Supply and Demand to Explain the Market Price . 180 Using Supply and Demand to Understand Price Changes . 180 Test Questions . .187 Answers . 193 viii | Lessons for the Young Economist: Teacher’s Manual 12. Interest, Credit, and Debt . 197 Interest: It’s About Time . 197 Savings, Investment, and Economic Growth . 198 Common Credit Transactions . 198 The Pros and Cons of Debt . 200 Test Questions . .207 Answers . 213 13. Profit and Loss Accounting . 217 Profit and Loss Guide Entrepreneurs . 217 Interest Versus Profit . 217 The Social Function of Profit and Loss Accounting . 219 The Limits of Profit and Loss Accounting . 219 Test Questions . .227 Answers . 231 14. The Stock Market . 235 The Stock Market . 235 Why Issue Stock? (Debt versus Equity) . 236 The Social Function of Stock Speculation . 236 Test Questions . .245 Answers . 249 PART III: SOCIALISM: THE COMMAND ECONOMY 15. The Failures of Socialism—Theory . 253 The Vision of Pure Socialism . 253 Socialism’s Incentive Problem . 254 Socialism’s Calculation Problem . 256 Test Questions . .263 Answers . 267 16. The Failures of Socialism—History . 271 Economic Theory and History . 271 Communism vs . Fascism . 272 Contents | ix Socialism’s Body Count . 273 Test Questions . .279 Answers . 283 PART IV: INTERVENTIONISM: THE MIXED ECONOMY 17. Price Controls . 287 The Vision of Interventionism . 287 Price Ceilings . 287 Price Floors . 290 Test Questions . .297 Answers . 301 18. Sales and Income Taxes . 305 Government Spending . .305 How Government Finances Its Spending . 306 Sales Taxes . 307 Income Taxes . 307 Test Questions . .315 Answers . 319 19. Tariffs and Quotas . 323 Mercantilism . 323 The General Case for Free Trade . 324 Tariffs . 326 Import Quotas . .326 Test Questions . .335 Answers . 339 20. The Economics of Drug Prohibition . 341 Drug Prohibition . 341 Drug Prohibition Corrupts Government Officials . 342 Drug Prohibition Fosters Violence . 343 Drug Prohibition Reduces Product Safety . 343 x | Lessons for the Young Economist: Teacher’s Manual Test Questions . .351 Answers . 355 21. Inflation . 359 Money Inflation vs . Price Inflation . 359 How Governments Make Prices Rise . 361 The Danger of Government Price Inflation . 362 Test Questions . 371 Answers . 375 22. Government Debt . 379 Government Deficits and Debt . 379 Government Debt and Inflation . 380 Government Debt and Future Generations . 380 Test Questions . .387 Answers . 391 23. The Business Cycle . 395 The Business Cycle . 395 How Governments Cause the Business Cycle . 395 The Inevitable Bust Following an Artificial Boom . 397 The Causes of Mass Unemployment . 398 Test Questions . .407 Answers . 411 Preface his is the Teacher’s Manual to accompany the student text, Lessons for the Young Economist, published by the TLudwig von Mises Institute . The student text is available for free online, or it can be purchased as a physical book, at this web address: http://mises.org/resources/5706/Lessons- for-the-Young-Economist . The student text was designed with junior high students in mind, but it is applicable for younger, precocious students, and also even for adults who never got a solid grounding in free-market economic principles . This Manual is intended to guide the teacher through the course, giving the broader context of the material in the stu- dent text, as well as offering suggested test questions and fur- ther activities . It can be used by classroom teachers, but is also ideally suited to homeschooling instruction by parents who may not be confident in their own economics knowledge . Here’s how the Manual works: First, before introducing a particular chapter (or Lesson), the teacher needs to read it in the student text . Then, the teacher should read the accompa- nying material in the Manual . For each section of each chapter, the Manual.
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