The Human Action Podcast
By Mises Institute
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Description
The Human Action Podcast features in-depth interviews on current topics in economics through an Austro libertarian lens.
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1 |
Mises at 145: His Greatest Contributions | To mark Ludwig von Mises's 145th birthday, Bob reviews the contributions that put him in the running for greatest economist of all time. | 10/13/2026 | Free | View in iTunes |
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2 |
Matt McCaffrey Uncovers Frank Fetter's Lost Book | This week, Bob talks with professor Matt McCaffrey about a soon-to-be-published, never-before-seen manuscript by Frank A. Fetter, surveying the history of economic thought from Adam Smith to John Stuart Mill. Dr. McCaffrey explains what Fetter saw in Ri | 9/22/2026 | Free | View in iTunes |
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3 |
Is the Natural Rate of Interest Really Zero? (Answering MMT) | Using Randall Wray's classroom "buckaroo" currency, Bob shows how MMT thinks about money, and the claim that a fiat currency's natural rate of interest is zero. He explains why the Austrian view roots interest in subjective time preference rather than t | 9/12/2026 | Free | View in iTunes |
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4 |
Patrick Newman on the Rise of the Corporatist State | This week, Bob talks with Dr. Patrick Newman about his new book, Cronyism: Rise of the Corporatist State, 1849–1929, which reviews how big business built the regulatory state, the Fed, and cartels like the AMA, all justified in the name of the "public | 8/21/2026 | Free | View in iTunes |
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5 |
Why Mises Thought Fractional Reserve Banking Caused the Boom-Bust Cycle | Bob returns to the fractional reserve banking debate to clarify a point the critics keep missing: in the Mises-Hayek-Rothbard framework, it's fractional reserve banking itself that sets the boom-bust cycle in motion, not merely central banks. Related: L | 8/6/2026 | Free | View in iTunes |
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6 |
Rothbard vs. the Free Bankers | Bob reviews Murray Rothbard's 1988 essay "The Myth of Free Banking in Scotland," his sharp response to Larry White's influential account of Scottish free banking. Related: Rothbard's Article, "The Myth of Free Banking in Scotland": Mises.org/HAP560aBob' | 7/28/2026 | Free | View in iTunes |
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7 |
Keith Knight's Top Ten Problems with Democratic Socialism | Bob sits down with the managing editor of the Libertarian Institute, Keith Knight, to sample arguments from his recent four-hour video cataloguing sixty-four problems with democratic socialism. Related: Find More from Keith Here: Mises.org/HAP559a64 Arg | 7/17/2026 | Free | View in iTunes |
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8 |
Does the Free Market Naturally Lead to Price Deflation? | Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory. He also addresses whether free-market economies have a natural tendency toward price deflation under a co | 7/13/2026 | Free | View in iTunes |
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9 |
Greenspan's Legacy: Did the Fed Cause the Housing Bubble? | In the wake of Alan Greenspan's recent passing, Bob revisits two contested claims about his legacy: did the Fed under Greenspan fuel the housing bubble, and did that bubble cause the 2008 financial crisis? Related: Bob's Article from October, 2007, "T | 7/7/2026 | Free | View in iTunes |
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10 |
Slavery Was Propped Up by Government: A Misesian Analysis | Bob walks through what Ludwig von Mises wrote about slavery in Human Action, arguing that the institution was not — as the 1619 Project claims — the foundation of American capitalism. Related: Ludwig von Mises, Human Action: Mises.org/HAP556a | 7/2/2026 | Free | View in iTunes |
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11 |
From 2008 to the Coming Reset: Larry Lepard's Case for Sound Money | Bob sits down with fund manager and author Lawrence Lepard to discuss his book The Big Print, which argues that the core problem with modern America is not corporate greed or partisan politics, but a monetary system deliberately structured to benefit th | 6/30/2026 | Free | View in iTunes |
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12 |
A Harvard Economist Tests Austrian Capital Theory | Bob sits down with Harvard Economics Professor Pol Antràs to discuss his new paper applying Böhm-Bawerk's average period of production to international trade, testing whether countries with lower interest rates tend to export goods requiring longer, m | 6/19/2026 | Free | View in iTunes |
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13 |
The Fed's Real Job: Propping Up Dollar Reserve Currency Status | Bob sits down with economists Alexander Salter and Joshua Hendrickson to discuss their new paper arguing that the standard Austrian critique of the Fed while correct, is fundamentally incomplete. They argue that the Fed's actual institutional role is to | 6/13/2026 | Free | View in iTunes |
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14 |
A Scholarly Takedown of MMT: Emmanuel Maggiori on the Theory's Fatal Flaws | Bob sits down with economist Emmanuel Maggiori to discuss his new book If You Can Just Print Money, Why Do I Pay Taxes?, a carefully researched, point-by-point critique of Modern Monetary Theory that engages MMT on its own terms, drawing on the MMTers | 6/9/2026 | Free | View in iTunes |
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15 |
How Future Supply Moves Today's Prices | This week, Bob walks through three thought experiments to show how expectations of future supply changes ripple into present prices and production decisions in ways that purely mechanical monetary frameworks like MV=PQ can't capture. Related: How Can Mi | 5/22/2026 | Free | View in iTunes |
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16 |
Why Socialism Fails: From Mises's 1920 Article to Today | Bob sits down with Dr. Jonathan Newman to discuss his Mises Academy course for homeschooling families based on Lessons for the Young Economist, using it as a starting point to walk through the full Austrian case against socialism. Related: The Mises Aca | 5/19/2026 | Free | View in iTunes |
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17 |
Making Sense of the Trump Administration's "Hail Mary" on Iran | Bob argues that many Austro-libertarians (himself included, initially) have been too quick to dismiss the Trump administration's foreign and economic policy as mere incompetence or corruption, without grasping the strategic logic behind it. His thesis: | 5/14/2026 | Free | View in iTunes |
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18 |
Responding to Geochartalism: Did Mosler Complete Menger? | Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler. Bob argues that the paper overlooks a crucial prior contribu | 5/4/2026 | Free | View in iTunes |
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19 |
Robert Aro on the Fed's Reverse Repo Trick | Bob sits down with researcher Robert Aro to review his recent Mises.org article on why the widely anticipated post-QT crash never materialized. They trace the answer back to the Fed's reverse repo facility, which quietly injected trillions back into the | 4/27/2026 | Free | View in iTunes |
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20 |
Luke Gromen on the Strait of Hormuz and Supply Chain Collapse | Bob sits down with macro researcher Luke Gromen of Forest for the Trees to discuss the cascading supply chain consequences of a closed Strait of Hormuz. They also touch on why gold is already supplanting the dollar as the world's premier reserve asset, | 4/21/2026 | Free | View in iTunes |
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21 |
Bob Responds to Randall Wray on Sectoral Balances | After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't ne | 4/10/2026 | Free | View in iTunes |
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22 |
Cantillon Effects and the Politics of Money Creation | This week, Bob explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this | 4/2/2026 | Free | View in iTunes |
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23 |
Can AI Solve the Socialist Calculation Problem? | Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing cou | 3/27/2026 | Free | View in iTunes |
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24 |
Visualizing The Boom-Bust Cycle with Roger Garrison | In memory of Roger Garrison, Bob walks through Garrison's famous capital-based macroeconomics diagrams, showing how they translate the Mises-Hayek theory of the boom-bust cycle into the language of modern macroeconomics. Related: Roger Garrison, The Aus | 3/21/2026 | Free | View in iTunes |
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25 |
Rothbard at 100: Five Economic Insights That Still Matter | In commemoration of Murray Rothbard’s 100th birthday, Bob shares five “greatest hits” from Rothbard’s economics, covering deficits vs. inflation, monopoly theory, excess capacity, the time structure of production, and his reconstruction of utili | 3/13/2026 | Free | View in iTunes |
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26 |
Banning Congress, Not Markets: The Insider Trading Dilemma | Bob uses Trump’s call to ban congressional insider trading as a springboard to explain why, from an Austro-libertarian perspective, insider trading and speculation could help markets work, while still justifying special rules for government employees. | 3/3/2026 | Free | View in iTunes |
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27 |
Milei Defends Capitalism and Austrian Economics at the WEF | This week, Bob walks through Javier Milei’s 2026 address to the World Economic Forum, explaining the Austrian and neoclassical ideas behind Milei’s defense of capitalism—from Rothbard and Kirzner to Pareto efficiency and the welfare theorems. Rela | 2/24/2026 | Free | View in iTunes |
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28 |
California’s Billionaire Tax and State-to-State Flight | Bob lays out California’s proposed 5% wealth tax on billionaires, using it to explain why taxes on wealth are especially destructive, how different tax structures change incentives, and what recent migration data says about people voting with their fe | 2/17/2026 | Free | View in iTunes |
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29 |
Dr. Keith Smith on the Health Insurance Cartel | Bob talks with Dr. Keith Smith of the Surgery Center of Oklahoma about how posting cash prices, walking away from government money, and working with self-funded employers created an alternative to the cartel of big hospitals and insurers. Politicians d | 2/11/2026 | Free | View in iTunes |
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30 |
Is Bitcoin Fiat Money? | Bob applies Mises’ taxonomy of money and the regression theorem to Bitcoin, asking whether it should be classified as commodity or fiat money and whether Austrian theory really rules out Bitcoin ever becoming money. Related: Mises's The Theory of Mone | 2/5/2026 | Free | View in iTunes |
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31 |
Gold Exports, Trade Deficits, and Tariffs | Bob responds to James Rickards’ recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits r | 1/24/2026 | Free | View in iTunes |
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32 |
Billionaires, Workers, and the Exploitation Theory | Bob revisits Böhm-Bawerk’s critique of the exploitation theory of interest to answer modern claims that billionaires like Elon Musk must have “stolen” their wealth from workers who supposedly create 100 percent of a firm’s value. Related: Böhm | 1/18/2026 | Free | View in iTunes |
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33 |
Dr. Peter Klein on International Law and “Might Makes Right” | Bob talks with Dr. Peter Klein about the recent U.S. operation in Venezuela and the social-media backlash against “international law,” using it as a springboard to clarify what law is, how it can exist without a world government, and why Austrians c | 1/15/2026 | Free | View in iTunes |
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34 |
Roger Farmer Gives a Tour of Macroeconomics | This week, Bob talks with macroeconomist Roger Farmer—who places himself “between Keynes and Hayek”—about how twentieth-century macroeconomics evolved. They discuss how overlapping generations and search theory change the story on unemployment a | 1/2/2026 | Free | View in iTunes |
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35 |
Three Economic Fallacies: Holidays, Billionaires, and WWII | Bob uses three recent controversies–Richard Murphy’s “Christmas all year” claim, Elon Musk’s net worth, and Ron DeSantis on the Great Depression–to clear up common economic fallacies about work, wealth, and wartime spending. The Mises Instit | 12/29/2025 | Free | View in iTunes |
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36 |
