There are many, many resources to study economics! So, we are going to work on a step-by-step method that will make it easy for you. When at all possible, we will provide links to free or inexpensive resources. As we develop the site, we will add more material that will allow you to understand more on the topic.

The big thing is that you don’t need to be afraid of economics! It is a common sense topic, and if you use your reasoning skills, economics will make perfect sense to you. I’ve often told my students that when it comes to economics, if the statement defies basic logic, someone is lying or not telling you the whole story. So, let’s begin by building a foundation.

Step One - Learn About Natural Law and Natural Rights

Natural law is basically the set of laws of nature. They are God-given and universal. The opposite of natural law is positive law, which is man-made. Is it possible for the legislature or parliament to pass a law that would affect the Law of Gravity (a natural law)? Perhaps, but there is no human law that could make a natural law cease to function. Take some time to consider this.

1. 1.What are examples of other natural laws?
   

2. 2.What laws has the government passed that would affect these?
   

3. 3.What has been the effect?
   

Natural Rights are also God-given and universal. As Thomas Jefferson stated so well, these rights are inalienable and self-evident. They include the rights of life, liberty, property, and the pursuit (but not the guarantee!) of happiness. Legal rights are those defined by a governmental body such as a legislature or parliament.

1. 1.Do your legal rights outweigh your natural rights?
   

2. 2.Is it possible to have your natural rights taken away? Can natural rights be suppressed? What sort of government does this? Think of some historical examples.
   

Take some time to read and comprehend the Declaration of Independence. Far too few people in the USA have read this document. It actually begins with a discussion of natural law and natural rights, and then lists a tremendous group of violations of the colonists’ rights by King George III which justify the dissolution of “the political bands” between the colonies and Great Britain.

1. 1.What does the Declaration of Independence say about the origin of government?
   

2. 2.According to the Declaration, when do people get around to making changes to a government that is not working for the people?
   

3. 3.Which of the grievances might be applied to today?
   

Now read the Bill of Rights (the first ten amendments to the U.S. Constitution). A number of the states wished to make sure that the federal government would not overstep its powers as granted by the Constitution, so the Bill of Rights spelled out natural rights that  many considered to be so self-evident that they did not need to be stated.

1. 1.Do Americans still have all the rights stated in the Bill of Rights? Support your opinion.
   

2. 2. Have laws been passed that contradict some of the rights listed? What are some examples?
   

Watch this ten-minute video for an overview of The American Form of Government. It will help to cement some of the concepts studied above. It’s quite good and well worth your time!

Now read The Seven Never-to-Be-Forgotten Principles of Government. Compare the ideas mentioned here with what you have already read and viewed in the video above.

For motivated students, read the Federalist Papers to learn about the logic behind the Constitution. The Founding Fathers planned and debated what is in the Constitution based on history and their experiences with a despotic government. You will learn many interesting things from the time you spend in the Federalist Papers! They are available free on-line here.

Items for additional study:

    Whatever Happened to Justice? by Richard Maybury. This book offers an excellent overview of common law, the legal system based on natural law and hundreds of years of cases. Common law was still in effect during the American Revolution and an understanding of it will help you to better grasp the Founding Fathers’ intent with the U.S. Constitution. See a review of the book here. This book is suitable for teens and adults.

    The Law by Frederic Bastiat. Written in 1848, this book discusses your right to defend your person, your liberty, and your property -- your individual rights. It will give you a new perspective on the role of government and natural law. Read this book free on-line at the Mises.org site. Also watch part one of a four-part video by Sheldon Richman about The Law here. Suitable for advanced teens or adults.

    Natural Law and Human Nature by Father Joseph Koterski, S.J. of Fordham University. Published by The Great Courses (a.k.a. The Teaching Company), this program of lectures is available on CD or DVD. This fantastic course takes an in-depth and thought-provoking look at natural moral law. Suitable for advanced teens or adults.

    Economics, A Free Market Reader, edited by Jane A Williams and Kathryn Daniels. Includes thirteen articles reprinted from the magazine, The Freeman, that give an interesting view of how our government should, but seldom does work. See a review here. Suitable for teens to adults.

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Step Two - Explore Economics Texts and Living Books

You can study economics via textbooks or “living” books or a combination of the two. Once you get hooked on economics, you’ll want to explore all kinds of possibilities from books to videos to podcasts! Below is a list of books to get you started. We will add to these so check back!

First, read the Seven Principles of Sound Public Policy by Lawrence W. Reed. This transcript of a brief speech is an outstanding transition from the studies you did in step one and the economics books you will be studying below.

Basic Books

A basic overview is a perfect beginning for your economics study. Choose one or more of the resources below to get you started.

Economics in One Lesson by Henry Hazlitt. First published in 1946, this book is still spot-on with its explanation of free market economics. It is an outstanding starting point for older teens and adults. Also available free on-line on the Mises.org site.

Essential of Economics by Faustino Ballve. Available free on-line on the Mises.org site.

