WEBVTT NOTE Mises University 1 00:00:00.000 --> 00:00:02.000 Mises was born in 1881. 2 00:00:02.000 --> 00:00:04.000 We're going to be talking about the marginal... 3 00:00:04.000 --> 00:00:07.000 In this lecture on value, you talk about what type of... 4 00:00:07.000 --> 00:00:09.000 ...in view of competition and monopoly... 5 00:00:09.000 --> 00:00:11.000 I'm talking about... 6 00:00:11.000 --> 00:00:14.000 ...this morning about liberalism. 7 00:00:14.000 --> 00:00:17.000 ...interventionism and my subject... 8 00:00:17.000 --> 00:00:34.720 Rooted in the traditions of Carl Menger and Ludwig von Mises, as well as Murray Rothbard 9 00:00:34.720 --> 00:00:40.720 and Efe Hayek, the Mises University is the world's leading instructional program in 10 00:00:40.720 --> 00:00:47.720 The Austrian School of Economics. Since 1986, it has been the essential training ground 11 00:00:47.720 --> 00:00:55.780 for economists who are looking beyond the mainstream. The program offers courses, seminars 12 00:00:55.780 --> 00:01:01.880 and reading groups on the whole range of the discipline. A core curriculum presents economic 13 00:01:01.880 --> 00:01:08.680 foundations and more than 50 elective classes explore the entire range of economics in all 14 00:01:08.680 --> 00:01:10.680 and all levels of advancement. 15 00:01:14.680 --> 00:01:20.680 I'm not an economics major, but I really do believe that if you want to know anything about what's going on in the world, 16 00:01:20.680 --> 00:01:24.680 you need to understand the economic aspect. 17 00:01:24.680 --> 00:01:28.680 Because the economic aspect will help you understand the social and political aspect. 18 00:01:28.680 --> 00:01:33.680 This facility and the scholars who study here are absolutely top-notch. 19 00:01:33.680 --> 00:01:41.680 And I'm so thankful that it's a program that actually brings students out here at almost no cost to the students from all over the world. 20 00:01:41.680 --> 00:01:43.680 I've met people from many countries here. 21 00:01:43.680 --> 00:01:52.680 It's just been a great opportunity to learn more and absorb knowledge from all these great scholars. 22 00:01:52.680 --> 00:02:00.680 It's just amazing how many different groups of people you can find here, you know, from all walks of life and from all over the country and all over the world, really. 23 00:02:00.680 --> 00:02:17.120 Economics must not be relegated to classrooms and statistical offices and must not be left 24 00:02:17.120 --> 00:02:19.220 to esoteric circles. 25 00:02:19.220 --> 00:02:25.960 It is the philosophy of human life and action and concerns everybody and everything. 26 00:02:25.960 --> 00:02:38.060 It is the pith of civilization and of man's human existence. Ludwig von Mises. 27 00:02:38.060 --> 00:02:42.880 Coming in as a freshman at Loyola, none of this stuff was ever taught to me. I was only 28 00:02:42.880 --> 00:02:49.880 taught Keynesian economics. Not even the prospect of another school was ever brought up to me. 29 00:02:49.880 --> 00:02:55.040 And last year I had Professor DiLorenzo for the first time and I was kind of introduced 30 00:02:55.040 --> 00:02:58.360 to some of the readings on the Mises website. 31 00:02:58.360 --> 00:03:00.160 Austrian economics is very logical. 32 00:03:00.160 --> 00:03:01.960 You can kind of follow it. 33 00:03:01.960 --> 00:03:03.960 The logic is airtight. 34 00:03:03.960 --> 00:03:07.960 While some stuff I still am kind of ironing out like intellectual property and things 35 00:03:07.960 --> 00:03:12.640 like that, I'm kind of ironing out in my mind the logic behind it I understand and I can 36 00:03:12.640 --> 00:03:18.840 follow and it makes sense to me and it's very methodical in nature whereas the Keynesian 37 00:03:18.840 --> 00:03:23.280 stuff is just kind of like throwing a whole bunch of stuff out there and what sticks, 38 00:03:23.280 --> 00:03:47.280 This is my second time at the Mises U. I've been here two years before, and this time I joined the summer fellowship program, studying here for five weeks. I studied the calculation problem in the welfare estate. 