Eric Weinstein’s Challenge to Mainstream Mathematical Economics | Bob uses clips from his recent interview with Eric Weinstein to explain why Weinstein thinks gauge theory can fix how economists measure the cost of living, unify competing price indices, and handle changing preferences over time, and why Austrians shou | 12/15/2025 | Free | View in iTunes |
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37 |
The Intra-Austrian Debate over Milei and the Central Bank | This week, Bob walks through two related debates: Hoppe’s criticism of Argentina's President Milei for not immediately closing Argentina’s central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollariza | 12/8/2025 | Free | View in iTunes |
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38 |
The Great Depression: An Austrian Reply to WIRED | Bob walks through a recent WIRED video on “the economics behind the Great Depression,” correcting its claims on lax regulation, Hoover’s alleged inaction, the role of the Fed and the gold standard, and the notion that World War II ended the slump. | 11/28/2025 | Free | View in iTunes |
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39 |
Interest Is Not the Marginal Product of Capital | Bob revisits capital and interest theory to show why the textbook result “interest = MPK” only holds in a one-good world, and why in actual markets the interest rate emerges from time, prices, and capital valuation—not raw productivity. Bob and Al | 11/23/2025 | Free | View in iTunes |
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40 |
What Makes Economics Scientific? | Prompted by an online debate about whether economics belongs with the hard sciences, Bob reviews common defenses of mainstream practice and explains why they don’t settle the scientific status of the field. He outlines the Mises–Rothbard view: econo | 11/17/2025 | Free | View in iTunes |
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41 |
Rethinking "Sticky Prices" and Monetary Disequilibrium | Dr. Jonathan Newman joins the Human Action Podcast to discuss his recent QJAE article disputing the claim that 'sticky prices' prevent markets from clearing--i.e., when the quantity supplied equals the quantity demanded. Dr. Newman applies Mises’s | 11/11/2025 | Free | View in iTunes |
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42 |
Is Paying Down Government Debt Bad for the Economy? | Is paying down the federal debt a recession trigger? Bob takes on the MMT claim and checks the record, citing US debt payoffs, Canada’s 1990s reforms, and ECB case studies. Conclusion: real wealth beats accounting tricks and paydowns aren’t a mechan | 11/2/2025 | Free | View in iTunes |
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43 |
How Congress Should Reform the Fed | Dr. Alex Pollock joins the Human Action Podcast to explain his recent Congressional testimony on the Fed’s growing insolvency and mandate overreach. The Fed now admits to $243 billion in operating losses and nearly $1 trillion in mark-to-market losses | 10/30/2025 | Free | View in iTunes |
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44 |
Yes, Tariffs Reduce Imports, but They Also Reduce Exports | In this episode of the Human Action Podcast, Bob unpacks Lerner’s Symmetry Theorem—the classic result that, under tight conditions, an import tariff is equivalent to an export tax. He applies the framework to recent 100% China‑tariff headlines, ex | 10/22/2025 | Free | View in iTunes |
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45 |
AI, Automation, and the Human Advantage | This week, Bob tackles growing concerns about artificial intelligence, automation, and mass unemployment. Using the principles of marginal productivity and comparative advantage, he shows how the standard economic arguments still apply—even in the age | 10/13/2025 | Free | View in iTunes |
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46 |
The Importance of Time in Explaining Asset Bubbles | Jonathan Newman returns to join Bob in a critique of Eliezer Yudkowsky’s viral theory of investment bubbles. Yudkowsky states that the bad investment during bubbles should be felt before the bubble pops, not after. They argue that his perspective—wh | 10/6/2025 | Free | View in iTunes |
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47 |
Menger's Barter Theory of the Origin of Money Is Still Standing | Professor Georgy Ganev joins Bob to explain that, contrary to the claims of David Graeber and the MMTers, the barter origin of money has not been refuted. The anthropological evidence is consistent with the Mengerian story, and Mises' regression theor | 9/30/2025 | Free | View in iTunes |
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48 |
Are Private Equity Firms Really Driving Home Prices? | In this solo episode, Bob challenges the populist narrative that private equity ownership of homes is the main driver of rising housing costs. He explains the actual role of speculators in stabilizing markets, compares housing to used car dealerships, a | 9/21/2025 | Free | View in iTunes |
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49 |
Inflation’s Impact on Marriage and Children | Bob talks with economist Jeff Degner about his new book Inflation and the Family. Drawing inspiration from Guido Hülsmann’s The Ethics of Money Production, Professor Degner shows how central bank policies and interest rate manipulation create ripple | 9/18/2025 | Free | View in iTunes |
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50 |
Why the Fed Isn’t Really Independent | This week, Bob takes on the hot-button debate over Federal Reserve “independence” in light of Trump’s moves against Fed Governor Lisa Cook. He explains why the Fed has never truly been independent, drawing on the Treasury-Fed Accord of 1951 and th | 9/7/2025 | Free | View in iTunes |
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51 |
Peter Klein on Hayek for the 21st Century | Bob is joined by Dr. Peter Klein to take a look at the Mises Institute's new book, Hayek for the 21st Century. The discussion highlights Hayek’s insights on tacit knowledge, why markets outperform central planners, the dangers of political power, and | 9/1/2025 | Free | View in iTunes |
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52 |
Why Rothbard Thought the Fed Eliminated Market Safeguards Against Bank Inflation | In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then | 8/22/2025 | Free | View in iTunes |
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53 |
How Private Banks Can Create Money, But Not Like the Fed Can | Bob explains the mechanics of modern banking and how liabilities and assets on bank balance sheets differ from popular assumptions. He shows how interest rates and central bank policy shape lending and deposit behavior, and why private companies move mo | 8/15/2025 | Free | View in iTunes |
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54 |
Why Zohran Mamdani’s Socialist Supermarkets Won't Feed NYC | Bob takes on a proposal for New York City to run its own grocery stores, dismantling the historical myths, economic fallacies, and rhetorical tricks behind the idea. From Flint’s water crisis to “food deserts,” he explains why government control w | 8/9/2025 | Free | View in iTunes |
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55 |
Responding to Richard Werner on Banking | Bob and Jonathan Newman respond in detail to Richard Werner’s highly discussed interview with Tucker Carlson. They examine Werner's claims about credit creation theory, fractional reserve banking, and money mechanics. Murphy and Newman also discuss We | 8/2/2025 | Free | View in iTunes |
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56 |
Understanding Stablecoins and US Crypto Policy | Recorded live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the Genius Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the Genius Act for monetary stabi | 7/27/2025 | Free | View in iTunes |
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57 |
An Actual Plan to Close the Fed and Tie the Dollar Back to Gold | This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides h | 7/18/2025 | Free | View in iTunes |
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A Comprehensive Case for Ending the Fed | Bob goes solo to make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed’s marked history, its questionable track record, and the secrecy surrounding its creation and ongoing | 7/13/2025 | Free | View in iTunes |
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59 |
Essays in Austrian Economics: Honoring Joe Salerno | This week, Bob talks with economist and Mises Institute research fellow, David Howden, co-editor of The Next Generation of Austrian Economics: Essays in Honor of Joe Salerno. They discuss key chapters from the book, highlighting significant contribution | 7/7/2025 | Free | View in iTunes |
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60 |
Steve Hanke on Hyperinflation, Currency Boards, and the COVID Lockdown Debacle | Bob hosts economist and distinguished senior scholar at the Mises Institute, Steve Hanke, to discuss his research on hyperinflations, currency board solutions, and the economic effects of the COVID lockdowns. Hanke explains the findings of his meta-ana | 7/1/2025 | Free | View in iTunes |
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61 |
Thomas Paine: The American Revolution's Unlikely Hero | Bob is joined by author George Ford Smith for a detailed examination into the life and legacy of Thomas Paine. They discuss how Paine’s writings, especially Common Sense and the American Crisis essays, mustered colonial support for independence and ev | 6/22/2025 | Free | View in iTunes |
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62 |
The Debate Over the Big Beautiful Bill | Bob hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from e | 6/14/2025 | Free | View in iTunes |
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63 |
New Academic Paper Uses Rothbard's National Output Metric | Vincent Geloso and Chandler Reilly have a new paper in which they use Rothbard's "Private Product Remaining" (PPR) as a lower bound on estimates of national output, to be contrasted with the convention GDP statistics as an upper bound. Bob has the autho | 6/11/2025 | Free | View in iTunes |
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64 |
The Crucial Principle and Data At Stake in the SoHo Immigration Debate | In this episode of the Human Action Podcast, Bob analyzes the key arguments from the recent immigration debate at the Soho Forum between Dave Smith and Alex Nowrasteh. He clarifies the critical issue of how libertarians should approach immigration when | 5/30/2025 | Free | View in iTunes |
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65 |
What the New Right Gets Right—and Wrong—About Free Trade | Bob takes a close look at Oren Cass’s recent appearance on Tucker Carlson, where Cass argued for free trade to a skeptical conservative audience. Bob unpacks Cass’s arguments about tariffs, comparative advantage, and trade deficits—not to attack, | 5/25/2025 | Free | View in iTunes |
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66 |
Why Are US Drug Prices So High? | Economist Alex Tabarrok joins Bob to review Trump’s executive order on prescription drug pricing. They explore how price discrimination works in global pharmaceutical markets, the unintended consequences of importation policies, and why U.S. consumers | 5/19/2025 | Free | View in iTunes |
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67 |
Explaining the Quirks in the GDP Report | The recent BEA "Advance Estimate" for 1q GDP growth showed a lackluster drop of 0.3 percent, but it included unusually large swings in private inventories and imports, as well as a drop in federal expenditures. Some MAGA fans have argued that once you a | 5/12/2025 | Free | View in iTunes |
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68 |
The Method Behind Real Economic Thinking | Dr. Jonathan Newman returns to the Human Action Podcast to discuss the relaunch of the Mises Academy—including his new course based on Bob's Lessons for the Young Economist textbook. But this conversation goes much deeper than curriculum. Bob and Jona | 5/5/2025 | Free | View in iTunes |
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Should Economists Champion Fed "Independence"? | Dr. Joe Salerno joins Bob to review the recent tensions between Donald Trump and Fed Chairman Jerome Powell. As Trump questions Powell’s leadership and Fed policy, they explore the deeper issues: Should central banks really be "independent"? Does the Fed’s shield from political oversight protect sound economics—or merely insulate elites from accountability? Murphy and Salerno tackle myths about interest rates, inflation, debt monetization, and the Fed’s true relationship with government spending. Trump's Truth Social Post on Inflation: Mises.org/HAP497aCan Trump Fire Federal Reserve Chair Jerome Powell?: Mises.org/HAP497bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 4/25/2025 | Free | View in iTunes |
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Randall Wray's MMT Lecture Distorts History | The Modern Monetary Theory (MMT) crowd prides itself on fidelity to actual history. But Murphy shows how leading MMT guru Randall Wray completely distorts his discussion of two historical episodes in his college lecture. Wray, "Modern Money Theory for Beginners": Mises.org/HAP496aThe NBER Paper on Colonial Virginia's Money Regime: Mises.org/HAP496bNPR Planet Money, "A Giant Stone Coin At The Bottom Of The Sea": Mises.org/HAP496cMilton Friedman, "The Island Of Stone Money": Mises.org/HAP496dBob's Article, "MMT and Treasury Debt Payoff": Mises.org/HAP496eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 4/18/2025 | Free | View in iTunes |
