Anglo-American University in Prague Ethics, Economics & Liberty – An Austrian School Perspective
| Course Name | Ethics, Economics & Liberty – An Austrian School Perspective |
| Course Code | ECO351 / ECO551 |
| Description | This interdisciplinary course deals with the issues related to ethics, economics and liberty from the Austrian School perspective. All students are warmly welcomed, the course will not only focus on investigating why free market principles and liberty lead to prosperity but why they are good, just, and moral. We will investigate the roots of most ethical dilemmas and discuss why seemingly moral populist/progressive solutions that by their nature do not account for scarcity and human motivation can only ever lead to misery and horror. Together we will chart a new ethical path forward that links individual liberty and free market principles. The goal of this course is for students to realize that it is not enough to want to be good, just, and moral but that they need to understand and act in accordance with the immutable laws of cause and effect. Further, students will learn that there is no such thing as cost-less solutions to society’s challenges -that all solutions have benefits as well as costs. Therefore, it is important to focus not only on the short-term visible benefits of some action upon some identified group but on the long-term and unintended consequences of those actions upon everyone else. Lastly, students will learn that value is subjective, and that people have different value scales. Thus, value cannot easily be added or subtracted to arrive at “one size fits all, cookie cutter” solutions which is the common political utilitarian approach of today. Students will develop their systematic thinking rooted in understanding fundamental principles of human action and causality. This new way of thinking will help students to better navigate the complex and often conflicting goals that will be thrust upon them as future leaders. Ultimately, the aim of this class is to help students to be truly informed, critical, and wise leaders who will help to promulgate policies that will bring about more societal harmony, peace, and prosperity. |
| Learning Outcomes | Upon completion of this course, students should be able to: – Understand the connection between free markets and free societies; – Critically assess the common popular ideas of prosperity, profits, and economic intervention; – Understand the moral and coordinating role of profit; – Understand the role of property in a free society; – Understand the role of money in a free society; – Understand the real origins of poverty in a modern society. |
| School | School of Business Administration (SBA) |
| Level | Bachelor / Master |
| Number of credits (US / ECTS) | 3 US / 6 ECTS |
| Prerequisites | ECO105 |