39 00:03:47.280 --> 00:03:52.280 You have more time to really get to know what the others are doing. 40 00:03:52.280 --> 00:04:00.280 There's been a lot of PhD students here and you get a lot of good ideas for like how you could do a PhD with an Austrian angle. 41 00:04:00.280 --> 00:04:03.280 So that's been really rewarding. 42 00:04:03.280 --> 00:04:10.280 Well, I got started to get into Austrian economics about two years ago and a lot of the stuff was kind of a refresher for me. 43 00:04:10.280 --> 00:04:40.280 I'm not sure for me but like the breakout sessions that we did with like Papa and Murphy and stuff really helped to apply that to different stuff and some of the stuff was review and other stuff kind of made me think of things in different ways so I absolutely loved it everyone was incredibly generous, Block, Woods, all the guys were incredibly generous with their time and their everything it was fantastic one of the best weeks of my life. I'm definitely going to have a different worldview like when I come out of this place 44 00:04:40.280 --> 00:04:58.280 Now that I've, you know, it's helped to solidify how I take the whole Rothbardian worldview is that's kind of how to see myself as a pretty strong Rothbardian and kind of see that and analyze the rest of the world through that lens, and I already had that lens, but now that lens is more in focus since coming here. 45 00:04:58.280 --> 00:05:04.760 I've really enjoyed like just learning about Austrian economics. My business 46 00:05:04.760 --> 00:05:09.560 professor introduced me to Austrian economics kind of and gave me economics 47 00:05:09.560 --> 00:05:12.680 in one lesson and that kind of got me really interested in it because it's 48 00:05:12.680 --> 00:05:16.960 different than what I learned at school traditionally. I've really enjoyed block 49 00:05:16.960 --> 00:05:22.280 and woods I think they kind of bring like like they're kind of very like 50 00:05:22.280 --> 00:05:28.280 I feel like they're enthusiastic and, you know, make it very interesting. 51 00:05:28.280 --> 00:05:31.280 So I definitely, I think, enjoyed them the most. 52 00:05:31.280 --> 00:05:35.280 And Hoppe, he's definitely very, just a wealth of knowledge, so. 53 00:05:35.280 --> 00:05:42.280 I've bought like, probably like eight or nine books to take him and read, so really excited. 54 00:05:42.280 --> 00:05:48.280 I was here last year, my first time last year, first, it was my first time being exposed to so many libertarians in one spot. 55 00:05:48.280 --> 00:05:50.880 and second time around is even better. 56 00:05:50.880 --> 00:05:53.080 Going through the classes, I actually understand a little more. 57 00:05:53.080 --> 00:05:58.680 Last year, I was virtually nil in my understanding of Austrian libertarianism. 58 00:05:58.680 --> 00:06:02.880 I mean, I was libertarian. I understood the basics of Austrian economics. 59 00:06:02.880 --> 00:06:06.480 But this year, it seemed like I understood more fully what it was all about. 60 00:06:06.480 --> 00:06:12.680 Praxeology, Human Action, using that method to understand the world of exchanges. 61 00:06:12.680 --> 00:06:16.280 Commerce without people is nothing. It relies on people. 62 00:06:16.280 --> 00:06:46.280 What got me interested was my professor, Linda Rader. She was a reference in the liberalism lecture a couple of days ago, and she's a political theorist, and she's into freedom and Austrian economics, and I started listening to her ideas, and they kind of shifted me from the whole leftist socialism to a free market, and I started listening to her ideas, and they kind of shifted me from the whole leftist socialism to a free market. 63 00:06:46.280 --> 00:06:49.280 and the market, freedom and American society type of guy. 64 00:06:49.280 --> 00:06:52.280 So it was a dramatic change for me after having her as a professor. 