Section II: Key Concepts

READINGS:

• Locke, John. Second Treatise on Government, Chapter 5, “On Property,” (LINK: http://www.constitution.org/jl/2ndtr05.htm ) (OPTIONAL: Background on Locke, Stanford Encyclopedia of Philosophy. LINK: http://plato.stanford.edu/entries/locke-political/ )
• Rousseau, Jean-Jacques. “Discourse on Inequality,” Part II. (LINK: http://www.constitution.org/jjr/ineq_04.htm ) (OPTIONAL: Background on Rousseau, Stanford Encyclopedia of Philosophy. LINK: http://plato.stanford.edu/entries/rousseau/)
• Schmidtz, David. 1994. “The Institution of Property.” Social Philosophy and Policy. 11:42-62. (LINK: http://davidschmidtz.com/sites/default/files/research- paper/3/InstitutionProperty2012.pdf)
• Hinman v. Pacific Air Transport, 1936, 9th US Circuit Court of Appeals. (LINK: http://www.leagle.com/xmlResult.aspx?xmldoc=193683984F2d755_1600.xml&docbase=CSLWAR1- 1950-1985)
• Jacques v. Steenberg Homes, Inc., 1997, Wisconsin. (LINK: http://www.wicourts.gov/sc/opinion/DisplayDocument.pdf?content=pdf&seqNo=17010 )
• Hardin, Garrett. 1969. “Tragedy of the Commons.” Science. (LINK: http://www.sciencemag.org/content/162/3859/1243.full )

Lecture 4: Production and Division of Labor

READINGS:

• Smith, A. The Wealth of Nations, Book I, Chapters 1-4 (LINK: http://www.econlib.org/library/Smith/smWN1.html#B.I , Ch.1, Of the Division of Labor)
• Durkheim, Emile. 1897. Division of Labor in Society (summary) (LINK: http://durkheim.uchicago.edu/Summaries/dl.html )
• Munger, Michael. 2015. “Division of Labor.” http://www.econlib.org/library/Enc/DivisionofLabor.html
• Munger, Michael. 2007. “I’ll Stick with These…” http://www.econlib.org/library/Columns/y2007/Mungerpins.html

Lecture 5: Entrepreneurship I

READINGS:

• Maugham, Somerset, “The Verger.” (LINK: http://www.sinden.org/verger.html )
• Folsom, B.W., textbook, Chapters 1-2.

Lecture 6: Entrepreneurship II

READINGS:

• Munger, M.C. “Two Steves and One Soichiro.” (LINK: http://www.econlib.org/library/Columns/y2006/Mungercollectivism.html )
• Kirzner, Israel. “Competition, Regulation, and the Market Process: An “Austrian” Perspective” Cato Policy Analysis #18 (LINK: http://www.cato.org/pubs/pas/pa018.html )
• Kirzner, Israel, “Creativity and / or Alertness: A Reconsideration • of the Schumpeterian Entrepreneur” Review of Austrian Economics, 1999 11: 5-17. (LINK: http://link.springer.com.proxy.lib.duke.edu/content/pdf/10.1023%2FA%3A1007719905868.pdf )
• Folsom, B.W., textbook, Chapters 4-5.
• Andreessen, Marc. “Why Software is Eating the World,” August 20, 2011, Wall Street Journal

Lecture 7: Prices, Just Prices, and Opportunity Cost

READINGS:

• Munger, MC. “A Fable of the OC.” Library of Economics and Liberty. (LINK: http://www.econlib.org/library/Columns/y2006/Mungeropportunitycost.html )
• Locke, John. “Venditio.” https://reconstructingeconomics.com/2014/06/06/venditio-by-john- locke/
• Hayek, FA “The Use of Knowledge in Society,” AER 1945 (LINK) http://www.econlib.org/library/Essays/hykKnw1.html
• Aquinas, T. Summa Theologica, Questions 75-78. (LINK: http://www.ccel.org/a/aquinas/summa/SS.html )
• Video 1: Michael Munger, “What Do Prices Know That You Don’t?” (LINK: http://youtu.be/WPy-QKXofQs)
• Matt Zwolinski, “Is Price Gouging Immoral?” (Link: http://www.youtube.com/watch?feature=player_embedded&v=h9QEkw6_O6w )
• Munger, “They Clapped,” Liberty Fund http://www.econlib.org/library/Columns/y2007/Mungergouging.html

Lecture 8: Money and Banks (Guest Lecture: Prof. Richard Salsman)

READINGS:

• Selgin, George, and Lawrence White. 1987. “The Evolution of a Free Banking System.” Economic Inquiry. Volume 25, Issue 3, pages 439–457.
• The Importance of the Dollar as World Currency (Podcast with Barry Eichengreen) (http://www.econtalk.org/archives/2011/06/eichengreen_on.html)
• Surowiecki, James, “A Brief History of Money,” http://spectrum.ieee.org/at-work/innovation/a- brief-history-of-money

Lecture 9: Bitcoin, Cryptocurrency, and the Future of Money

READINGS:

• The History of Bitcoin http://historyofbitcoin.org/
• Vigna, P., and M.J. Casey, The Age of Cryptocurrency
• Gavin Andreessen on Bitcoin
  (Podcast 1: http://www.econtalk.org/archives/2011/04/andresen_on_bit.html ) (Podcast 2: http://www.econtalk.org/archives/2014/05/gavin_andresen.html )

Lecture 10: The Problem of Voluntary Exchange & the Origins of Markets

READINGS:

• Aristotle, Nichomachean Ethics, Books III and V, (LINK: http://classics.mit.edu/Aristotle/nicomachaen.mb.txt )
• Video: Sandel—Justice and Virtue http://www.justiceharvard.org/2011/02/episode-10/#watch