📖 Focus: Exploring the key ideas on Economics and the development of the US Economy as a dominant force in International Business.
🔹 Course Format:
- 1-hour weekly live session
- 3 hours of independent reading, writing, or multimedia study per week
- Assessment:Â Essays, readings, discussion forums, quizzes
- Teacher: Patrick Long, lecturer at the Catholic University of the Vendée, ICES, and Deputy Headmaster at Chavagnes International College.
30-Week Course Outline
Weeks 1-5: Introduction to Economics and Microeconomic Fundamentals
1. What is Economics? – Scarcity, opportunity cost, and economic decision-making. (Video: “Basic Economics” by Thomas Sowell)
2. Supply and Demand – Market equilibrium, elasticity, and real-world applications. (Graphing exercises)
3. Market Structures and Competition – Perfect competition, monopoly, oligopoly, and monopolistic competition. (Case study: Amazon vs. small businesses)
4. Government and Market Failure – Public goods, externalities, and regulation. (Video: Johan Norberg on free markets)
5. Behavioral Economics and Consumer Choice – Psychological aspects of decision-making. (Discussion: Rational vs. irrational actors in markets).
Weeks 6-10: Macroeconomic Principles and U.S. Economic System
6. Measuring the Economy – GDP, inflation, and unemployment. (Comparison: 1929 vs. 2008 financial crisis)
7. Monetary Policy and the Federal Reserve – Interest rates, money supply, and banking. (Guest lecture or video on Fed history)
8. Fiscal Policy and Government Spending – Taxation, deficits, and government programs. (Video: Milton Friedman on government intervention)
9. Keynesian vs. Classical Economics – The role of government in the economy. (Debate: Keynes vs. Hayek, featuring rap battle video by EconStories)
10. Income Inequality and Economic Mobility – The American Dream: Myth or reality? (Discussion: Thomas Sowell on wealth creation vs. redistribution, Catholic social teaching on equity and subsidiarity)
Weeks 11-15: Economic History and the Evolution of U.S. Business
11. Early American Economics – Mercantilism, agrarian economy, and Hamilton vs. Jefferson. (Federalist Papers analysis)
12. The Industrial Revolution in America – Capitalism, railroads, and monopolies. (Case study: Rockefeller and Carnegie)
13. The Great Depression and New Deal Economics – FDR’s policies and their impact. (Discussion: Did the New Deal save the U.S. economy?)
14. Post-WWII Boom and Keynesian Influence – Economic expansion and consumer culture. (Video: How the 1950s shaped the modern U.S. economy)
15. The 1970s Stagflation and Reaganomics – Inflation, deregulation, and supply-side economics. (Reagan’s 1981 tax cuts: Success or failure? Distributism and European “third way” economic models.)
Weeks 16-20: Business, Entrepreneurship, and the Free Market
16. The Role of Entrepreneurs in the U.S. Economy – Innovation and risk-taking. (Case study: Elon Musk and Tesla/SpaceX)
17. Corporate America and Big Business – Stock markets, mergers, and globalization. (Discussion: Are tech monopolies harming competition?)
18. The Rise of the Gig Economy and Remote Work – Uber, freelancing, and digital disruption. (Video: The future of work in a post-COVID economy)
19. Business Ethics and Corporate Responsibility – Balancing profit and social good. (Case study: ESG investing, discussion on thrift, solidarity, and sustainability)
20. The Role of Small Businesses in the Economy – Challenges, taxes, and innovation. (Case study: Mondragon Corporation in Spain, video: Why small businesses struggle in high-tax states)
Weeks 21-25: Contemporary Economic Issues and Policy Debates
21. Free Trade vs. Protectionism – NAFTA, China, and global trade. (Debate: Tariffs vs. free trade, featuring Johan Norberg)
22. The National Debt and Deficit Spending – Long-term consequences. (Case study: U.S. debt since 1980, discussion on economic sustainability and responsible stewardship)
23. The Role of Unions and Labor Laws – Strikes, minimum wage, and worker rights. (Discussion: Thomas Sowell on unions and job creation)
24. Inflation and the Housing Market – Causes, cycles, and solutions. (Video: 2008 financial crisis explained in 10 minutes)
25. The Role of Government in Healthcare and Education – Market solutions vs. public programs. (Milton Friedman on school choice and free-market healthcare models, subsidiarity in Catholic teaching)
Weeks 26-30: The Future of the U.S. Economy
26. Technology and Automation – AI, job displacement, and the workforce. (Discussion: Will AI create or destroy jobs?)
27. The Green Economy and Energy Policy – Free markets vs. government incentives. (Debate: Fossil fuels vs. renewable energy economics, Catholic stewardship of creation including recent popes.)
28. Crypto, Bitcoin, and the Future of Money – Digital currencies and economic disruption. (Video: Bitcoin vs. Central Bank Digital Currencies)
29. Political Economy and the Role of Ideology – How economic policies shape society. (Discussion: American vs. European economic models, Catholic reflections on capitalism vs. socialism including recent popes.)
30. Course Review and Final Project – Presentations on major U.S. economic themes. (Students present key insights on an economic issue of their choice)
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Additional Features:
Guest Speaker Suggestions: Business owners, economists, or finance professionals.
Debate Days: Structured discussions on controversial economic issues.
Documentary Recommendations: Friedman’s Free to Choose, Commanding Heights on globalization.
YouTube Channels for Further Study:
Thomas Sowell (clips on wealth and capitalism)
Johan Norberg (free-market economics)
PragerU (conservative economic thought)
Economics Explained (engaging animated lessons)
EconStories (Keynes vs. Hayek debates in rap format).
USA Heritage Academy 