Introduction

As an undergraduate student of economics, building a robust foundation in the subject is crucial. This involves understanding both microeconomic and macroeconomic theories, as well as econometrics. In today's complex economic landscape, it is essential to explore a variety of sources that provide credible and relevant information. This article aims to recommend some of the most reliable online study materials and sources that can help you establish a solid base in economics.

Understanding Economic Downturns Through Historical Perspectives

The economic world, often in flux, has long followed the teachings of John Maynard Keynes, a Nobel-prize winning economist who applied scientific methods to forecast and control economies. However, his theories work well until they don't. It is critical to explore other schools of thought as well. The Austrian School of economics, for instance, has a significant track record in predicting economic downturns accurately.

The Austrian School of Economics

The Austrian School of economics is not to be confused with its namesake country. Instead, it offers unique insights into economic phenomena. Some key institutions to explore include the Mises Institute Online. Additionally, finding a reputable institution with at least one Austrian School professor can provide a valuable perspective. Some renowned Austrian economists include:

Murray Rothbard Ludwig von Mises Henry Hazlitt Walter Block Friedrich Hayek Joseph Seliger Hans-Hermann Hoppe

Listening to Expert Podcasts

Another valuable resource for gaining insights into economic events and theories is listening to expert podcasts. Tom Woods' podcast, particularly when he discusses economics, offers deep insight. Another notable podcast is Peter Schiff's, especially his 2006 speech at the Mortgage Bankers Association, which provides an accurate prediction of the 2008 market crash.

Economics as a Proven-Failed Theory

Economics, despite its revered status, is often seen as a failed theory in the context of scientific methods. Microeconomic theories are proven, while much of macroeconomic theory might be questionable. Understanding the limitations of current economic theories is crucial for developing a nuanced understanding of the subject.

New Scientific Approaches in Economics

Economic indicators such as GDP, unemployment rates, disposable income, and stock market performance are often non-causal and can be misleading or omit important information. To truly understand socio-economic solutions, a new science is needed—one that focuses on causal measures. Transition Economics (TE), with its econometric science and sustainable policy framework, emerges as a comprehensive alternative. This framework emphasizes causal measures such as:

Social Contract Trade Balance Production Lowest 40th Percentile Incomes Losses GDP-PPP per Capita Socio-Economic Right Plans

Selecting Reliable Sources for Further Study

For those seeking to delve deeper into economics, there are several reliable sources:

Mises Institute Online Podcast by Tom Woods Podcast by Peter Schiff Books by Mises, Rothbard, and Hayek World at Our Hands Report (WAOH) Econometrics Library

Conclusion

Building a strong foundation in economics is an ongoing process, and it requires exploring a variety of perspectives and resources. From the Austrian School of economics to new scientific approaches like Transition Economics, there are numerous avenues to deepen your understanding of this complex field. Always strive for a nuanced and critical approach to economic theories and practices.