Free Market Economics

2026 · Documentary · Talk

In Free Market Economics, Dr. David Henderson guides us through ten foundational pillars of economic wisdom and the major schools of thought—Austrian, Chicago, UCLA, and Public Choice. Along the way, we explore how markets coordinate through decentralized knowledge, property rights, and voluntary exchange, and why central planning so often falls short. Drawing on vivid historical cases—from the Soviet economic collapse to West Germany’s postwar miracle—the course brings core ideas like subjective value, spontaneous order, and entrepreneurial discovery to life. Ultimately, it shows how economic freedom and open inquiry fuel innovation and prosperity, while government intervention frequently produces unintended consequences and inefficiencies.

Episodes

▶1. Pillars of Economic Wisdom: Part 145m · In our introductory lecture, we explore the foundations of free market economics through the first five pillars of economic wisdom and how different schools of thought explain market dynamics. We examine TANSTAAFL (“there ain’t no such thing as a free lunch”), incentives, marginal thinking, wealth creation through higher-valued resource use, and the role of decentralized information in market efficiency. Using examples from Soviet economic failures to modern market exchanges, Dr. Henderson shows how these principles explain both the success of free markets and the shortcomings of centrally planned economies.▶2. Pillars of Economic Wisdom: Part 239m · In lecture two, we continue with pillars six through ten of economic wisdom, beginning with the idea that every action has unintended consequences, illustrated by examples like Britain’s rat bounty system and safety in the shipping industry. We also examine subjective value and voluntary exchange, the difference between creating jobs and creating wealth, and why real income grows only through increased output. The lecture concludes by demonstrating that competition is a "hardy weed" rather than a delicate flower, naturally emerging unless government intervention creates monopolies, as evidenced by successful deregulation in trucking and airlines that dramatically lowered prices and increased consumer choice.▶3. Austrian School: Part 136m · In lecture three, we study the Austrian School of Economics through the work of Carl Menger and Eugen von Böhm-Bawerk, key figures in the marginal revolution of 1871 that challenged the labor theory of value. We examine how they introduced the idea that value is subjective and that each additional unit of a good becomes less valuable, resolving puzzles like Adam Smith’s diamond-water paradox and showing that labor does not determine value. The lecture also covers Menger’s insights on money and price formation, along with Böhm-Bawerk’s theories of capital and interest rates, laying the foundation for modern subjective value theory and market dynamics.▶4. Austrian School: Part 256m · In lecture four, we continue our study of the Austrian School of Economics through the work of Ludwig von Mises, Friedrich Hayek, and Israel Kirzner, focusing on economic calculation under socialism. We examine Mises’s argument that socialism cannot allocate resources rationally without market prices, Hayek’s explanation of how prices coordinate dispersed knowledge through spontaneous order, and Kirzner’s emphasis on entrepreneurial alertness and competition as a discovery process. The lecture concludes by highlighting how these Austrian economists demonstrated that markets succeed not through central planning but through the decentralized use of knowledge that no single authority could possess or coordinate.▶5. Chicago School61m · In lecture five, we learn about the Chicago School of Economics through the contributions of Frank Knight, Milton Friedman, George Stigler, Gary Becker, Ronald Coase, and Sam Peltzman. We examine Knight’s distinction between risk and uncertainty, Friedman’s work on monetary theory and the military draft, Stigler’s research on minimum wages and regulation, and Becker’s analysis of discrimination economics. The lecture concludes with Coase’s work on externalities and property rights and Peltzman’s research on regulation, highlighting how the Chicago School transformed economics through empirical analysis rather than abstract theory.▶6. Mainstream Economics49m · In lecture six, we consider the work of mainstream economists outside the Austrian, Chicago, and UCLA Schools who contributed to free market economics and critiques of government regulation. We examine Robert Crandall’s work on pollution trading, Clifford Winston’s deregulation studies, Edward Glaeser’s housing research, Martin Feldstein’s tax analysis, Douglas Irwin’s trade work, Jagdish Bhagwati’s free trade principles, David Neumark’s minimum wage studies, and Michael Clemens’s immigration research. The lecture concludes with Thomas Sowell’s work on data analysis, wealth mobility, and individual choice, showing how economic research across diverse institutions highlights the benefits of free markets and the costs of government intervention.▶7. UCLA School53m · In lecture seven, we explore the UCLA School of economic thought, focusing on the foundational work of Armen Alchian and Harold Demsetz, along with contributions from Jack Hirshleifer and Benjamin Klein. We examine property rights theory, the economics of discrimination, the role of residual claimants in organizations, and how strong property rights address social and economic problems. The lecture concludes with Demsetz’s critique of the “nirvana approach” to policy analysis and Klein’s insights into advertising as a signal of quality, showing how UCLA economists challenged conventional thinking across economic theory.▶8. The Hockey Stick32m · In lecture eight, we go over Joel Mokyr’s Nobel Prize-winning analysis of the Industrial Revolution and the “hockey stick” pattern of economic growth that transformed human living standards after centuries of stagnation. We analyze how Britain's Industrial Revolution was fueled by the combination of propositional knowledge (why things work) and prescriptive knowledge (how things work), together with the freedoms of trade, labor mobility, and intellectual exchange. Dr. Henderson contrasts Britain’s openness with historical examples of isolation, such as China, and concludes by emphasizing that freedom of inquiry and international openness remain essential for continued innovation and prosperity.▶9. Public Choice School29m · In lecture nine, Dr. Henderson explains the public choice school of economics, which applies economic analysis to political behavior and shows how self-interest influences politicians, bureaucrats, and voters. We discuss the median voter theorem, the problem of concentrated benefits and dispersed costs (e.g., sugar import quotas), and the ideas of rational ignorance and rational irrationality among voters. The lecture concludes by examining how public choice theory supports constitutional constraints like separation of powers and checks and balances, while noting that these limits are often imperfectly enforced in practice.▶10. The West German Economic Miracle23m · In our tenth and final lecture, we explore the West German economic miracle after World War II, showing how free market ideas transformed a devastated economy into one of the world’s most prosperous. We examine how postwar price controls and rationing led to inefficiency and barter until reforms led by Ludwig Erhard introduced currency reform and removed price controls in 1948. The lecture concludes with the rapid surge in industrial production and sustained growth that followed, and Dr. Henderson illustrates how ideas and economic policies matter more than financial assistance.