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Trump's Tariffs: Triffin Is Wrong, Ron Paul Is Right | In this episode, Bob breaks down the Triffin dilemma, explaining why it's wrong to assume that maintaining global reserve currency status requires ever-increasing U.S. trade deficits. He shows that America’s chronic deficits are driven more by government spending and fiat money than by global necessity, making the case that returning to fiscal discipline and sound money—not tariffs—is the key to reversing America’s economic decline. Bob and Jonathan Newman on Misleading Charts: Mises.org/HAP495aHow Economists Evaluate Tariffs Versus Income Taxes: Mises.org/HAP495bThe St. Louis Federal Reserve Article on Historical U.S. Trade Deficits: Mises.org/HAP495cThe Charts Referenced in this Episode: Mises.org/HAP495dSaez and Zucman, "The Rise of Income and Wealth Inequality in America": Mises.org/HAP495eTrump's Remarks on the US being a "Tariff-Backed Nation": Mises.org/HAP495fThe Tucker Carlson Show with Bob Lighthizer: Mises.org/HAP495gThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 4/9/2025 | Free | View in iTunes |
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Menger vs. MMT on the Origins of Money | Jonathan Newman joins Bob to discuss the debate between Austrians and MMTers on the origins of money. In the Anti-MMT panel at the Austrian Economics Research Conference (AERC), Jonathan presented his research on the archeological evidence that silver was used as money in ancient Mesopotamia and how the evidence vindicates Menger's theory on the origins of money. Jonathan and Bob walk through various MMT responses and make the case that the Austrian school is especially suited to critique Modern Monetary Theory. The Anti-MMT Panel from the 2025 AERC: Mises.org/HAP494aElon Musk and Ted Cruz Discussing "Magic Money Computers": Mises.org/HAP494bJonathan's Overwhelming Evidence that Silver was Money in Ancient Mesopotamia: Mises.org/HAP494cThe X Thread by Patricia Pino on the Measure of Value of Money: Mises.org/HAP494dBob's "Origin of the Specie" in The American Conservative: Mises.org/HAP494eR.A Radford's "The Economic Organization of a P.O.W. Camp": Mises.org/HAP494fThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 4/5/2025 | Free | View in iTunes |
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Even the Inventor of GDP Statistics Knew Government Spending Was Dubious | Patrick Newman joins Bob to discuss one of his talks at the Austrian Economics Research Conference (AERC), where he explained that Simon Kuznets–who developed the method of calculating GNP and GDP statistics–had serious doubts about how to include government expenditures. Patrick's Talk at the 2025 AERC: Mises.org/HAP493aRothbard's Man, Economy, and State: Mises.org/HAP493bBob's 2014 Talk on the Great Depression: Mises.org/HAP493cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 3/30/2025 | Free | View in iTunes |
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Are Trade Deficits a Sign of Economic Strength? | Bob responds to recent tweets that believe trade deficits are a sign of economic strength. He also includes an op-ed from Robert Barro and a clip from Milton Friedman, to show that even big gun economists can often speak in misleading ways when it comes to trade deficits. Bob's Article on Free Traders Defending Deficits: Mises.org/HAP492aThe FRED Chart Referenced in this Episode: Mises.org/HAP492bBob's 2007 Mises Daily article on Capital Surplus: Mises.org/HAP492cBob's 2007 Mises Daily article Predicting the Recession: Mises.org/HAP492dThe Human Action Podcast Episode on International Trade: Mises.org/HAP492eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW | 3/22/2025 | Free | View in iTunes |
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Why Price Deflation Doesn't Hinder Investment | One of the common worries about a hard money like gold or Bitcoin is that large price deflation could make lending and investment impossible because nominal interest rates can't go below 0%. Bob explains why these fears are invalid. The Charts Used in This Episode Can Be Viewed Here: Mises.org/HAP491aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW | 3/14/2025 | Free | View in iTunes |
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Perfecting the Libertarian Argument for Dealing with the Drug Cartels | Bob first reviews the standard libertarian case for legalizing drugs as the way to neutralize the Mexican drug cartels. Then he plays a recent clip where Dave Smith argues that drug prohibition leads to violence because (among other factors) you can't call the cops if someone steals your product. Bob argues that libertarians should stop making this (invalid) argument. Bob's Lessons for the Young Economist: Mises.org/HAP490aPart of the Problem Episode 1233: Mises.org/HAP490bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 3/7/2025 | Free | View in iTunes |
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Guido Hülsmann on What You Can Find in the New Grove City Mises Archives | Grove City College has recently digitized its collection of post-war materials—including photos, correspondence, and manuscripts—from the great Austrian economist, Ludwig von Mises. Mises' biographer, Guido Hülsmann, joins Bob to discuss some of the treasures that have been made available online. Explore the Grove City College's Digital Mises Archive: Mises.org/HAP489aDr. Hülsmann's Biography of Mises, The Last Knight of Liberalism: Mises.org/HAP489bMurray's 99th birthday is March 2. Please share pictures of yourself (hashtag #happybirthdayrothbard) reading a Rothbard book or wearing a Rothbard t-shirt. The Mises Institute is celebrating with its Murray99 campaign: Everyone who donates $26 or more using the mises.org/murray99 link will receive a copy of Economic Depressions: Their Cause and Cure, originally published in 1969, and Nations by Consent, originally published in 1994. The first 26 donors will also receive the Rothbard lapel pin. All donations will fund student scholarships. Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 3/2/2025 | Free | View in iTunes |
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Would DOGE Dividend Checks Stoke Inflation? | Some have proposed that the spending cuts identified by DOGE be directed towards a $5000 tax rebate for Americans who pay federal taxes. Critics warn it could be inflationary, just like the COVID-era stimmies. Bob disagrees, explaining that the DOGE spending cuts offset the impact. Rothbard's Making Economic Sense: Mises.org/HAP488aBob's Understanding Money Mechanics: Mises.org/HAP488bJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 2/21/2025 | Free | View in iTunes |
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Unpacking the Document that Spells Out Trump's Tariff Strategy | Josh Hendrickson is the chair of the Economics Department at the University of Mississippi. He recently brought to Twitter's attention a 41-page document released in November by Stephen Miran, the Harvard PhD whom Trump has nominated as the new chair of the Council of Economic Advisors. The document spells out a strategy of using tariffs and deregulation to Make America Great Again. The 41-Page Tariff Document: Mises.org/HAP487aJosh's X Thread Detailing the Document: Mises.org/HAP487bJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 | 2/14/2025 | Free | View in iTunes |
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Erick Brimen Explains the Free City of Próspera | Erick Brimen is the CEO of Honduras Próspera, which is described as a "start up city" that offers choice in regulatory treatment. It is an exciting application of libertarian theory to the messy real world of existing States. Find Out More about Honduras Próspera: Mises.org/HAP486aJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 2/8/2025 | Free | View in iTunes |
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Would Trump's Plan to Replace Income Tax with Tariffs Work? | Bob analyzes President Trump's recent remarks praising the revenue capacity of tariffs. He shows that historically, tariffs only bought in a small fraction of what income taxes currently yield, meaning federal spending would have to be sharply cut in order to phase out the income tax. HAPod Ep. 458 on Tariffs vs. Income Taxes: Mises.org/HAP485aBrian Domitrovic's Forbes Article, "Supply-Siders Battle Their Tariff Critics": Mises.org/HAP485bTrump on Tariffs: Mises.org/HAP485cThe Chart Shown in this Episode: Mises.org/HAP485dUse code Action25 to get 10% off your ticket to Educating for Liberty Mises Circle in Tampa on February 22: Mises.org/Tampa25 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 1/31/2025 | Free | View in iTunes |
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Murphy and Newman Do a Postgame Analysis of ZeroHedge MMT Debate | Murphy recently squared off against Nathan Tankus in a ZeroHedge debate focusing on Austrian economics vs. Modern Monetary Theory (MMT). Jonathan Newman watched the debate and selected three clips highlighting key areas of dispute. Jonathan and Bob elaborate on the issues and anticipate possible MMT replies. Bob's ZeroHedge Debate with Nathan Tankus: Mises.org/HAP484aBob and Jonathan's Tag-Team Mises University Lecture on MMT: Mises.org/HAP484bBob's Quarterly Journal of Austrian Economics Paper on The Deficit Myth: Mises.org/HAP483cWilliam Hutt's The Theory of Idle Resources: Mises.org/HAP484dUse code Action25 to get 10% off your ticket to Educating for Liberty Mises Circle in Tampa on February 22: Mises.org/Tampa25 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 1/24/2025 | Free | View in iTunes |
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Lawrence McQuillan Explains the Policy Inferno Behind the California Wildfires | Lawrence McQuillan from the Independent Institute joins Bob to delve into the regulatory failures and mismanagement behind the wildfire crisis in California. They discuss the environmental policies that exacerbate risks, offer practical solutions to firefighting and prevention shortcomings, and examine the role of private stewardship in mitigating future disasters. This episode overall sheds light on how California’s political landscape and approach to wildfires continues to fuel a recurring tragedy. Lawrence's 2017 Article Detailing the CA's Fire Prevention Problem: Mises.org/HAP483aLawrence’s 2019 Golden Fleece Report Submission on Mismanagement in CA: Mises.org/HAP483bLawrence’s 2020 Interview on the Reasons Ca’s Fires Keep Happening: Mises.org/HAP483cLawrence’s 2024 Article on Lessons From the Lahaina Wildfires:: Mises.org/HAP483dUse code Action25 to get 10% off your ticket to Educating for Liberty Mises Circle in Tampa on February 22: Mises.org/Tampa25 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 1/18/2025 | Free | View in iTunes |
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The Flaws of GDP Accounting Explained | Bob looks at the misconceptions and misuses of GDP accounting, explaining why this widely accepted metric often paints a misleading picture of economic health. Bob's 2009 Mises Article on Krugman: Mises.org/HAP482aHuman Action Podcast Episode 481 on Business Cycle Theory: Mises.org/HAP482bBob's Mises Article on GDP: Mises.org/HAP482cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 1/11/2025 | Free | View in iTunes |
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Why Government Relief Spending Only Makes the Recession Worse | Bob walks through diagrams from Hayek's famous LSE lectures to explain the Austrian view of the boom-bust cycle. The Diagrams Referenced in this Episode: Mises.org/HAP481aHayek's Prices and Production: Mises.org/HAP481bRothbard's Man, Economy, and State: Mises.org/HAP481cBob's Study Guide to Man, Economy, and State: Mises.org/HAP481dRoger Garrison's PowerPoint on the Hayekian Triangle: Mises.org/HAP481eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 1/3/2025 | Free | View in iTunes |
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Matt McCaffrey on Frank Fetter vs. Alfred Marshall on the Theory of Rent | Matt McCaffrey is a former Mises Institute research fellow with an expertise in the American economist (and Austrian fellow-traveler) Frank Fetter. He joins Bob to discuss his newly published journal article exploring the dispute Fetter had with the august British economist Alfred Marshall over the theory of rent. Dr. McCaffrey's Journal Article: Mises.org/HAP480aFrank Fetter's Capital, Interest, and Rent: Mises.org/HAP480bMatt McCaffrey, “Frank Fetter and the Austrian Tradition in the United States”: Mises.org/HAP480cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 | 12/28/2024 | Free | View in iTunes |
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Dr. Keith Smith: What Critics Miss About For-Profit Healthcare | Keith Smith, MD is an anesthesiologist and founder of the cash-price Surgery Center of Oklahoma. In the wake of the shooting of UnitedHealth CEO Brian Thompson, Keith explains why US health care is so expensive and how to fix it. The Surgery Center of Oklahoma: Mises.org/HAP479aThe Story of the $100 Hospital Aspirin: Mises.org/HAP479bPrimal Prescription: Surviving the 'Sick Care' Sinkhole: Mises.org/HAP479cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 | 12/20/2024 | Free | View in iTunes |
