Capitalism Macroeconomics Lecture 5

Capitalism Macroeconomics Lecture 5

Author: George Reisman October 6, 2020 Duration: 2:45:31

Say’s Law. Monetary demand and real demand; why only more production and supply can increase real demand. Say’s Law and the harmony of long-run self-interests. Say’s Law and the impossibility of a general overproduction; why falling prices caused by increased production do not represent deflation.

READINGS

  • Reisman: pp. 559–599
  • Optional: James Mill, “Consumption” and “Of the National Debt” in Supplementary Readings in Macroeconomics
  • [James Mill, Commerce Defended, reprinted in James Mill Selected Economic Writings]; Optional: Samuelson, Chapter 12

For anyone who has ever wanted to sit in on a rigorous university course about the economic system that shapes our world, The Capitalist Professor with George Reisman, Ph.D.-Free College Courses on Capitalism opens the classroom doors. Hosted by George Reisman, a Pepperdine University Professor Emeritus of Economics and the author of the seminal work *Capitalism: A Treatise on Economics*, this series transforms his detailed academic lectures into an accessible audio format. Each episode functions as a chapter in a comprehensive education, delving into the principles, history, and philosophical underpinnings of capitalist theory without the tuition fee. You’ll hear Reisman’s direct, scholarly analysis, breaking down complex ideas on production, prices, profit, and the market process with the clarity of a seasoned educator. This isn't a casual interview show but a structured curriculum, offering listeners the rare opportunity to absorb a full, systematic defense and explanation of capitalism from one of its most dedicated intellectual proponents. Tune into this podcast for a methodical and thought-provoking journey through economic theory that challenges conventional narratives and provides a foundational understanding straight from the lecture hall.
Author: Language: English Episodes: 28

The Capitalist Professor with George Reisman, Ph.D. - Free College Courses on Capitalism
Podcast Episodes
Capitalism Macroeconomics Lecture 2 [not-audio_url] [/not-audio_url]

Duration: 3:18:25
The origin and evolution of money and the contemporary monetary system: from barter to media of exchange, to gold and silver commodity money; 100 percent reserve banking and fractional reserve banking; standard money, fi…
Capitalism Macroeconomics Lecture 1 [not-audio_url] [/not-audio_url]

Duration: 2:31:36
Orientation/review. The dependence of the division of labor on money. The vital connection between money making and productive activity in a division-of-labor society. Money-making and the distinction between production…
Preface to Reisman's Lectures on Capitalism Macroeconomics [not-audio_url] [/not-audio_url]

Duration: 2:36
1. To provide the student with a comprehensive knowledge of the operations of a free-enterprise, division-of-labor society, with special emphasis on the phenomena of money, production, real wages and the productivity of…
13. Capitalism Microeconomics: Modern economic history. [not-audio_url] [/not-audio_url]

Duration: 3:11:59
The division of labor and the concept of productive activity. Exposition and critique of the Marxian exploitation theory. The productivity theory of wages. Labor unions and labor legislation. A reinterpretation of modern…
9. Capitalism Microeconomics: The chaos of socialism [not-audio_url] [/not-audio_url]

Duration: 3:08:56
Universal price controls and de facto socialism. The chaos of socialism. Understanding the collapse of Soviet Russia and the communist bloc on the basis of price theory. The tyranny of socialism. READINGS Reisman: Chapte…
8. Capitalism Microeconomics - Price controls (contd.) [not-audio_url] [/not-audio_url]

Duration: 2:49:39
The free market’s efficiency in responding to economic change. Factor prices. Price controls, shortages, and economic chaos. Illustrations from the energy crisis and rent controls. From partial price controls to universa…