Lessons for the Young Economist by Robert P. Murphy. A good starting point for young teens and up. This book explains fundamentals, capitalism, socialism, and a mixed economy (what most nations have today.) Terms are defined in the text and in the glossary. Lessons for the Young Economist is available on Amazon or free on-line.

How an Economy Grows and Why It Doesn’t by Irwin A. Schiff. Mr. Schiff shows the basics of economics in a comic book format starting with three guys fishing on an island. This is a fun and easy way to get the point across! Available only on-line. Suitable for young teens and up.

The Kingdom of Moltz A Tale by Irwin Schiff About Inflation and Where it Comes From. Irwin Schiff’s comic book provides an introduction to money, taxes, and inflation. It is available free on-line. Suitable for young teens and up.

Whatever Happened to Penny Candy? by Richard Maybury. The author uses letters from “Uncle Eric” to his nephew to illustrate the basic points of economics such as money supply, inflation, recession, government intervention in the market, and boom and bust cycles. The letter format makes the book have many brief points, like sound bites, so if you have limited time, this book would be a particularly good place to start. See a review here. Suitable for young teens and up.

Basic Economics by Clarence B. Carson. Drawing upon his background as a historian, the author of this book looks at the big picture of economics, carefully explaining terms in an understandable way. At almost 400 pages, it is a very thorough introduction and would be a terrific follow-up to any of the above books. Christian families will find the Bible verses at the beginning of each chapter appealing. Because Basic Economics includes a section that discusses politico-economic systems (feudalism, mercantilism, free enterprise, capitalism, welfarism, and communism), it is particularly valuable for government and economics discussions. Suitable for older teens and adults. Available from Exodus Books.

Once you have completed some basic books, move on to More Advanced Books.

Step Three - View Economics Videos & Other Resources On-line

Videos will help raise more questions in your mind that make economics come to life. Some of the videos are more serious, and some are just fun!

Introduction to Austrian Economic Analysis: A Ten-Lecture Course by Professor Joseph T. Salerno, Pace University. This series is available in audio or video on the Mises.org site.

The Crash Course by Chris Martenson. Excellent overview of the state of the world’s economics, fiat money, and energy situation. Available free in multiple languages. Watch the video or just read the transcript.

Foundation for Economic Education videos. Explore a variety of topics with videos of FEE seminars. Available free.

I, Pencil. Read or listen to this classic tale of the genealogy of a simple wooden pencil. This story illustrates the complexity of the market and how many forces work together in the miracle of production. Available free from the Foundation for Economic Education.

Broken Window Fallacy. The second World War was what ended the Great Depression, right? While that may be what is taught, it is really not true! Rather, the concept can be explained by Frederic Bastiat’s Broken Window Fallacy. Several videos are available free on this topic.

                    Version 1 by Sam Selikoff and Luke Bessey. Cartoon style.

                    Version 2 by Learn Liberty. Straightforward presentation with

                    interesting graphics.

                    Version 3 by John Stossel. TV-type format.

IOUSA, 30 Minute Version. Terrific introduction to government debt through U.S. history.  Video.

Money As Debt video in five parts. Explains the history of fractional reserve banking. This truly brings to life the way banks operate and why debt is an important factor in our society.

The Crash of 1929 video. Fascinating background of the stock market crash of 1929. History does repeat itself so listen up! Free.

Great Myths of the Great Depression by Lawrence W. Reed. In less than twenty pages, the author dispels many of the myths of the Great Depression. You may be surprised at what you read here, but upon reflection, you will see why the myths persist.

Econstories.tv. Fun videos that pit John Maynard Keynes agains Friedrich Hayek in rap songs. This may sound like these are strictly lightweight, but there is much to be gained from these! Free.

Peter Schiff’s videos and audios. Author of Crashproof and predictor of the 2007-8 crash, Peter Schiff provides a more-or-less weekly commentary on the economy. Free.

Richard Maybury’s Youtube Channel. Author of Whatever Happened to Penny Candy? and other books shares his thoughts on video. Free.

Money, Banking, and the Federal Reserve video. Free.

The Official Counterfeiter. A comic book written in 1969 by Vic Lockman, this treasure explains (using Biblical principles) why the Federal Reserve is a counterfeiter and why sound money (gold and silver) is better. PDF file of about 12 MB.  Free.

Recession Explained video. Very easily understandable explanation of what a recession is. Free.

The Credit Crisis video. This video came out shortly after the housing crash in 2008 and explains what the credit crisis was. It continues to be relevant today because we are still living with the results of what caused the crisis. DISCLAIMER: The authors of this video do not mention that banks were given incentives and forced to issue high risk loans to risky borrowers by our government. Free.

Argentina’s Economic Collapse on Youtube. Argentina suffered hyperinflation in 1989 and continues to have economic issues today. This twelve-part video series explains how a nation rich in resources could fall to such a low situation. Are there parallels with the current times in other countries? Watch to see if you think history will repeat itself.  Free.