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What's More "Wicked" than the Crime of '73? | Using the heavily marketed movie "Wicked" as his news hook, Bob explains that the beloved Wizard of Oz movie involved an allegory of the bimetallism debates of the late 1800s, including William Jennings Bryan's famous "Cross of Gold" speech. Bob fills in the details about the Wizard of Oz lore, and then explains the economics of bimetallism in the United States. Bob's Book, Understanding Money Mechanics: Mises.org/HAP478aThe Wikipedia Article on the Political Interpretations of The Wonderful Wizard of Oz: Mises.org/HAP478bThe Wikipedia Article on the Wicked Novel: Mises.org/HAP478cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 | 12/13/2024 | Free | View in iTunes |
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David Glasner on the Sraffa-Hayek Debate | David Glasner is a UCLA-trained economist specializing in monetary theory and the history of economic thought. He has disagreed in print with Murphy's take on the famous Sraffa-Hayek debate. David first explains his general views and then comments on the debate. Bob's Paper, "A Problem With the Pure Time Preference Theory of Interest": Mises.org/HAP477aDavid's Paper "The Sraffa-Hayek Debate on the Natural Rate of Interest": Mises.org/HAP477bFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 | 12/7/2024 | Free | View in iTunes |
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Responding to Bryan Caplan's Continued Critique of the Austrians | In 1997, Bryan Caplan wrote an essay explaining why he was no longer a self-described Austrian. Recently, a reader asked him to comment on that essay. Bob reacts to Bryan's current views, arguing that the history of economic thought is indeed important, and the Misesian approach to praxeology is crucial. Bryan Caplan's Recent Article: Mises.org/HAP476aBryan Caplan's "Why I Am Not an Austrian Economist": Mises.org/HAP476bHoppe's Economic Science and the Austrian Method: Mises.org/HAP476cBob's Cambridge University Press Article on Böhm-Bawerk's Critiques: Mises.org/HAP476dA Modern Guide to Austrian Economics: Mises.org/HAP476eBob and David Freidman, "The Chicago Vs. Austrian School Debate": Mises.org/HAP476fThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 11/30/2024 | Free | View in iTunes |
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Clarifying Economists' Arguments About International Trade | Bob discusses common talking points that pro-free-trade economists often use when making the case against tariffs. The purpose is to facilitate discussion so both sides have a deeper understanding of the subtle issues involved. Bob's Article on Trade Deficits: Mises.org/HAP475aSteve Landsburg on Obama's State of the Union Remarks about Exports: Mises.org/HAP475bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 11/23/2024 | Free | View in iTunes |
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Why FEMA Makes Things Worse: Theory and History | Amy LePore's doctoral dissertation covered the perverse incentives of federal money for disaster management on local officials. She joins Bob to talk about FEMA's poor track record in recent disasters but also going back to Hurricane Katrina. Amy's Dissertation on the Effects of Federal Financial Aid: Mises.org/HAP474aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 11/16/2024 | Free | View in iTunes |
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How Can Mining Asteroids in the Future Make Us Richer Today? | After explaining the backstory of how Bob put forth a proposal for codifying property rights in space-based resources, Bob then explains how the prospect of a future inflow of extraterrestrial riches could boost the standard of living on Earth in the near term. Bob Murphy Show, "Scott Horton on American Interference in the 1996 Russian Election": Mises.org/HAP473aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 11/8/2024 | Free | View in iTunes |
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Unpacking Mises: Fractional Reserve Banking and the Currency School | Mises Fellow Kristoffer Hansen joins Bob to discuss Mises' perspective on fractional reserve banking and free banking. Earlier this month, Larry White referenced Hansen’s work on fractional reserve banking, asserting that Hansen indicated Mises acknowledged the benefits of FRB. Kristoffer clarifies his paper and examines what Mises wrote in Human Action on the topic. Additionally, Bob and Kristoffer delve into the influence of the Currency School on banking and economic instability, as well as how commodity-backed money might impact the business cycle. Kristoffer's Article in the QJAE, "Sound Money without Free Banking": Mises.org/HAP472aKristoffer and Jonathan Newman's Article in the QJAE Clarifying Rothbard's Definition of Inflation: Mises.org/HAP472bHuman Action Podcast Episode 470 on the Debate Over Fractional Reserve Banking: Mises.org/HAP472cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 11/1/2024 | Free | View in iTunes |
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Was Ricardo's Comparative Advantage Really Different From What Adam Smith Said About Foreign Trade? | In response to Murphy's recent article on comparative advantage, economist Jorge Morales Meoqui objected that Murphy was continuing the same erroneous story about Adam Smith vs. David Ricardo. In this episode, Murphy clarifies what is right and wrong in Meoqui's own paper on the topic. Jorge Morales Meoqui's Article on Comparative Advantage: Mises.org/HAP471aThe Bob Murphy Show, Episode 352 on Comparative Advantage: Mises.org/HAP471bBob's Article, "The Beauty and Importance of Comparative Advantage": Mises.org/HAP471cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 10/26/2024 | Free | View in iTunes |
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What Was Mises's Position on Fractional Reserve Banking? | Murphy lays out the various camps in the debate over FRB. He endorses the view of Joe Salerno, namely that Mises favored "free banking" as the best means for limiting credit expansion and ensuring banks carry high reserve ratios. Bob's Article in the QJAE on Fractional Reserve Banking: Mises.org/HAP470aJoe Salerno, "Ludwig von Mises as Currency School Free Banker": Mises.org/HAP470bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 10/18/2024 | Free | View in iTunes |
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Philipp Bagus on the Flaws in the "Real Bills" Doctrine | Dr. Philipp Bagus explains the main ideas from his new book, Full Reserve Banking versus the Real Bills Doctrine, which defends Misesian business cycle theory from a recent critique. Bagus provides an in-depth criticism of the Real Bills Doctrine, emphasizing the importance of real savings in economic stability. He defends full reserve banking and critiques fractional reserve systems for creating money without real economic backing, leading to inflation and business cycles. Full Reserve Banking versus the Real Bills Doctrine: Mises.org/HAP469aBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP469bPhilipp Bagus, "Entrepreneurial Error Does Not Equal Market Failure" Mises.org/HAP469cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 10/11/2024 | Free | View in iTunes |
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Paul Cwik's New Introduction to Austrian Business Cycle Theory | Paul Cwik revisits the podcast to explain his new book, which aims to simplify ABCT for economics students and professors, especially those teaching at the principles level. Dr. Cwik critiques mainstream economic theories for oversimplifying business cycles, arguing that the Austrian theory better explains systemic errors and the boom-bust cycle driven by distorted interest rates. Dr. Cwik's New Book, Austrian Business Cycle Theory: An Introduction: Mises.org/HAP468aRoger Garrison's Famous Lecture, "The Austrian Theory of the Business Cycle": Mises.org/HAP468bRichard Ebeling's Monograph, The Austrian Theory of the Trade Cycle: Mises.org/HAP468cCarilli and Dempster, "Expectations in Austrian Business Cycle Theory: An Application of the Prisoner’s Dilemma": Mises.org/HAP468dThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 10/4/2024 | Free | View in iTunes |
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Tom Luongo on the Rival Factions Among Bankers | Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5 Tom Luongo hosts the Gold, Goats, 'n Guns podcast and newsletter. He explains the different factions among bankers, including rivalries between New York and San Francisco, and the US versus Europe. Read More from Tom Luongo: Mises.org/HAP467a | 9/28/2024 | Free | View in iTunes |
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Has "Neo-Liberalism" Failed in the United States? | Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5 David R. Henderson is a research fellow with the Hoover Institution at Stanford University. He joins Bob to critique a recent Brad DeLong essay, which argued that the US had tried an experiment in "neo-liberalism" and that it failed utterly. DeLong's Article, "America Has No Alternative to Industrial Policy": Mises.org/HAP466aHenderson's Critique of DeLong's Article: Mises.org/HAP466bBob's Journal Aritcle on 1970s Crude Oil Price Controls: Mises.org/HAP466cSubscribe to David's Substack, "I Blog to Differ": Mises.org/HAP466d | 9/20/2024 | Free | View in iTunes |
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How Government Propped Up Slavery | In this episode of the Human Action Podcast, Bob welcomes guest Joshua Mawhorter to discuss his recent article on the role of government in sustaining slavery. The conversation covers several key points, including slave patrols, fugitive slave laws, manumission restrictions, and constitutional subsidies. Mawhorter argues that slavery persisted largely due to government intervention rather than free-market mechanisms and highlights the inefficiencies and extensive costs associated with maintaining the institution. They also touch on modern discussions of reparations and the historical patterns of slavery's abolition in other countries. Josh's Mises Wire Article, "Governments Had a Major Role in Sustaining Slavery": Mises.org/HAP465aMark Thornton, "Slavery, Profitability, and the Market Process": Mises.org/HAP465bJeffrey Hummel, "The Political Economy of Slavery, Secession, and Emancipation": Mises.org/HAP465cJeffrey Hummel, "U.S. Slavery and Economic Thought": Mises.org/HAP465dAlan Olmstead, "Cotton, Slavery, and the New History of Capitalism": Mises.org/HAP465eRegistration for the 2024 Mises Institute Supporters Summit is open for Mises Members: Mises.org/SS24 | 9/14/2024 | Free | View in iTunes |
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The Origin of Money: Menger vs. Graeber | Bob goes solo to explain the contributions of Carl Menger and Ludwig von Mises to monetary theory. He then deals with the critique of David Graeber, who argues that the economists' story of the origin of money is bogus. Bob's Article, "Origin of the Specie": Mises.org/HAP464aR. A. Radford, "The Economic Organisation of a P.O.W": Mises.org/HAP464bBob's Book, Understanding Money Mechanics: Mises.org/HAP464cGet your ticket to Living Free in an Unfree World in Albuquerque, New Mexico: Mises.org/NM24 | 9/6/2024 | Free | View in iTunes |
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Does Advanced Econ Justify Kamala Harris on Price Gouging? | Dr. Jonathan Newman joins Bob to analyze Kamala Harris's proposals against price gouging, and how some mainstream economists defend Government price controls. They also address misconceptions about price gouging and the evolving mainstream narrative on inflation. Bob's Article on Harris's Anti-Price Gouging Proposals: Mises.org/HAP463aThe Boston Globe Article Supporting Harris's Proposal: Mises.org/HAP463bFor the week only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 8/30/2024 | Free | View in iTunes |
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The Classical Economists’ Theory of Value Was More Sophisticated than You Think | Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement. Bob's Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462aHuman Action Podcast Episode 460, "What Does Say’s Law Really Say?": Mises.org/HAP462bDavid Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462cFor the next two weeks only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 8/23/2024 | Free | View in iTunes |
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The Collapse of the Yen Carry Trade: Impending Recession? | With recent market turbulence and new potential recession indicators emerging, Peter St. Onge joins Bob to examine whether market performance accurately reflects the true state of economic health. There is rising debt, growing entitlements, and ongoing structural issues within the US economy, Bob and Professor St. Onge analyze how these factors contribute to our current economic landscape and whether recent developments are indicative of a 1987-style crash or a 2008-style crash. They also explain the Japanese carry trade, its impact on the dollar and Japanese markets, and the recent market fluctuations, including the significant decline in the Japanese stock exchange and the S&P 500. Dr. St. Onge, "Is it Black Monday or Another 2008?": Mises.org/HAP461aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 8/16/2024 | Free | View in iTunes |
