Economics 101

Economics 101: How the World Works

Podcast-style audio course - 24 Topics
Length: 13 hrs and 41 mins
Prof. Michael Ellerbrock, Ph.D.
Virginia Tech
Audio Download + Subscription
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Audio Download + Subscription
$0.00
Learn more
Audio Download + Subscription
$0.00
Learn more
Audio Sample:

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, na

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.

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Michael Ellerbrock, Ph.D., recognized as one of America’s best economics professors, directs the Center for Economic Education at Virginia Tech. Dr. Ellerbrock is widely published and has received numerous honors, including the William E. Wine Award for teaching excellence. With the Foundation for Teaching Economics, he leads week-long workshops on capitalism for high school teachers in Bulgaria, Hungary, Puerto Rico, Romania, and Slovakia.

Praise for Michael Ellerbrock, Ph.D.

“Mike presents economic theory using an engaging and conversational style that allows his students to master challenging concepts and apply them to real-world situations. He makes every student feel as if he is speaking directly to him or her. Mike views teaching not as the filling of a pail, but the lighting of a fire, and students will leave his course excited about economics.”
–Dixie Watts Dalton, Professor, Department of Agricultural and Applied Economics, Virginia Tech University

“Dr. Mike Ellerbrock is the crème de la crème of introductory economics instructors. Over my 30+ years as a practicing Ph.D. economist, I have observed firsthand the methods and practices of many extraordinary economics professors. And while each one is notable, Dr. Ellerbrock stands out for his ability to connect economic concepts to practical, real-world events, problems, and policies. If I could start over again and enter the academy as an economics neophyte, I would want Dr. Mike as my instructor!”
–Matthew Holt, Professor and Department Head, Agricultural and Applied Economics, Virginia Tech University

“If you want to learn from one of the best professors in the current higher education world, then look no further because Dr. Mike Ellerbrock is it. Mike has won almost every teaching award possible at Virginia Tech and is legendary amongst the student body. Mike has a natural way of explaining basic economic concepts with real world applications. Even more impressive is his way of keeping your attention throughout his entire lecture no matter the subject. If I could think of an ideal college professor, Mike Ellerbrock would be my muse.”
–Katie White, Undergraduate Academic Advisor, Dept of Agricultural and Applied Economics, Virginia Tech

  1. Our Gross National Product, Our Gross Domestic Product: What Is It? What Is it Not?
  2. Our National Debt Vs. Deficit Financing
  3. The Mechanics and Pros and Cons of Deficit Financing
  4. Fiscal Policy: Keynesian vs. Classical
  5. Solving Inflation, Solving Unemployment
  6. Our Central Bank: What is the Federal Reserve?
  7. Money: What is It?
  8. The Federal Reserve’s First Monetary Policy Tool: The Discount Rate
  9. The Federal Reserve’s Second Monetary Policy Tool: The Required Reserve Ratio
  10. The Federal Reserve’s Third Main Monetary Policy Tool: Open Market Operations
  11. Wealth and Wealth Creation
  12. International Trade and How to Facilitate Free Trade
  13. Value: Where Does Value Come From?
  14. Cost: The True Nature of Cost
  15. Demand: Consumer Preferences
  16. Elasticity: Consumer’s Sensitivity to Price and Income Changes
  17. Supply: Producer Preferences
  18. Economic Justice: What is Fair, What is Just?
  19. The Principle of Optimality: 24/7, 365
  20. Market Functions in Capitalism
  21. Market Structure: The Role and Importance of Competition
  22. Population Economics: Rural Economic Development and Immigration
  23. Environmental Economics and Natural Resources Management
  24. Development Economics: International Development of Economies

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