65 00:06:52.280 --> 00:06:55.280 So that's what got me into it. I started reading Hayek, 66 00:06:55.280 --> 00:06:58.280 started reading a little Mises, and then it really started to captivate me, 67 00:06:58.280 --> 00:07:01.280 regardless of the math thing. I was just like, this is where I want to go. 68 00:07:01.280 --> 00:07:05.280 I definitely agree with the praxeological method of the Austrian School, 69 00:07:05.280 --> 00:07:10.280 especially with regards to the fact that we start, 70 00:07:10.280 --> 00:07:15.280 this school starts on the premise that the human is what matters, 71 00:07:15.280 --> 00:07:44.960 It is 72 00:07:44.960 --> 00:07:50.480 There is no crime to be ignorant of economics, which is, after all, a specialized discipline 73 00:07:50.480 --> 00:07:55.100 and one that most people consider to be a dismal science. 74 00:07:55.100 --> 00:08:01.120 But it is totally irresponsible to have a loud and vociferous opinion on economic subjects 75 00:08:01.120 --> 00:08:05.360 while remaining in this state of ignorance. 76 00:08:05.360 --> 00:08:09.600 Murray Rothbard. 77 00:08:09.600 --> 00:08:12.720 You get out of a class and then you go and sit down and eat lunch with like Roderick 78 00:08:12.720 --> 00:08:19.560 long and it's just incredible I mean you just read about these people and read 79 00:08:19.560 --> 00:08:25.040 their works and listen to them and then you come down here and talk to them 80 00:08:25.040 --> 00:08:29.260 about the things that they're saying so you're you're really they push you to 81 00:08:29.260 --> 00:08:34.160 the forefront of Austrian economics and then say well you can just ask anything 82 00:08:34.160 --> 00:08:38.400 you want and everybody's prepared and if you ask like David Gordon anything like 83 00:08:38.400 --> 00:08:44.000 Like everyone else has said, he'll just give you incredible answers and reference like 84 00:08:44.000 --> 00:08:48.680 page numbers and chapter numbers and paragraphs. 85 00:08:48.680 --> 00:08:51.600 So it's incredible to be down here. 86 00:08:51.600 --> 00:08:55.840 I've been finding myself waking up at like six and in the morning I eat breakfast and 87 00:08:55.840 --> 00:09:01.520 talk to people about economics and I end up going till like three o'clock in the morning 88 00:09:01.520 --> 00:09:06.040 and I'm just going straight the whole time and I stay at the Mises Institute all day 89 00:09:06.040 --> 00:09:07.040 long. 90 00:09:07.040 --> 00:09:16.040 What I'm most impressed with are the people that have come down here just by contacting the website. 91 00:09:16.040 --> 00:09:24.040 And they cover such a broad range of industry and study, from mechanical engineering to English. 92 00:09:24.040 --> 00:09:30.040 And they just love the free market knowledge and logic. 93 00:09:30.040 --> 00:09:36.040 So just talking with the people that are here has just been an experience all on its own. 94 00:09:36.040 --> 00:09:39.040 I had no idea what to expect coming down here. 95 00:09:39.040 --> 00:09:43.040 Some of my expectations did come to fruition 96 00:09:43.040 --> 00:09:47.040 expecting some of the brilliant economic thought 97 00:09:47.040 --> 00:09:50.040 from the peers and the faculty that I was going to get, 98 00:09:50.040 --> 00:09:55.040 but the other that came into it was just a nice compliment. 99 00:09:55.040 --> 00:09:59.040 I've been interested in Austrian economics for around three years now, 100 00:09:59.040 --> 00:10:04.040 and it's been a really enlightening week. 101 00:10:04.040 --> 00:10:08.640 I mean, I've been interested in the philosophies of capitalism. 102 00:10:08.640 --> 00:10:12.840 My company is called Entrecapitalink, Entrepreneurial Capitalism. 103 00:10:12.840 --> 00:10:16.120 I'm very interested in Ayn Rand and of course Mises. 104 00:10:16.120 --> 00:10:21.360 So, I realized this was a place I had to check out and come and see what's going on. 105 00:10:21.360 --> 00:10:28.080 So, I guess it was one of the places you would have to see if you're interested in the capitalism philosophy. 