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What Does Say’s Law Really Say? | Bob goes solo to give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics. J.B. Say's A Treatise on Political Economy: Mises.org/HAP460aJames Mill, "On the Overproduction and Underconsumption Fallacies": Mises.org/HAP460bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 8/9/2024 | Free | View in iTunes |
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Does Austrian Business Cycle Theory Help the Investor? | Recorded in front of a live audience at the 2024 Mises University, Bob discusses recent market turbulence with Mark Thornton. They also delve into the Skyscraper theory and the practicality of the Austrian Business Cycle Theory. Mises University is the world’s leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream Dr. Thornton’s Minor Issues Episode on the Inverted Yield Curve: Mises.org/HAP459aThe Skyscraper Curse: Mises.org/HAP459bDr. Thornton's Article From 2004 on the Housing Market: Mises.org/HAP459cThe Inverted Yield Curve from Understanding Money Mechanics: Mises.org/HAP459dBob’s Econlib Article on Fiscal Austerity and Tax Rates: Mises.org/HAP459eJoin Peter Klein and Ryan McMaken in Albuquerque, New Mexico for a Mises event on strategy, economics, and decentralization of power. Register now: Mises.org/NM24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 8/4/2024 | Free | View in iTunes |
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How Economists Evaluate Tariffs Versus Income Taxes | Prompted by a listener request, Bob gives the standard economic analysis of tariffs and other types of taxes. This is relevant because the populist Right is arguing for a hike in tariffs to fund income tax cuts. Bob's Article, "Carbon Taxes and the 'Tax Interaction Effect'": Mises.org/HAP458aTrump-Biden Tariff Tracker: Mises.org/HAP458bBob and Dave Smith on Open Borders: Mises.org/HAP458cFrédéric Bastiat's Candlestick Makers' Petition: Mises.org/HAP458dJoin Peter Klein and Ryan McMaken in Albuquerque, New Mexico for a Mises event on strategy, economics, and decentralization of power. Register now: Mises.org/NM24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 7/27/2024 | Free | View in iTunes |
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Does the Fed Push Interest Rates Down? History Says Yes | Jason Purcell is an analyst at a major financial institution with a specialty in bond analysis. He joins Bob to discuss his historical analysis of yield curves (in both UK and US) going back to the 1870s, which shows that central banks do indeed manipulate short-term interest rates. Bob's Article on the Inverted Yield Curve: Mises.org/HAP457aGoerge Selgin's Cato Article on the Fed: Mises.org/HAP457bThe Charts Referenced in this Episode: Mises.org/HAP457cJason's Twitter: Mises.org/HAP457dPurcell Investment Research: Mises.org/HAP457eRead More on Jason's Substack: Mises.org/HAP457fJoin us in Fort Myers, Florida, on November 9, 2024, to cut through the political noise and discuss the state of the economy. Distinguished speakers Tom DiLorenzo, Mark Thornton, and Murray Sabrin will challenge prevailing economic myths and take a critical look at the US political theater, offering insights into how political interventions distort our economy. It’s an opportunity to move beyond partisan rhetoric and examine the way the government affects our lives and livelihoods. Register now: Mises.org/FtMyers24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 7/20/2024 | Free | View in iTunes |
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Mosler Is Wrong, Interest Rate Hikes Don't Cause Inflation | Bob critiques MMT godfather Warren Mosler's recent interview on the Odd Lots podcast, where Mosler argued that the Fed rate hikes have been fueling the strong economy. Bob's Critique of Stephanie Kelton's MMT Documentary: Mises.org/HAP456aJoin us in Fort Myers, Florida, on November 9, 2024, to cut through the political noise and discuss the state of the economy. Distinguished speakers Tom DiLorenzo, Mark Thornton, and Murray Sabrin will challenge prevailing economic myths and take a critical look at the US political theater, offering insights into how political interventions distort our economy. It’s an opportunity to move beyond partisan rhetoric and examine the way the government affects our lives and livelihoods. Register now: Mises.org/FtMyers24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 7/12/2024 | Free | View in iTunes |
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Tackling More of Robert Reich’s 'Economic Myths' | Are wealthy people getting wealthier because they work harder? Dr. Jonathan Newman is back on the show to discuss Robert Reich's latest videos about debunking economic myths. Robert Reich incorrectly blames the free market when businesses act on incentives provided by the government. He condenses this information into short, impactful videos for his audience. However, most of what Reich talks about isn't really economics. And when he does discuss economics, he relies on flawed assumptions that have been meticulously refuted over the past century. Bob and Dr. Newman dissect the misconceptions and provide some insights. Robert Reich's "Debunking Economic Myths" Episode 3: Mises.org/HAP455aRobert Reich's "Debunking Economic Myths" Episode 4: Mises.org/HAP455bDr. Newman's Post on Reich's Episode 5: Mises.org/HAP455cJoin us in October for a weekend of celebration at the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina. Registration is open for Mises Members at Mises.org/SS24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 7/5/2024 | Free | View in iTunes |
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Why Assange Was Released | Kyle Anzalone from AntiWar.com and the Libertarian Institute joins Bob to discuss the timeline of Wikileaks and why the US government disliked Julian Assange. This week, Assange was offered his freedom in exchange for admitting to espionage charges, but what exactly did he do? And how can the US prosecute Assange when he is not a US citizen? Bob and Kyle review the facts, including how Wikileaks began, the information they leaked, and the reasons behind Julian Assange's arrest. Kyles Article on AntiWar.com: Mises.org/HAP454aKyle's Libertarian Institute Page: Mises.org/HAP454bJoin us in October for a weekend of celebration at the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina. Registration is open for Mises Members at Mises.org/SS24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 6/28/2024 | Free | View in iTunes |
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Why the Scottish "Free Banking" Episode Doesn't Justify Fractional Reserves | Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios. Reason Debate Between Bob and George Selgin: Mises.org/HAP453aGeorge Selgin Interview on Free Banking: Mises.org/HAP453bSelgin's Response to Bob on Twitter: Mises.org/HAP453cRothbard's Economic Controversies: Mises.org/HAP453dJoin us in October for a weekend of celebration at the 2024 Mises Institute Supporters Summit in Hilton Head, South Carolina. Registration is open for Mises Members at Mises.org/SS24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 6/21/2024 | Free | View in iTunes |
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Tackling Robert Reich's First Two "Economic Myths" | In a new YouTube series, former US Secretary of Labor Robert Reich promises to explode ten "economic myths." Jonathan Newman joins Bob to respond to the first two episodes in the series, regarding whether economics is an objective science, and whether government intervention interferes with a free market. Robert Reich's 'Debunking Economic Myths' Series: Mises.org/HAP452aBob's JLS Article on Kevin Carson's Studies in Mutualist Political Economy: Mises.org/HAP452bDr. Newman Debunking Robert Reich's First Myth: Mises.org/HAP452cDr. Newman Debunking Robert Reich's Second Myth: Mises.org/HAP452dThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 6/14/2024 | Free | View in iTunes |
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Is the Dollar the Global Reserve Currency Because There Is No Better Alternative? | Economics researcher Joakim Book joins Bob to discuss his recent article on the dollar's international dominance at the American Institute for Economic Research. US Sanctions incentivize foreign governments to find alternatives to the dollar, but none have successfully escaped Washington's grip. Joakim argues that alternative payment systems are in the works, but even international banking transactions still use US banking systems. How much longer will the US dollar be the king currency? Why aren't foreign Governments fleeing to BTC and Gold? Bob and Joakim discuss. Joakim's Article at the AIER: Mises.org/HAP451aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree | 6/7/2024 | Free | View in iTunes |
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Would Ending the Fed Cause a Depression? | Jonathan Newman returns to help Bob dissect a Twitter thread melting down about Rep. Massie's new bill to End the Fed. The X thread discussing the "End the Fed Bill": Mises.org/HAP450aSelgin, Lastrapes, and White, "Has the Fed Been a Failure?": Mises.org/HAP450bBob's Article, "Putting the Country Back on Gold": Mises.org/HAP450cThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/Money Human Action Podcast listeners can get a free book: Mises.org/HAPodFree | 6/1/2024 | Free | View in iTunes |
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Garett Jones on the Economic Impact of Culture on Immigration | Garett Jones is Associate Professor of Economics at the Mercatus Center at George Mason University. He joins Bob to discuss his book, detailing the impact that immigrants' culture has on the institutions of their new home. Professor Jones' New Book, The Culture Transplant: Mises.org/HAP449aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/Money Human Action Podcast listeners can get a free book: Mises.org/HAPodFree | 5/24/2024 | Free | View in iTunes |
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Mateusz Machaj on Economists and Inflation | Mateusz "Matt" Machaj holds a PhD in economics and is a Fellow with the Mises Institute, who has also won both the Douglas E. French and the Lawrence Fertig prizes in Austrian economics. He joins Bob to discuss his new booklet from Routledge, which explains how mainstream economists have responded to the recent bout of price inflation. Dr. Machaj's Monetary Policy and Inflation: Mises.org/HAP448aBob's Book on MMT, Understanding Money Mechanics: Mises.org/HAP448bBob's MisesU Lecture, "Price Inflation: Corona vs. QE": Mises.org/HAP448cThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/Money Human Action Podcast listeners can get a free book: Mises.org/HAPodFree | 5/17/2024 | Free | View in iTunes |
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An Austrian Critique of the New MMT Documentary | Stephanie Kelton is the star of a new documentary film touting the alleged brilliance of Modern Monetary Theory (MMT). Murphy gives a comprehensive critique of the film, covering the flaws in its theory, history, and policy recommendations. Finding the Money Documentary: Mises.org/HAP447aBob's Book on MMT, Understanding Money Mechanics: Mises.org/HAP447bRadford's Paper on P.O.W. Camps: Mises.org/HAP447cThe Upside-Down World of MMT: Mises.org/HAP447dBob's Article on Debt and Future Generations: Mises.org/HAP447eBob's Article on The Origin of Specie: Mises.org/HAP447fThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/Money Human Action Podcast listeners can get a free copy of Dr. Ron Paul's Gold, Peace, and Prosperity: Mises.org/HAPodFree | 5/10/2024 | Free | View in iTunes |
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How State-Sponsored Universities Distort Campus Activism | The Mises Institute's Connor O'Keeffe recently wrote an article detailing the campus protests over the happenings in Gaza. Connor joins Bob to discuss his article, the recent antisemitism bill, and why we should be defunding universities. Connor's Article on the Campus Protests: Mises.org/HAP446aHuman Action Podcast listeners can get a free copy of Dr. Ron Paul's Gold, Peace, and Prosperity: Mises.org/HAPodFree | 5/4/2024 | Free | View in iTunes |
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Did the MMT Camp Correctly Predict the Post-Covid Economy? | Recently on Twitter, as a reaction to an FT post worrying about the growing debts of various governments, fans of MMT were posting screenshots from a May 2020 FT debate involving Stephanie Kelton. The implication was that Kelton had correctly predicted that government debt would be benign. Bob and guest Jonathan Newman dissent. Stephanie Kelton and Edward Chancellor's Debate on Government Debt: Mises.org/HAP445aMartin Wolf's Article on Government Debt: Mises.org/HAP445bBob's Debate with Warren Mosler on MMT: Mises.org/HAP445cBob and Jonathan's Episode on Price Inflation: Mises.org/HAP445dBob's Article on the Economic Outlook for the US: Mises.org/HAP445eHuman Action Podcast listeners can get a free copy of Dr. Ron Paul's Gold, Peace, and Prosperity: Mises.org/HAPodFree | 4/26/2024 | Free | View in iTunes |
