In this session, Brian Balfour will look at issues making headlines in the news such as inflation, price controls, and tariffs. He will explain how and why inflation sets in, why price controls create shortages of vital goods and services, and why tariffs help create cartels and higher prices passed onto consumers. Lastly, Mr. Balfour will present why free markets offer a better alternative as prescribed by the Austrian School of Economics.

Brian Balfour is Senior Vice President of Research for the John Locke Foundation, where he oversees the organization’s research and analysis on a variety of issues. He previously worked for the Civitas Institute for 13 years, and has a master’s degree in economics from Wayne State University in Detroit, MI. He specializes in fiscal policy issues and is also the author of the book “Economics in Action,” which teaches the free-market principles of the ‘Austrian School’ of economics.

This lecture was delivered live at the Fall Classical Summit, a regional classical conference held at Thales Academy Rolesville Junior High-High School on October 4, 2024. Want to read more of Brian Balfour's work? Interested in economics taught from this perspective? Need a textbook that helps students see the vital principles and intuition behind economic concepts?

Check out Brian Balfour's "Economics in Action," a high school economics textbook based on the principles of the Austrian School of Economics, available here: https://amzn.to/3W4cmZs