106 00:10:28.080 --> 00:10:33.000 It was more than what I expected. I didn't expect this much education. 107 00:10:33.000 --> 00:10:39.000 And the extensiveness of it. So it was a lot more than what I expected. 108 00:10:39.000 --> 00:10:42.000 And you realize this information is really hard to get elsewhere. 109 00:10:42.000 --> 00:10:52.000 And to spend time with, we read their books all the time, but to actually sit down with them face-to-face or listen to what they're saying, it's a very valuable experience. 110 00:10:52.000 --> 00:10:57.000 The ability to pick different sessions, to see what you sort of like. 111 00:10:57.000 --> 00:11:07.500 The first time I followed Garrison around, this time around, I've been doing a lot of the theory and history stuff, so it's great that you can fit it to whatever you want to study. 112 00:11:07.500 --> 00:11:16.000 I absolutely recommend the Fellow Program. They give you free range to do whatever you want, and there's no one hovering over you to make sure you do your work. 113 00:11:16.000 --> 00:11:26.000 But everyone here is coming in nights, weekends, spending all their time, because you don't get an opportunity like this back at your university to study Austrian economics. 114 00:11:26.000 --> 00:11:31.160 When I was in high school, I actually got to read Murray Rothbard's What Has Government 115 00:11:31.160 --> 00:11:37.520 Done to Our Money, and I also read Adam Smith's Wealth of Nations, Henry Hazlitt's Economics 116 00:11:37.520 --> 00:11:42.360 in One Lesson, learned about the Mises Institute through those readings, and I became an English 117 00:11:42.360 --> 00:11:49.160 major in college, but I continued this interest kind of as a side interest in economics, read 118 00:11:49.160 --> 00:11:54.560 Hans-Hermann Hoppe's Democracy, The God That Failed my freshman year of college. Of course 119 00:11:54.560 --> 00:12:02.560 It wasn't that popular at my college campus to hold those views because everyone thinks that, you know, if you're against democracy, you're against freedom. 120 00:12:02.560 --> 00:12:09.560 But that's what drew me here was to find fellowship with other people who have read the same things that I've read, 121 00:12:09.560 --> 00:12:17.560 who are interested in talking about the same ideas that I've been talking, trying to talk and dialogue with people about. 122 00:12:17.560 --> 00:12:26.560 No one can find a safe way out for himself if society is sweeping toward destruction. 123 00:12:26.560 --> 00:12:34.560 Therefore, everyone in his own interests must thrust himself vigorously into the intellectual battle. 124 00:12:34.560 --> 00:12:42.560 None can stand aside with unconcern. The interests of everyone hang on the result. 125 00:12:42.560 --> 00:12:44.560 Ludwig von Mises 126 00:13:12.560 --> 00:13:15.560 And she said, oh, we've got a few books on India, why don't you have a look at those? 127 00:13:15.560 --> 00:13:20.560 I browsed through, and the one I picked out is called India Unbound, and this is by Gurcharan Das. 128 00:13:20.560 --> 00:13:22.560 He should pay me for advertising his book now. 129 00:13:22.560 --> 00:13:26.560 But I read that, and that was, you know, cover to cover. 130 00:13:26.560 --> 00:13:30.560 It was less than half a week I read that, and it was just, bam! 131 00:13:30.560 --> 00:13:34.560 I felt like socialism is kind of like, you can describe it in a metaphor. 132 00:13:34.560 --> 00:13:39.560 The Western countries, they have time to accumulate capital, they have time to accumulate technology, 133 00:13:39.560 --> 00:13:42.560 and the free market allows you to get all these things. 134 00:13:42.560 --> 00:13:45.560 It's like a car is running along with its wheels on the road. 135 00:13:45.560 --> 00:13:48.560 If you shoot its tires, which is what socialism does, 136 00:13:48.560 --> 00:13:50.560 then it can keep chugging along for a bit. 137 00:13:50.560 --> 00:13:53.560 We see this is how the welfare states in the West survive. 