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FDR's War Against Civil Liberties | Historian David Beito has a new book from the Independent Institute titled, "The New Deal's War on the Bill of Rights." He joins Bob to discuss issues such as the Japanese concentration camps and the government's mass surveillance of telegrams. David's new book, The New Deal's War on the Bill of Rights: Mises.org/HAP444aHuman Action Podcast listeners can get a free copy of Dr. Ron Paul's Gold, Peace, and Prosperity: Mises.org/HAPodFree | 4/19/2024 | Free | View in iTunes |
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Simon Guenzl vs. Dave Smith on Open Borders | Simon Guenzl joins Bob to push back on Dave Smith's recent appearance, where Dave had made the case against open borders. Guenzl has published a libertarian critique of the Hoppean framework. The debate revolves around the status of government property. Bob plays devil's advocate, especially with a lightning round of "hard cases" for Guenzl at the end. Simon's paper, "Public Property and the Libertarian Immigration Debate" in Libertarian Papers: Mises.org/HAP443aDave Smith on Open Borders: Mises.org/HAP443bBob on Blockades and Immigration in a Voluntary Society: Mises.org/HAP443cHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 4/12/2024 | Free | View in iTunes |
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Are American Libertarians Unduly Pessimistic? | Nick Gillespie, editor-at-large for Reason, recently got into a friendly dispute with Bob over whether American libertarians were being too pessimistic. He joins Bob to make the case for optimism, while Bob demurs. Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 4/5/2024 | Free | View in iTunes |
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Making the Case for Private Law and Defense From Scratch | On March 26 Bob gave this talk at Oklahoma State, where he was invited by the Free Enterprise Society. He assumed the students had no prior knowledge of the topic and made the case, from scratch, for a voluntary society with privately provided legal and defense services. Bob's article, "Libertarian Law and Military Defense" in Libertarian Papers: Mises.org/HAP441aHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 3/29/2024 | Free | View in iTunes |
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Ryan McMaken on the History and Benefits of Secession | Ryan McMaken recently gave a talk at Oklahoma State outlining the history of secessions and making the case that they promote liberty and peace. He joins Bob to discuss his major themes and to address common objections. Ryan's Talk at Oklahoma State: Mises.org/HAP440aBreaking Away: The Case for Secession: Mises.org/HAP440bHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree Enter to win free admission to the Human Action Conference: Mises.org/HARaffle | 3/23/2024 | Free | View in iTunes |
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Why We Don't Need Government Funding for "Moonshots" | Christian Sandström is a Swedish economist who joins Bob to discuss his new (co-edited) book, which makes the case that massive government funding projects aren't necessary to promote science or industrial growth. Dr. Sandströmm's Moonshots and the New Industrial Policy: Mises.org/HAP439aHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree Enter to win free admission to the Human Action Conference: Mises.org/HARaffle | 3/15/2024 | Free | View in iTunes |
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Tom DiLorenzo on Antitrust, Abe Lincoln, and the Future of the Austrian School | Tom DiLorenzo spent a long and productive career in academia before assuming his current position as president of the Mises Institute. He joins Bob to discuss his early days getting into economics, and some of his important work on antitrust policy. He also discusses his popular books on Abraham Lincoln. Though it all, Tom stresses the importance of the Austrian viewpoint. Tom's Paper on the Origins of Antitrust: Mises.org/HAP438aNullification: An Interview with a Zombie: Mises.org/HAP438bHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree Enter to win free admission to the Human Action Conference: Mises.org/HARaffle | 3/8/2024 | Free | View in iTunes |
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The Fed's Milkshake Brings All the Foreigners to the Yard | Brent Johnson of Santiago Capital created the "dollar milkshake" theory, which says that in a global sovereign debt crisis, the USD, gold, and US stock market will all rise. He joins Bob for a friendly disagreement over the dynamics of a decline in foreign demand to hold USD. The ZeroHedge Debate: Mises.org/HAP437aBob's Post-Game Analysis of the Debate: Mises.org/HAP437bBrent Johnson Explains The Dollar Milkshake Theory: Mises.org/HAP437cBob's Article, 'What Does "Debt-Based" Money Imply for Interest Payments?': Mises.org/HAP437dHuman Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree Enter to win free admission to the Human Action Conference: Mises.org/HARaffle | 3/1/2024 | Free | View in iTunes |
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Does Libertarianism Require Support for Open Borders? | Dave Smith makes the Rothbardian/Hoppean case for government restriction on immigration, arguing that it's a second-best solution given the undeniable fact of government control of "public" property. Bob plays devil's advocate to raise possible objections to Dave's framework. Rothbard, "Nations by Consent": Mises.org/HAP436a Hans-Hermann Hoppe, "On Free Immigration and Forced Integration": Mises.org/HAP436b Bryan Caplan, "A Radical Case for Open Borders": Mises.org/HAP436c Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree Enter to win free admission to the Human Action Conference: Mises.org/HARaffle | 2/22/2024 | Free | View in iTunes |
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Murphy Gives Post-Game Analysis of ZeroHedge Dollar Debate | On February 13, 2024, Bob participated (with Jim Rickards, Brent Johnson, and Michael Every) in a ZeroHedge debate on the fate of the USD. In this episode of the Human Action podcast, Bob highlights some of the key issues and explains why he thinks his side won. The ZeroHedge Debate: Mises.org/HAP435a Brent Johnson's Milkshake Theory: Mises.org/HAP435b Egert's Article on the Public Debt Threshold: Mises.org/HAP435c Bob's Article on the Latest CBO Federal Debt Report: Mises.org/HAP435d Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 2/15/2024 | Free | View in iTunes |
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Responding to James Lindsay's Critique of "National Divorce" | Bob goes solo to give a point-by-point rebuttal to James Lindsay's recent essay arguing that "national divorce means national suicide." Bob argues that James employs inconsistent claims and ignores the tremendous economic boon to an independent Texas. James Lindsay's Article "National Divorce is National Suicide": Mises.org/HAP434a Bob's Book "Common Sense: The Case for an Independent Texas": Mises.org/HAP434b AntiWar.com Article on Gaza: Mises.org/HAP434c Scott Horton's Interview with Arnon Soffer: Mises.org/HAP434d Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 2/8/2024 | Free | View in iTunes |
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We Like Ike! Joe Salerno on Rolling Back the Ideology of Inflation | Academic VP of the Mises Institute, Joe Salerno, joins Bob to discuss his talk at the Supporters Summit, centering on the mainstream's focus on "rules vs. discretion" in monetary policy. Salerno explains how President Eisenhower's administration marked a pivot away from the ideology of inflation. Dr. Salerno's Talk at the 2023 Supporters Summit: Mises.org/HAP433a Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree | 2/1/2024 | Free | View in iTunes |
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Peter St. Onge On Who's Taking Your Money | Economist Peter St. Onge summarizes some of the major financial and government news stories of the day. Bob's Mises University Talk 'Price Inflation: Corona vs. QE': Mises.org/HAP432a Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 1/25/2024 | Free | View in iTunes |
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Are Capital Gains Income? The Connection with Mises’s Calculation Problem | Bob goes solo to discuss a recent Twitter controversy, in which opponents of a proposed tax argued that unrealized capital gains couldn't possibly be a form of income. Bob cites both Austrian theory and corporate accounting practice to respond that all capital gains are income, which is not to say that they ought to be taxed. The dispute is important because understanding the definition of "income" sheds light on the role of market prices in guiding entrepreneurial action. Bob Talks to David Schizer on the Moore Ruling: Mises.org/HAP431a Bob's Econlib Article on Capital and Income: Mises.org/HAP431b Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 1/18/2024 | Free | View in iTunes |
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Garett Jones on the Legacy of Robert Solow | Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 1/11/2024 | Free | View in iTunes |
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Murray Sabrin on Our Broken Medical System | Murray Sabrin joins Bob to discuss his upcoming online course on the economics of the US healthcare system, including practical solutions. The course begins in mid-January 2024. Dr. Sabrin's New Online Course: Mises.org/HAP429a IPAK-EDU.org is offering the following discounts: 50% off until Jan 6th with code: COUNTMEIN 25% off after January 6th with code: JACKSAYS75 Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 1/4/2024 | Free | View in iTunes |
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Tyler Cowen on the GOAT in Economics | Tyler Cowen is Holbert L. Harris Chair of Economics and chairman of the Mercatus Center at George Mason University. With Alex Tabarrok, he runs the popular economics blog Marginal Revolution. Tyler joins Bob to discuss his latest book. Tyler's New Book for Free: Mises.org/HAP428aTyler's Blog: Mises.org/HAP428b Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 12/28/2023 | Free | View in iTunes |
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Dean Baker Debates Bob Murphy on Recession Outlook | On a recent installment of the Pynx debate series, Bob had a friendly debate with Dean Baker on a soft or hard landing in 2024. In this episode of the Human Action Podcast, Bob comments on the key disputes, underlying the differences between the Austrian and Keynesian frameworks. Bob's Debate with Dean Baker: Mises.org/HAP427a Bob's Paper on the Inverted Yield Curve: Mises.org/HAP427b Bob's Mises University Talk on Government Debt: Mises.org/HAP427c Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 12/21/2023 | Free | View in iTunes |
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Will Texit Be on the GOP Primary Ballot in 2024? | Daniel Miller, founder and president of the Texas Nationalist Movement, joins Bob to discuss the exciting developments in the push for a referendum on Texas secession. Daniel explains the prospects and then answers common objections to the idea. Daniel Miller's Website: Mises.org/HAP426a Bob's Pamphlet on Texas Independence: Mises.org/HAP426b Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 12/14/2023 | Free | View in iTunes |
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Krugman's Bag of Tricks | Ivory Tower economists continue to tell us that the US economy is booming, but consumers disagree. Paul Krugman has a new explanation for the economic gloom: Republicans. In a recent New York Times article, Krugman touts that partisanship and media bias drive a wedge between consumer sentiment and economic reality. But is this actually what’s going on? Dr. Jonathan Newman is back with Bob to break down Krugman's shifting economic predictions and to consider the trajectory of the US economy. Krugman's NYT Article from 2021 on Inflation: Mises.org/HAP425a Krugman's NYT Article on Begin Wrong About Inflation: Mises.org/HAP425b Jonathan and Bob's HAP Episode on The Fed's 'Soft Landing': Mises.org/HAP425c Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 12/7/2023 | Free | View in iTunes |
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The Treasury is Running Out of Creditors | The US Government will face another round of federal debt expansion in 2024, but will there be enough creditors to allow their continued spending? Investors are not buying Treasury Debt at forecasted rates, foreign investors are exiting federal debt, and even the Federal Reserve is reducing its treasury holdings. Dr. Jonathan Newman recently wrote for the Mises Wire on this topic, and he joins Bob to break down the data and explain what is up with treasuries and the future of the dollar. Dr. Newman's Article on The Treasury's Creditors: Mises.org/HAP424a Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 11/30/2023 | Free | View in iTunes |
