Economics 101: How the World Works

Join Virginia Tech economics professor Michael Ellerbrock, the recipient of numerous teaching awards, for a comprehensive, jargon-free overview of the principles and applications of economics. Economics has been called the “Dismal Science,” yet it has also been deemed a field worthy of a Nobel Prize. In this enlightening audio course, Prof. Ellerbrock explains the reason behind this dichotomy: the fact that economics reveals the best and worst implications of humans pursuing their own self-interest. The director of the Center for Economic Education at Virginia Tech, Prof. Ellerbrock has encyclopedic knowledge of economic principles and a talent for explaining their relevance to the world around us. The first 12 lectures explore macroeconomics, the study of the institutions and relationships in economic systems such as capitalism, socialism, communism, and informal economies. You’ll examine fiscal and monetary policy, the role of government in the economy, deficit financing, unemployment, international trade, and wealth creation. Next, you will zoom in with 12 lectures on microeconomics, which studies the behavior of individuals. You’ll look at the consumer, firm, saver, and investor, as well as market structures and functions, examining emerging schools-of-thought regarding population economics, natural resource economics, and development economics. Granted plentiful teaching awards by his students as well as his peers, Prof. Ellerbrock is known for his dynamic lectures, which use real-world examples to bring abstract principles to vivid life. As you take in each masterful recording, you’ll use the lens of economics to better understand history as well as the contemporary moment. This course is part of the Learn25 collection.