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Course Outline and Readings

I. Course Introduction

Boettke and Luther, “The Ordinary Economics of an Extraordinary Crisis

Heyne, et. al., “The Economic Way of Thinking,” ch. 1 in The Economic Way of Thinking (EWOT)

II. Foundations of Economic Analysis

Heyne, et. al., “Efficiency, Exchange, and Comparative Advantage,” ch. 2 EWOT

Heyne, et. al., “Substitutes Everywhere: The Concept of Demand,” ch. 3 EWOT

Heyne, et. al., “Cost and Choice: The Concept of Supply,” ch. 4 EWOT

III. Coordinating Behavior

Heyne, et. al., “Supply and Demand: A Process of Coordination,” ch. 5 EWOT

Hayek, “The Use of Knowledge in Society

Heyne, et. al., Unintended Consequences: More Applications…,” ch. 6 EWOT

Buchanan, “Order Defined in the Process of Its Emergence

IV. Markets or Government?

Heyne, et. al., “Markets and Government,” ch. 11 EWOT

Buchanan, “Politics, Policy, and Pigovian Margins

Boettke, et. al., “Error is Obvious, Coordination is the Puzzle

The Financial Crisis

Boettke, “What Happened to ‘Efficient Markets’?

Krugman, “How Did Economists Get It So Wrong?

Cochrane,”How did Paul Krugman get it so Wrong?

Colander, “How Economists Got It Wrong: A Nuanced Account

V. Macroeconomics –Coordinationist and Orthodox

Heyne, et. al., “Measuring the Overall Performance…,” ch. 12 EWOT

Mankiw, ch. 10, 11, and 15

Heyne, et. al., “The Wealth of Nations…,” ch. 13 EWOT

Mankiw, ch. 12

Heyne, et. al., “Money,” ch. 14 EWOT

Mankiw, ch. 13, 16, and 17

Heyne, et. al., “Economic Performance and Real-World Politics,” ch. 15 EWOT

Mankiw, ch. 20, 21, and 22

Garrison, “ADAS: A Sad Development in Macroeconomic Pedagogy

Wagner, “Boom and Bust: The Political Economy of Economic Disorder

VI. Readings on the Crisis and Its Aftermath

Yandle, “The Real Cause of the Financial Meltdown

Jablecki and Machaj, “The Regulated Meltdown of 2008

Stiglitz, “Anatomy of a Murder: Who Killed America’s Economy?

Leijonhufvud, “Keynes and the Crisis”

Horwitz and Luther, “The Great Recession and Its Aftermath from a MonetaryEquilibrium Theory Perspective

Selgin, Lastrapes, and White, “Has the Fed been a failure?

Colander, et. al., “The Financial Crisis and the Systemic Failure of the Economics Profession

VII. Towards a New Macroeconomics

Wagner, “Austrian Cycle Theory and the Prospect of a Coordinationist Macroeconomics

Wagner, “A Macro Economy as an Emergent Ecology of Plans

Wagner, “Viennese Kaleidics