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Co-Creator Explains Javier Milei's Plan to Abolish the Central Bank | Nicolás Cachanosky was a co-author on the dollarization proposal for Argentina that Javier Milei publicly endorsed. Nicolás explains to Bob the outlines of the proposal, which involves replacing pesos with USD for bank deposits, currency in circulation, and central bank liabilities. How to Dollarize Argentina: Mises.org/HAP423a Rear More from Nicolás: Mises.org/HAP423b The Human Action Podcast Episode with Peter Lewin: Mises.org/HAP423c Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 11/23/2023 | Free | View in iTunes |
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Murray Sabrin's Memoir: From Liberal Democrat to Libertarian Running for Governor of New Jersey | Murray Sabrin has a long history with the Austrian movement and is one of two people who had Murray Rothbard on his PhD committee. He talks with Bob about his memoir, From Immigrant to Public Intellectual: An American Story. Murray Sabrin's Substack: Mises.org/HAP422a From Immigrant to Public Intellectual: An American Story: Mises.org/HAP422b Rothbard's America's Great Depression: Mises.org/HAP422c Bob's Blog on the Distortion of Hoover: Mises.org/HAP422d The Mises Circle in Fort Myers: Mises.org/HAP422e Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree | 11/16/2023 | Free | View in iTunes |
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How Statism Leads to War | Mises' work explains how laissez-faire economies have incentives to be peaceful with each other, and how, inversely, tariffs and protectionism create isolation, instability, and war. His words are especially prescient today as conflicts rage and tensions between superpowers continue to rise—mirroring the rise in state power across the globe. Dr. Jonathan Newman joins Bob to break down the history of warfare, how states fund war, and why war is more destructive in the modern era. Dr. Newman's Article on the History of Warfare: Mises.org/HAP421a Dr. Murphy on Private Military Defense: Mises.org/HAP421b 'Free Trade vs. Protectionism' MisesU 2023 Lecture: Mises.org/HAP421c Bob and Jonathan's Talks from the Mises Circle in Fort Myers: Mises.org/HAP421d Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 11/9/2023 | Free | View in iTunes |
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A Nigerian Scholar Evangelizes Austrian Economics | "Econ Bro" (who wishes to remain anonymous) is a Nigerian scholar who realized the limits of his conventional economics training and then discovered the work of Murray Rothbard and other Austrians. He now seeks to help his country and the world by spreading the truth. Econ Bro's Article on The State as a Rejection of God Part 1: Mises.org/HAP420a Econ Bro's Article on The State as a Rejection of God Part 2: Mises.org/HAP420b Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 11/2/2023 | Free | View in iTunes |
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Responding to Yaron Brook's Critique of Anarcho-Capitalism | Recently Yaron Brook and Bryan Caplan debated the merits of anarchism at the Soho Forum. Bob critiques Brook's opening statement. The Soho Forum Debate: Mises.org/HAP419a Bob's Book on Market Anarchy, Chaos Theory: Mises.org/HAP419b Rothbard's Book on Natural Rights and the State, For a New Liberty: Mises.org/HAP419c Hans-Herman Hoppe's Book on Private Defense, The Private Production of Defense: Mises.org/HAP419d Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 10/26/2023 | Free | View in iTunes |
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The Male/Female Wage Gap and This Year's Nobel Laureate | Brian Albrecht joins Bob to discuss the work of this year's Nobel (Memorial) Prize Winner Claudia Goldin, with an emphasis on the male-female wage gap. Claudia Golden and Tyler Cowan Discuss The Gender Earnings Gap: Mises.org/HAP418a Claudia Golden's Paper on The Pill: Mises.org/HAP418b More Content from Brian: Mises.org/HAP418c Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 10/19/2023 | Free | View in iTunes |
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Diving Deeper into the Fed's Trillion Dollar Loss | Jonathan Newman rejoins Bob to explore more of the mechanics and political implications of the Fed's current state of insolvency. The Mercatus Article on Quantitative Easing: Mises.org/HAP417a Furman's Op-Ed in the WSJ: Mises.org/HAP417b Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 10/13/2023 | Free | View in iTunes |
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Inflation in Money or Prices? The Definition Matters | Andreas Granath is a recovering socialist who discovered the truth and beauty of Austrian economics and libertarianism. He joins Bob to discuss his recent article explaining the different definitions of "inflation" and why it matters. Andreas' Mises Wire Article on CPI: Mises.org/HAP416a The Silly IMF Tutorial on Inflation: Mises.org/HAP416b Bob's Mises University Lecture on Price Inflation: Mises.org/HAP416c Yaron Brook & Łukasz Dominiak Debate on Minarchy vs. Anarchy: Mises.org/HAP416d Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 Human Action Podcast listeners can get a free copy of Per Bylund's How to Think About the Economy: Mises.org/HAPodFree | 10/5/2023 | Free | View in iTunes |
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How Is the Fed Insolvent and Why Should We Care? | Alex Pollock has decades of experience in financial markets, including a position as President of the Federal Home Loan Bank of Chicago. He explains to Bob the mechanics of the Fed's current insolvency and its implications for ordinary Americans. Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 | 9/29/2023 | Free | View in iTunes |
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Are Workers Being Paid Their Product? Watch Out for Misleading Charts | Dr. Jonathan Newman joins Bob to break down the data used in a popular productivity vs. pay graph. They show why you should be wary of charts coming from agenda-driven institutions and how you can spot manipulated data. The charts mentioned during this episode are available at: Mises.org/HAP414Charts Gene Epstein on the Bob Murphy Show: Mises.org/HAP414a The Economic Policy Institute 2022 Paper: Mises.org/HAP414b The Economic Policy Institute 2015 Paper: Mises.org/HAP414c Gene Epstein's Mises University 'Dirty Data' Lecture: Mises.org/HAP414d FRED Blog Post on the Chart and Price Indices: Mises.org/HAP414e Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 | 9/21/2023 | Free | View in iTunes |
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Why Plea Deals Are a Miscarriage of Justice | Lawyers for two of the Proud Boys convicted for their role in the January 6 assault on the Capitol are filing appeals claiming that they are being subject to a "trial tax," being punished for rejecting a plea deal offer. Bob uses the occasion to explain his long-standing objection to plea deals. Article on the 'Trail Tax' Imposed on the Proud Boys: Mises.org/HAP413a Ex-Proud Boys Leader Sentenced Despite Not Being in Washington on Jan. 6th: Mises.org/HAP413b Twitter Thread on Plea Deals and Justice: Mises.org/HAP413c Join us in Fort Myers on November 4 to cut through the campaign talking points and offer an uncompromising look at what is coming next. Use Code "FL2023" for $10 off admission: Mises.org/FL23 | 9/14/2023 | Free | View in iTunes |
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The Beltway Libertarians Are Too Smart for Oliver Anthony | Ryan McMaken joins Bob to discuss the surprisingly negative reaction (from a Reason writer and Tyler Cowen) to Oliver Anthony's hit song, "Rich Men North of Richmond." Ryan and Bob defend the lyrics, arguing that Anthony doesn't say anything objectionable from either a libertarian or economic perspective. Listen to Oliver Anthony's "Rich Men North of Richmond": Mises.org/HAP412a Christian Britschgi's article in Reason on Oliver Anthony: Mises.org/HAP412b Tyler Cowan's Bloomberg Editorial: Mises.org/HAP412c Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime. Use Code "HA23" for $45 off admission: Mises.org/Nashville23 | 9/7/2023 | Free | View in iTunes |
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Updating Böhm-Bawerk and Fixing Finance | Peter Lewin joins Bob to discuss his work with Nicolás Cachanosky on uniting Austrian capital theory with mainstream finance. Peter's New Book on Capital and Finance: Mises.org/LewinBook Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime. Use Code "HA23" for $45 off admission: Mises.org/Nashville23 | 8/31/2023 | Free | View in iTunes |
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Is China's Economy Hitting a Roadbump or Quicksand? | Peter St. Onge joins Bob to discuss his latest piece at Mises.org on "China's Doom Loop." They cover a wide range of topics, including the contrast in leadership between Xi Jinping and Deng Xiaoping, the dollar as global reserve currency, the Belt and Road Initiative, and Jim Rogers' prediction that the 21st century would belong to the Chinese empire. Peter's Article on China: Mises.org/HAP410a Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime. Use Code "HA23" for $45 off admission: Mises.org/Nashville23 | 8/24/2023 | Free | View in iTunes |
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Is the Fed Responsible for the Recent Surge and Fall in Price Inflation? | Jonathan Newman joins Bob to discuss the argument being put forth by Alan Blinder, James Galbraith, and other progressive economists, who claim that the Federal Reserve's rate hikes couldn't possibly be responsible for the quelling of consumer price inflation. Jonathan and Bob stress the important role of expectations as a "transmission mechanism" from Fed policy to impacts on prices. Galbraith's Article on the Fed's 'Soft Landing': Mises.org/HAP409a The Paper on the Forward Guidance Paradox That Mentions Krugman: Mises.org/HAP409b Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 8/17/2023 | Free | View in iTunes |
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The Mirage of "Equal Pay" in Sports | Ryan McMaken joins Bob to discuss the recent US Women's World Cup elimination, and to dispel the myth that markets are discriminatory. After defending Megan Rapinoe's failed penalty kick, they dismantle her outspoken views on "equal pay" in sports, and examine the left's claim that law is required to fix prejudice in the labor market. Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 8/10/2023 | Free | View in iTunes |
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Soft Landing? Not Likely | As Fed staffers no longer predict an impending recession, economists on social media are all assuring themselves that Americans are in store for a "soft landing." Mises Fellow Jonathan Newman joins Bob to explain why the data still support the case for recession and point out the eerie similarity to the calm before the storm in 2008. Robert Lucas' Nobel Prize Winning Lecture: Mises.org/HAP407a Bob's Eerie Article from 2007 on the Recession: Mises.org/HAP407b 'Bernanke Was Wrong' Compilation: Mises.org/HAP407c 'Peter Schiff Was Right' Compilation: Mises.org/HAP407d Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 8/3/2023 | Free | View in iTunes |
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Everything You Need to Know About FedNow | David Brady, Jr. discusses his recent article at mises.org, in which he argues that the newly launched "FedNOW" system isn't a CBDC. Even so, there are dangers from FedNOW, such as exacerbating bank runs. David also explains the new Mises Apprenticeship program, of which he is a member. David's Article on Mises.org: Mises.org/HAP406a George Selgin Cato Article on FedNow: Mises.org/HAP406b Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 7/27/2023 | Free | View in iTunes |
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How the Fed Could Bring in a CBDC Through the Back Door | George Gammon, host of the popular Rebel Capitalist show, warns that the Fed won't have to force the public to adopt a central bank digital currency (CBDC). Instead, the public might clamor for it, being promised safe, high-interest checking accounts at the Fed, just like Jamie Dimon. The Rebel Capitalist show: Mises.org/HAP405a Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 7/20/2023 | Free | View in iTunes |
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Exposing the FBI Coverup of Biden Corruption | Robbie "The Fire" Bernstein is a co-host with Dave Smith of the popular podcast Part of the Problem, as well as his own podcast Run Your Mouth. He joins Bob to walk through the shocking and hilarious moves by Biden officials to downplay recent allegations of corruption. Find More from Robbie Including His Tour Dates: Mises.org/HAP404a $5.1M Payment to Biden Businesses: Mises.org/HAP404b Biden Attorneys on The Hunter WhatAspp Message: Mises.org/HAP404c Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 7/13/2023 | Free | View in iTunes |
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MMT's Warren Mosler Argues Fed Rate Hikes Cause Growth and Inflation | Bob walks through a recent interview of MMT champion Warren Mosler, in which he claims that Fed rate hikes lead to larger government interest expenses and hence support economic growth and inflation. Bob presents both theoretical and empirical evidence against Mosler's claims. Bob's Debate with Warren Mosler: Mises.org/HAP403a Bob's Review of Stephanie Kelton: Mises.org/HAP403b Bob's EconLib Article on Austerity: Mises.org/HAP403c Technical Article on Why the Treasury Can't Overdraft: Mises.org/HAP403d Join us in Nashville on September 23rd for a no-holds-barred discussion against the regime: Mises.org/Nashville23 | 7/6/2023 | Free | View in iTunes |