138 00:13:53.560 --> 00:13:56.560 But what happened in India was the engine was not even started. 139 00:13:56.560 --> 00:13:59.560 We didn't even get in the car and somebody shot the tires. 140 00:13:59.560 --> 00:14:02.560 That's the metaphor I saw. 141 00:14:02.560 --> 00:14:05.560 That was the bad taste. 142 00:14:05.560 --> 00:14:08.560 I never considered socialism after that. 143 00:14:08.560 --> 00:14:12.880 I sometimes think maybe if I read Man Economy and State first, then I would not even be here. 144 00:14:12.880 --> 00:14:16.160 I read Human Action, and that was the next slap in the face. 145 00:14:16.160 --> 00:14:20.080 I spent about 200 pages just, you know, going over, going over, like, 146 00:14:20.080 --> 00:14:23.120 the first time I read through it, I wasn't even getting what Mises was saying. 147 00:14:23.120 --> 00:14:27.040 And I challenged myself, and I looked at the other epistemological works that have been done, 148 00:14:27.040 --> 00:14:30.560 you know, in papers by the Austrian School, The Mantle of Science by Rothbard, 149 00:14:30.560 --> 00:14:34.720 Hans Hoppe's work, this is all, they're like a big epistemological, you know, 150 00:14:34.720 --> 00:14:39.680 Hardcore Trio and people, I mean the people here I've met are so passionate about it. I mean myself, 151 00:14:39.680 --> 00:14:47.640 I feel that way too and I know from when I interact with people that even if they may not agree with my views, people respect, 152 00:14:47.920 --> 00:14:55.200 you know, the sincerity that you come across with your views and this allows you a gate with which to come in with the reason and 153 00:14:55.520 --> 00:14:57.800 in terms of reasoning the Austrian School, 154 00:14:59.160 --> 00:15:02.400 yes, I'll say it, is invincible compared to the others. 155 00:15:02.400 --> 00:15:15.400 Mises University was a wonderful experience. Not just the lectures, which themselves were great. I think Hans-Hermann Hoppe is probably one of the funniest people I've ever met. 156 00:15:15.400 --> 00:15:29.400 Not to mention one of the greatest scholars alive. Speaking with the students, I've learned a great deal and gotten into some very intense debates about some more subtle differences on ideas. 157 00:15:29.400 --> 00:15:35.400 and I'm walking away with many new insights and I'm glad for that. 158 00:15:35.400 --> 00:15:45.400 I was speaking with several other students here and some actually believe that there's a need for new insights and an ethical basis for libertarianism. 159 00:15:45.400 --> 00:15:53.400 And so I think that, you know, working with some of the masters like Nietzsche and Aristotle and perhaps even some stuff with Heidegger, 160 00:15:53.400 --> 00:16:06.400 Haydiger, I know Rothbard did not have the nicest of things to say about him, would be useful in discovering some new basis, or improving on the basis of libertarianism. 161 00:16:07.400 --> 00:16:19.400 I've always, since high school, I used to be a traditional conservative, I guess, with libertarian leanings, I guess, like any adolescent. So I started reading, I read Friedman, and I thought, wow, this is great, capitalism and freedom. 162 00:16:19.400 --> 00:16:49.400 and then I read Hayek and I was like, freedom is kind of, you know, not as strong, and then I read, I eventually found my way to Mises and then lastly Rothbard, and then by then I was like, freedom is a socialist, that status guy, I wouldn't be caught dead in a room with him, and then just always passionate about it, just reading, I mean, in Brazil it's a bit harder, I mean nowadays with the internet and Amazon, delivering books is a bit better, but it wasn't easy, you know, so I'd go to lurockwell.com every day and go to mises.org every day and passionately read about it. I did four years of economics at a very Keynesian school in Rio, 163 00:16:49.400 --> 00:16:59.400 As most mainstream courses are, they had a bit of more Chicago School of Economics, but broadly speaking, very mainstream, very Keynesian, ISLM curves up the wazoo. 