More Like This

Once Upon a Time... The Objects

2024 · ★ 9

Did you know that behind a soccer ball, glasses or a spoon lie treasures of inventiveness and thousands of years of history? Each episode of this new series looks at an object. Through its creation and its developments, through the ages and civilizations, we approach all sciences, from physics to philosophy, including history. Each object of our daily life is the result of a long process and conceals a rich history of knowledge and human adventures. Never again will you look at your stairs, your pants or a computer the same way...

More info →

The Crocodile Hunter

1997 · ★ 7.6

Australian host Steve Irwin and his wife Terri run a wildlife refuge. Their shared passion is educating the world about wildlife, including the much feared crocodile and numerous venomous snakes. Steve's specialty is the capture and relocation of crocodiles. No animal appears too threatening to Steve, his true respect for animals is the foundation for everything he does.

More info →

Antiques Roadshow

1979 · ★ 6.5

Antiques Roadshow is a British television show in which antiques appraisers travel to various regions of the United Kingdom to appraise antiques brought in by local people. It has been running since 1979. There are also international versions of the programme.

More info →

Great Minds Think for Themselves

1997 · ★ 3.3

Aladdin's Genie tells the stories of great historical figures who were prone to defy common thinking to make a difference in their times.

More info →

Once Upon a Time... Life

1987 · ★ 7.8

Attention please! Are you ready for an adventurous tour through the human body? With a lot of humour, our physical appearance is being introduced from head to toe along cells and organs in an educational way. The heart, blood, nerves and kidneys, each single one is a miracle which renders life possible.

More info →

Time Team

1994 · ★ 7.3

Time Team is a British television series which has been aired on British Channel 4 from 1994. Created by television producer Tim Taylor and presented by actor Tony Robinson, each episode featured a team of specialists carrying out an archaeological dig over a period of three days, with Robinson explaining the process in layman's terms. This team of specialists changed throughout the series' run, although has consistently included professional archaeologists such as Mick Aston, Carenza Lewis, Francis Pryor and Phil Harding. The sites excavated over the show's run have ranged in date from the Palaeolithic right through to the Second World War.

More info →