“Throughout my time as an economics student at a public university, I’ve been taught lies on a weekly basis. On the first day of my “Principles of Macroeconomics” class, I was shown a quotation from John Maynard Keynes, and the semester preceded with the professor stumping for Keynesian pseudoscience day after day. I was taught that the prices were determined by some equation the professor made up. I learned that business cycles were the result of “animal spirits,” and the only way to solve this problem is for the government to step in and spend more money. Most appallingly, I was taught that central banking and government bureaucracies are what “saved” the economy whenever things went bad.
From the first lecture on the first day of Mises University, the Mises University faculty corrected these lies. Economic law isn’t found through statistical analysis but through deduction from the action axiom. Money isn’t a magical thing made valuable due to government, but a good like any other. The Federal Reserve is a cartel that causes business cycles, rather than smoothing them out. Every single myth perpetuated by our state-funded professors in our undergraduate programs was destroyed by the excellent Mises University faculty.”