164 00:16:59.400 --> 00:17:06.400 I loved reading Austrian economics, the committed sort of dedication to radicalism and principle. 165 00:17:06.400 --> 00:17:13.400 And then coming to New York, I worked in finance at JP Morgan for three years and then eventually found my way to Peter Schiff. 166 00:17:13.400 --> 00:17:18.360 and finally found my way to, you know, started to come down here for a week and, you know, 167 00:17:18.360 --> 00:17:21.760 see all these professors whose books I've read so often and see them actually in the 168 00:17:21.760 --> 00:17:22.760 flesh. 169 00:17:22.760 --> 00:17:23.760 So it's quite exciting. 170 00:17:23.760 --> 00:17:26.240 The observer status is basically for people that aren't students. 171 00:17:26.240 --> 00:17:28.920 So you know, just because you're not between the ages of 18 to 22 at a college doesn't 172 00:17:28.920 --> 00:17:32.640 mean you can't come down here and still partake in the intellectual environment of the Mises 173 00:17:32.640 --> 00:17:33.640 Institute. 174 00:17:33.640 --> 00:17:38.040 I mean, I recommended you basically pay a fee which goes towards the running of the 175 00:17:38.040 --> 00:17:41.080 institute, towards, you know, helping some of the students out and whatnot and you can 176 00:17:41.080 --> 00:17:45.560 You can basically sit in the back, or sit in the middle as it were, and watch, and you're 177 00:17:45.560 --> 00:17:46.560 effectively a student. 178 00:17:46.560 --> 00:17:50.760 I mean, you're pretty much as much a part of this, the Mises University, and learning 179 00:17:50.760 --> 00:17:51.760 as much as anyone else. 180 00:17:51.760 --> 00:17:57.440 The only caveat is you can't take the exam, which I suppose is fair, but I mean, I've 181 00:17:57.440 --> 00:17:58.440 loved it. 182 00:17:58.440 --> 00:18:02.560 I mean, between the discussions at lunch, watching the classes, talking to the professors 183 00:18:02.560 --> 00:18:07.400 and the students, a lot of them come from diverse backgrounds with very passionate interests. 184 00:18:07.400 --> 00:18:33.160 The philosophy of the Mises University goes way beyond merely introducing ideas on a variety 185 00:18:33.160 --> 00:18:34.920 of topics. 186 00:18:34.920 --> 00:18:40.800 We set out to achieve what you hardly find anymore in college, a systematic integrated 187 00:18:40.800 --> 00:18:49.120 program to instill a logical and coherent body of ideas from beginning to end, Llewellyn 188 00:18:49.120 --> 00:18:54.120 H. Rockwell, Jr. 189 00:18:54.120 --> 00:19:01.680 In the undergraduate, when they talked about human action, the way it was presented, I 190 00:19:01.680 --> 00:19:11.680 I didn't really understand Austrian economics from the way that everything was presented and I sat in on the undergraduate courses for that. 191 00:19:11.680 --> 00:19:25.680 But here, to have it spelled out, start with the very beginnings through the whole week, from the very foundations of it all the way to the more complex things, 192 00:19:25.680 --> 00:19:33.680 It's been fantastic. I've been really able to put the knowledge web together as to how it fits. 193 00:19:33.680 --> 00:19:43.680 And it makes so much sense to me. The Austrian method, the Austrian approach just makes so much sense. 194 00:19:43.680 --> 00:20:08.680 It's something that, as I understand more, it's been very inspiring to be here, to learn, and to see people making, trying to make a difference in this, in how things are understood, in how the arguments are framed, or what's going on in the world, in a way. 195 00:20:08.680 --> 00:20:13.680 I definitely want to come back and be involved and study more. 196 00:20:13.680 --> 00:20:16.680 It's interesting that I've studied a lot of different things. 