In celebration of Election Day this week, Northwood University has posted a fresh lesson in the Philosophy of Free Enterprise, a free online course for anyone interested in learning about the importance of freedom and free-market economics.
“Inflation has been a major issue leading up to our elections, so this latest lesson is particularly timely,” stated Northwood Economics Chair Dr. Dale Matcheck.
The online course, Philosophy of Free Enterprise, includes a series of complimentary lessons for anyone interested in free-market economics and The Northwood Idea, which is Northwood University’s guiding philosophy. It values freedom, personal responsibility, moral law, earned success, and the importance of business.
Like the other course modules, this newest lesson appeals to viewers from all educational levels and backgrounds. Taught by Dr. Alexander Tokarev, associate economics and philosophy professor at Northwood University, the lesson — succinctly titled “Inflation” — incorporates helpful animation and engaging dialogue delivered in a way that is easy to understand without a college degree.
Tokarev provides a simple explanation about how money greases the wheels of the economy — and what happens when mismanaging the monetary system under a government-created monopoly like the Federal Reserve can derail economic progress.
“Inflation increases uncertainty, forces people to waste additional resources trying to cope with innumerable problems, leads to poor choices between current and future consumption, and distorts investment, paving the way for the next economic bust,” Tokarev explains. “In the early stages, inflation creates the illusion of a strong economy that generates many jobs. If you fail to control it, you end up with stagflation — as the one experienced by Americans 50 years ago.”
Why are politicians so often tempted to engage in inflationary policies? And why are they so reluctant to deal with the problem?
“Because inflation is like drug addiction,” Tokarev explains. “The good effects come first: Additional spending causes a temporary “high” for some consumers and businesses.
At the same time, the cure is known for the immediate painful effects: The economy suffers a recession until inflation gets squeezed out. And it takes a lot of political courage to go through the withdrawal phase.”
This new lesson follows several previously shared videos, and Northwood plans to release additional lessons throughout the upcoming academic year. Learners enrolled in the free online course can test their knowledge through quizzes and access thought-provoking supplemental reading material following each lesson. Upon completing the course, learners will earn certificates from Northwood University.
If you are not interested in completing the course but want to view the lectures, the following are available to watch on Northwood University’s YouTube channel:
A Time Traveler’s Brief History of Progress
Prices, Knowledge, & Incentives
The videos and Philosophy of Free Enterprise online course are possible thanks to the principal donors behind this effort: Donald S. Gottwald, a 1988 alumnus, and his wife, Pamela. The effort also was aided by a generous gift from the Thomas F. and Harriet S. Oakley Family Trust.
Donors who value liberty, the American free-enterprise system, and the creation of leaders who drive economic and social progress may consider a gift to Northwood University. Visit our giving page or contact Northwood’s advancement office at (989) 837-4356.
