The early 1900s belonged to big business, especially after World War I. Giant corporations came to dominate the economy and many believed that the age of the lone inventor and entrepreneur was over. Austrian economist Joseph Schumpeter believed differently. In this episode of Economic Game Changers, teens explore Schumpeter’s famous idea of “creative destruction” and discover why entrepreneurs—not established businesses or economic stability—drive innovation and growth.

Forget good ideas: consider the consequences. So argues economist-academic Thomas Sowell, a maverick who challenged popular ideas like affirmative action and the minimum wage. This final episode of Economic Game Changers tells Sowell’s unlikely story—how a high school dropout born in the Jim Crow South became a renowned voice on economics, race, and history. Introduce your teens to an American treasure, a prolific author who changed how we think about decisions, incentives, and the consequences of ideas.

Economic Game Changers

Thomas Sowell—Economic Myth Buster

In the 1970s, the U.S. economy fell into stagflation—high unemployment and high inflation at the same time. Government attempts to stimulate the economy only drove prices higher. At the same time, American economist Milton Friedman proposed a different solution: keep the money supply stable and let the free market do the rest. This episode of Economic Game Changers introduces teens to Friedman’s ideas, including why the money supply matters, where inflation comes from, and why government intervention often fails to help during an economic crisis.

Milton Friedman—Freedom First, Always

Joseph Schumpeter—Creative Destruction

In the wake of World War I, collectivist governments promised to rebuild Europe. But Austrian economist Friedrich Hayek saw a dangerous tradeoff: the more governments intervened, the less freedom people had. This episode of Economic Game Changers presents a defender of classical liberalism whose ideas warned against the tyranny of Nazism and communism. Through Hayek, and his classic book The Road to Serfdom, teens learn about the true casualties of central planning: free markets, liberty, and life itself.

Friedrich Hayek—Economics of Freedom

When the U.S. stock market crashed in 1929, the Great Depression quickly became a global disaster. As unemployment soared and faith in free markets collapsed, British economist John Maynard Keynes proposed a radical solution—let governments spend their way out of crisis.

In this episode of Economic Game Changers, teens explore the revolutionary Keynesian theory of economics, which gave the government a new, unprecedented role in the economy. What happens when a “not-so-invisible hand” guides the market? Watch to find out.

John Maynard Keynes—The Government Interventionist

Do your daily decisions matter to the economy? In the early 1900s, an economist named Ludwig von Mises argued that they do! At a time when collectivism was engulfing Europe, Mises argued for individual choices, limited government, and private property—not centrally planned outcomes dreamed up by bureaucrats. In this episode of Economic Game Changers, teens meet Mises, an early leader of the “Austrian School of Economics” and one of the minds behind an important economic breakthrough: people and their choices make all the difference.

Ludwig von Mises—Markets Over Mandates

Should the government give people jobs? In 1840s France, many thought so. Facing food shortages and rising unrest, France’s government created the “National Workshops” to employ thousands and stimulate the economy. But one quick-witted economist saw the hidden costs. In this episode of Economic Game Changers, teens meet economist Frédéric Bastiat and explore the concept of opportunity cost—learning how visible economic activity can often hide the waste of scarce resources.

Frédéric Bastiat—The Cost of Bad Ideas

Is a revolution to end capitalism inevitable? In the mid 1800s, a philosopher named Karl Marx thought so. This episode of Economic Game Changers introduces teens to a radical thinker who used the harsh working conditions of the early Industrial Revolution to fuel class division and oppose the free market. Perfect for middle and high school students, this episode explores one of the most influential economic philosophers of the modern world, a man committed to a utopian vision of a perfect, classless society.

Karl Marx—The Communist

When prices skyrocket, everyone suffers—but does someone benefit? In this episode of Economic Game Changers, you’ll meet David Ricardo, a stockbroker-turned-economist who responded to a costly grain crisis in Great Britain. While the wealthy landowners benefited, Ricardo countered with a shocking idea: allow competition. Perfect for middle and high schoolers, this episode explores Ricardo’s theory of comparative advantage: a way for smart trade decisions to lower costs and improve economic outcomes for everyone.

David Ricardo—The Comparative Advantage

Before the American Revolution, Great Britain powered a global empire through mercantilism—an economic system that enriched the crown at the expense of overseas colonies. But one Scottish thinker had a better idea: capitalism. In this episode of Economic Game Changers, teens meet Adam Smith, the “father of economics.” From trade to limited government, they’ll learn how Smith’s thinking struck a blow to the old system and laid the foundation for free markets.

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