197 00:20:16.680 --> 00:20:20.680 I mean, my undergraduate was in a completely different area. 198 00:20:20.680 --> 00:20:24.680 I've gone to law school and studied a lot of things with a PhD, 199 00:20:24.680 --> 00:20:28.680 but it seems like there's so much... 200 00:20:28.680 --> 00:20:31.680 Being here this week has given me... 201 00:20:31.680 --> 00:20:34.680 And this is a discipline that has so much traction, 202 00:20:34.680 --> 00:20:37.680 so much real, true truth to it. 203 00:20:37.680 --> 00:20:49.640 I feel like I'm in an environment that I've never been in before in my life where I can 204 00:20:49.640 --> 00:20:56.480 really share my ideas openly and not having to worry about justifying the basic underpinnings 205 00:20:56.480 --> 00:20:57.720 of what I believe. 206 00:20:57.720 --> 00:20:59.720 I think the structure is great. 207 00:20:59.720 --> 00:21:02.200 I think it's very well structured. 208 00:21:02.200 --> 00:21:32.200 So I would, if anything, like a little bit more time after the lectures to talk to everyone who's been talking, but you know, you take the number of people in the room, it's obvious they're all fascinated, so obviously they're going to have the complaint that there's not enough time to talk, and anytime you hear someone saying, there's not enough time to talk to the professors, that's an indication that there's so much interest in what's going on. So I think if you really look at that from an economic perspective, that's a way to measure the fact that Mises University really 209 00:21:32.200 --> 00:21:37.200 It's doing great things and it's innovation and ideas and people are interested and want to discuss it. 210 00:21:37.200 --> 00:21:42.200 I've been a libertarian, a real libertarian for the last probably five years or something. 211 00:21:42.200 --> 00:21:49.200 And I met other people who, fellow libertarians who introduced me to the Austrian School, the Mises Institute, 212 00:21:49.200 --> 00:21:57.200 said that if I wanted to learn more about real economics and libertarianism and libertarian philosophy, 213 00:21:57.200 --> 00:22:04.200 I should read some of the books from the great Austrian economics, could be Mises, could be Hayek, could be Rothbard. 214 00:22:04.200 --> 00:22:11.200 I was probably 17 or 18 and I had to decide my major in my undergrad and I was like totally into psychology. 215 00:22:11.200 --> 00:22:18.200 But then I was like, you know, if I do psychology, you know, I'm not going to know anything about the world, you know, I want to know how the world works. 216 00:22:18.200 --> 00:22:21.200 That's really interesting as well, you know, that's pretty cool. 217 00:22:21.200 --> 00:22:27.200 I studied basic, like supply and demand, and I was like, yeah, that makes sense, and that's pretty cool. 218 00:22:27.200 --> 00:22:31.200 So I just decided, okay, no, I won't do psychology, I'll do economics as my major. 219 00:22:31.200 --> 00:22:35.200 So my undergrad, you know, and in India, you don't really learn anything. 220 00:22:35.200 --> 00:22:39.200 I mean, they don't really teach you anything in undergrad. I didn't really learn anything. 221 00:22:39.200 --> 00:22:43.200 And then I enrolled in a master's program in Pune, where I live. 222 00:22:43.200 --> 00:22:49.200 And it's a pretty good institute in India, and it's pretty mainstream and really hardcore with all the math. 223 00:22:49.200 --> 00:22:53.920 and you know and that was like a big shock I was like I hate economics I 224 00:22:53.920 --> 00:22:58.040 hated like what is this you know it's got nothing to do with the world a 225 00:22:58.040 --> 00:23:02.240 professor even said you know if you want to study reality why are you studying 226 00:23:02.240 --> 00:23:06.620 economics I mean he said that to us our micro teacher is like I hate this you 227 00:23:06.620 --> 00:23:13.320 know and but then in my second year this is when I meet my now husband he comes 228 00:23:13.320 --> 00:23:17.920 he joins the same course and then we meet and everything and then we're like 229 00:23:17.920 --> 00:23:47.920 We would talk about economics and, you know, it sucks and, you know, and we just, we were reading, we were going through our library, and our library in India, in Pune, has all these books, has all the Austrian books, all of them, all of them, Human Action, Theory and History, Man Econ, Mean State, everything, Israel Kirzner, everything, it had everything. I just, I got onto Mises.org, so this was, we're total Mises.org babies, you know, really, we are born and raised. 