Welcome to the ECO201 course!

In this course offered by Théo Mogenet, you will discover a school of economic thought that fundamentally differs from the prevailing Keynesian doctrine. So far, you may have been taught that money management and economic policy are primarily the domain of central banks, with the idea that monetary printing and public spending stimulate economic growth. However, there exists a more coherent alternative approach: Austrian Economics.

With over two centuries of research, philosophical reflection, and writings by renowned authors such as Carl Menger, Ludwig von Mises, and Friedrich Hayek, this school of thought takes a different perspective, favoring a decentralized view of the economy based on the individual and human rationality.

Economics is, in reality, a deeply social and complex field, composed of numerous independent actors who interact freely to form a coherent whole. To understand this dynamic system, Austrian Economics favors qualitative analysis, based on human logic, sociology, and the study of market processes, rather than rigid mathematical equations.

In this course, you will explore the fundamental principles of this school of thought. Théo Mogenet, your instructor, is a passionate advocate of this economic approach and will guide you through the key concepts of Austrian Economics, showing you how these ideas particularly apply to the world of Bitcoin.

Section 1: Introduction to ECON
We will begin with a general introduction to Austrian Economics, exploring its historical origins and the foundations of its thought. This section also covers essential concepts such as money, credit, banks, and central banks. You will understand why these institutions play a central role in Austrian thought, particularly in their criticism of monetary interventions.

Section 2: Theoretical Foundations
This section will delve into the fundamental concepts of Austrian Economics, such as the subjective theory of value, which explains why the value of a good is not objective but depends on the perceived utility by each individual. You will also discover how money naturally emerges as a social phenomenon, along with the concepts of time preference, interest, and capital that are at the heart of the Austrian free-market theory.

Section 3: Austrian Economic Perspectives
Here, we will explore the practical applications of Austrian theory. You will learn in detail about the Austrian Business Cycle Theory, which explains how monetary manipulations create artificial booms followed by recessions. We will also see why economic calculation is impossible under a socialist system and how the Austrian methodology, based on praxeology (the study of human action), provides a unique and coherent approach to understanding economic phenomena.

This course is a blend of economics and philosophy, led by an open discussion between Théo and me (Rogzy). I would like to warmly thank Théo Mogenet for creating this course. We greatly enjoyed developing this content, which is designed to be accessible to everyone. This course serves as an essential introduction and will lay the groundwork for our future, more advanced economic modules.

And what if the key to understanding today's economy lies in a theory several centuries old? Let's discover it together!