230 00:23:47.920 --> 00:23:53.520 Yeah, we wouldn't be here if we would download, you know, I would download stuff about like, you know, 231 00:23:53.520 --> 00:23:58.320 you know, the stuff that we were reading in class, like, you know, critiquing it like Keynes and 232 00:23:58.320 --> 00:24:02.160 critiquing it like, wow, like somebody's actually said these things about Keynes, because 233 00:24:02.160 --> 00:24:06.880 when you're studying it, you know, it's kind of crazy, but why doesn't your professor see it, 234 00:24:06.880 --> 00:24:15.040 you know, why? And that was really cool. So, I mean, it just snowballed. I want to, you know, 235 00:24:15.040 --> 00:24:20.520 be able to write and argue at a certain level, which I see certain professors who can do 236 00:24:20.520 --> 00:24:26.400 that here, and that's my ambition, to be able to argue with that, like Rothbard or Mises, 237 00:24:26.400 --> 00:24:31.560 with that kind of cutting clarity. 238 00:24:31.560 --> 00:24:38.160 And definitely do stuff in India, there's this huge market for the marketplace of ideas 239 00:24:38.160 --> 00:24:44.360 in India, everybody's just basically still socialist and nobody questions anything. 240 00:24:44.360 --> 00:24:47.280 Mises University has been a fantastic experience for me. 241 00:24:47.280 --> 00:24:52.320 I've got to learn and build upon the knowledge I gained from reading Human Action and Man 242 00:24:52.320 --> 00:24:53.840 Economy and State. 243 00:24:53.840 --> 00:24:59.240 I got to interact with the very top scholars like Robert Murphy. 244 00:24:59.240 --> 00:25:01.120 I really have two reasons for being here. 245 00:25:01.120 --> 00:25:06.520 One is to learn more about economic theory as an intellectual discipline because for 246 00:25:06.520 --> 00:25:11.440 me it means so much since it's a coherent intellectual system, a framework. 247 00:25:11.440 --> 00:25:18.520 And in philosophy at the schools where I studied, I didn't encounter such an impressive intellectual 248 00:25:18.520 --> 00:25:20.800 framework as Austrian economics. 249 00:25:20.800 --> 00:25:25.540 So it was great for me to be able to come here to an institution that focuses specifically 250 00:25:25.540 --> 00:25:30.880 on it and its implications for politics as well as ethics. 251 00:25:30.880 --> 00:25:38.280 One of the great things about Mises U is that it helps explain a lot of your questions. 252 00:25:38.280 --> 00:25:40.920 It takes what you already know and builds upon it. 253 00:25:40.920 --> 00:25:59.920 There's a huge spectrum of opinions here. And I love that. Everyone doesn't think the same way. We're not all clones, but at the same time we have a central idea of liberty that holds us together, the ideal of liberty. 254 00:25:59.920 --> 00:26:07.920 The Mises Institute has a very cultural, intellectual environment to it, which I guess you really can't find elsewhere. 255 00:26:07.920 --> 00:26:16.280 I think Mises is great and I plan on applying subsequent years definitely and might come 256 00:26:16.280 --> 00:26:18.400 back even if you don't let me. 257 00:26:18.400 --> 00:26:23.760 People here are insanely intelligent, I just felt so low so I spent most of my time listening 258 00:26:23.760 --> 00:26:27.240 so I was more on the receiving end trying to grasp as much as I can. 259 00:26:27.240 --> 00:26:32.360 This is a lifelong transformation, I'm dedicated to the Austrian School, this is what I want 260 00:26:32.360 --> 00:26:35.400 to do, this is what I want to learn. 261 00:26:35.400 --> 00:26:44.400 If you'd like to help support this wonderful and unique teaching institution, the Mises University, visit Mises.org and thank you.