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The Impact of Falling M2 on Prices and Jobs | The Mises Institute's Executive Editor Ryan McMaken joins Bob to discuss his latest article, in which Ryan spells out the state of the M2 money supply and possible implications for consumer prices and an impending recession. Ryan's Mises.org article on M2: Mises.org/HAP402a Ryan's QJAE article on the inverted yield curve: Mises.org/HAP402b | 6/29/2023 | Free | View in iTunes |
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MMT Says Government Debt Makes Private Saving Possible | Mises Institute Fellow Patrick Newman joins Bob to discuss a recent tweet from Stephanie Kelton, which argued that the government's "red ink makes our black ink possible." Patrick and Bob point out that these MMT tautologies are very misleading at best. Patrick also lays out the argument in his journal article, saying that MMT's debt monetization won't cause a boom-bust cycle, but will still reduce living standards. | 6/22/2023 | Free | View in iTunes |
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Why ChatGPT Failed an Economics Exam | University of Rochester economist Steve Landsburg joins Bob to discuss the abysmal performance of ChatGPT on his undergraduate exam. They also discuss the importance of market prices in guiding behavior and the unexpected problems with the government handing out "free" goodies. Bob's article "Superman Needs an Agent:" Mises.org/HAP400a Steven's Book The Armchair Economist: Mises.org/HAP400b More Economic brainteasers: Mises.org/HAP400c | 6/15/2023 | Free | View in iTunes |
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Do Sticky Prices Make the Market Get Stuck? | Jonathan Newman joins The Human Action Podcast to discuss his recent Twitter controversy over the claim that market prices can be "wrong" (i.e. in disequilibrium) if they are "sticky." Jonathan Newman's Twitter controversy on sticky prices: Mises.org/HAP399a Joe Salerno on Mises's Monetary Theory: Mises.org/HAP399b Bagus and Howden on market disequilibrium and sticky prices: Mises.org/HAP399c | 6/8/2023 | Free | View in iTunes |
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Do People Value Money Because They Need It to Pay Taxes? | Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes. Per's QJAE article: Mises.org/HAP398a | 6/1/2023 | Free | View in iTunes |
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Fear-Mongering Over the Debt Ceiling | Heritage Fellow Peter St. Onge joins Bob to set the record straight on several popular talking points about the debt ceiling. Bob on selling Gov't resources to reduce the National Debt: Mises.org/HAP397a | 5/25/2023 | Free | View in iTunes |
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Remembering the Contributions of Lucas and Alchian | Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die. Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets. Brian on Alchian's famous "Costs and Outputs" paper: Mises.org/HAP396a | 5/18/2023 | Free | View in iTunes |
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Does the Inverted Yield Curve Signal a Coming Recession? | Dr. Paul Cwik joins Bob to discuss the inverted yield curve's "signal" of an impending recession. Dr. Cwik's dissertation on inverted yield curves and economic downturns: Mises.org/HAP395a Bob on the link between inverted yield curves and recessions: Mises.org/HAP395b Bob's Understanding Money Mechanics: Mises.org/Mechanics | 5/11/2023 | Free | View in iTunes |
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Can Supercomputers Make Socialism Work? | Jonathan Newman joins Bob to critique a recent Twitter argument where some were claiming that supercomputers solved the socialist calculation problem. The Twitter thread on AI and Socialism: Mises.org/HAP394a Bob on Socialism and calculation vs knowledge: Mises.org/HAP394b Karras Lambert and Tate Fegley on economic calculation and AI: Mises.org/HAP394c | 5/4/2023 | Free | View in iTunes |
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The Economics of Space Travel | Are NASA contracts propping up the private space industry? Or are Government regulations stifling the private space race? Dr. Eli Dourado, Senior Research Fellow with the Center for Growth and Opportunity at Utah State University, joins Bob to discuss the recent "successful failure" of the exploded SpaceX launch and the differences between government and privately funded space travel. Dr. Dourado on NASA contracting private companies to build their shuttles: Mises.org/HAP393a Dr. Dourado on the Artemis moon program: Mises.org/HAP393b | 4/27/2023 | Free | View in iTunes |
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Will AI Steal Our Jobs (or End Us)? | Professor Per Bylund joins Bob to debunk the worries over AI and to question whether the latest version of chatbots should even be called "intelligent." Per on Robots Taking your Jobs: Mises.org/HAP392a | 4/20/2023 | Free | View in iTunes |
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Krugman Says It's Paranoid to Worry About a Fed Digital Currency | Jonathan Newman joins Bob to dissect Paul Krugman's latest NYT op-ed, in which he derides Ron DeSantis as paranoid for thinking a central bank digital currency (CBDC) could be used to control citizens. Krugman's op-ed in the New York Times: Mises.org/HAP391a Bob breaking down negative interest rates: Mises.org/HAP391b | 4/13/2023 | Free | View in iTunes |
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Jeff's Farewell To The Human Action Podcast | Jeff and Bob review the history and impact of The Human Action Podcast—formerly Mises Weekends—and discuss where the podcast is headed. Get Jeff's new book A Strange Liberty: Politics Drops Its Pretenses: Mises.org/Strange | 4/7/2023 | Free | View in iTunes |
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With the Feds, It's the Fox Guarding the Henhouse | Bob is joined by guest Peter St. Onge to discuss how SVB's CEO, as well as Bernie Madoff, had key positions advising the Fed and SEC. Then they discuss how we should think about central banks losing money. How the SEC was Charmed by Madoff: Mises.org/HAP389a Bob's Understanding Money Mechanics: Mises.org/HAP389b | 3/30/2023 | Free | View in iTunes |
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How Banking Could Work | With commercial banks exposed by the recent bailouts, Americans question whether “their money” is truly safe despite the promises of FDIC insurance. Jeff and Bob walk through the mechanics of how a full reserve bank could work in a truly free market based on the concepts and taxonomy of Mises’s Theory of Money and Credit. Mises's A Theory of Money and Credit: Mises.org/TMC Bob's study guide to A Theory of Money and Credit: Mises.org/HAP388a John Cochran, 'The Safest Bank the Fed Won't Sanction': Mises.org/HAP388b | 3/24/2023 | Free | View in iTunes |
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The Fed's Malfeasance after SVB | This past weekend saw extraordinary actions by the Fed to address the meltdown of Silicon Valley Bank. Did the central bank break the law by effectively authorizing unsecured loans to banks based on the face value—rather than significantly lower market value—of those banks' Treasury holdings? Bob's study guide to A Theory of Money and Credit: Mises.org/HAP387a Jeff on the Fed as the ultimate bank: Mises.org/HAP387b | 3/17/2023 | Free | View in iTunes |
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A Permanent Wartime Economy? | Progressives view all aspects of human life as a struggle against forces of oppression. Earlier this week on BBC, Professor Mariana Mazzucato suggested governments across the West should simply print money not only to help Ukraine, but also to finance other "wars" against climate change, inequality, and more. Should national treasuries essentially adopt a permanent wartime footing and print far more money, as Mazzucato and Warren Mosler recommend? Hint: Jeff and Bob say "No." Jeff's article "A Permanent Wartime Economy": Mises.org/HAP386a Bob's debate with Warren Mosler: Mises.org/HAP386b Bob's article in The American Conservative on the Greenbacker movement: Mises.org/386c | 3/9/2023 | Free | View in iTunes |
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Losing Control of Money | With global worldwide debt now over $300 trillion and interest rates rising, the US dollar is once again a relative safe haven in a slowing economy. Currencies competing with the Dollar face a deadly race to stave off a sovereign debt crisis. Is the dollar now unbound, as the dominant political tool of the dominant nation? The Dollar Milkshake Theory: Mises.org/HAP385a Thorsten Polleit, The Global Currency Plot: Mises.org/HAP385b Bob's book, Understanding Money Mechanics: Mises.org/Mechanics | 3/2/2023 | Free | View in iTunes |
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The Economics of National Divorce, Part II | Tom Woods joins the show for a look at the hottest political topic of the day, namely national divorce. This is a spirited discussion of the politics, economics, and mechanics of how America might break up. Watch "The Economics of National Divorce, Part I" with Ryan McMaken: Mises.org/HAP352 | 2/23/2023 | Free | View in iTunes |
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The Economics of American Gerontocracy | With Yale economics professor Yusuke Narita suggesting mass suicide—seppuku—as the answer to Japan's rapidly aging demographics, Jeff and Bob take a hard look at the economics and humanity of greying America. Richard Hanania, "Gerontocracy Versus Western Civilization": Mises.org/HAP383a Bob on opting out of Social Security: Mises.org/HAP383b | 2/16/2023 | Free | View in iTunes |
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ESG and DEI are Worse Than You Think | Mises Institute scholar and Troy University business school Dean Allen Mendenhall is among the leading critics of woke capital. He leads a new initiative against the perverse investment practices demanded by ESG/DEI commissars, and joins Jeff Deist to discuss both the origins of "stakeholder" capitalism and what we can do to push back against ideological purity tests in capital markets and corporate America. AllenMendenhall.com "Troy University tackles 'woke' business practices head-on with new program": Mises.org/HAP382a | 2/9/2023 | Free | View in iTunes |
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Why This Recession is Different | Back in January Jeff Deist joined the Austrian Economics Discord Server for a live event concerning trends in 2023. Jeff makes the case for viewing today's economy as quite unlike that of 2007—due to steady increases in CPI, more fiscal stimulus relative to monetary stimulus, and ongoing supply shock issues from COVID. This is a far-ranging discussion of the landscape for the Fed, persistent inflation, and a looming recession. Includes Q and A from the audience. | 2/2/2023 | Free | View in iTunes |
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Is Economics a Dead Discipline? | Professor Per Bylund of Oklahoma State University, author of How to Think About the Economy joins Jeff and Bob to dissect how economics went so badly wrong. A discipline rooted in theory, axioms, and deduction has devolved into statistics, models, and hard science envy. Is the economics profession doing any good, or active harm? Per's new book How to Think About the Economy: Mises.org/Primer Gary North and Walter Block debate "Is it Smart to Get a PhD in Economics": Mises.org/HAP380a | 1/26/2023 | Free | View in iTunes |
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Davos: Has Globalism Peaked? | Jeff and Bob break down this week's Davos WEF conference and consider whether global elites really have the mechanisms to impose their plans. Johnny Vedmore's analysis of Schwab's origins: Mises.org/HAP379a Scott Greer says America's right-want needs to stop dwelling on Schwab: Mises.org/HAP379b Schwab bragging about penetrating Cabinets: Mises.org/HAP379c | 1/19/2023 | Free | View in iTunes |
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Dr. Peter Klein on the Disconnect in Labor Markets | Dr. Peter Klein, professor of entrepreneurship at Baylor University and co-author of the new book Why Managers Matter, joins Jeff and Bob to explain the huge disconnect between supply and demand for labor in post-COVID America. Dr. Klein's new book Why Managers Matter: Mises.org/HAP378a | 1/12/2023 | Free | View in iTunes |
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How FedGov Destroyed the Housing Market | There is no real housing market in the US. Instead, an unholy trinity of Fannie/Freddie, the US Treasury, and the Federal Reserve Bank operate to distort the market at every turn and drive home prices up dramatically. Mises Institute Senior Fellow Alex Pollock, an economist and former mortgage banker, joins Jeff to describe the reality few Americans know. Alex Pollock's new book Surprised Again: The Covid Crisis and the New Market Bubble : Mises.org/HAP377a Alex Pollock on how the Fed became the world's biggest S&L: Mises.org/HAP377b | 1/5/2023 | Free | View in iTunes |
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The Human Action Podcast Predictions for 2023 | Bob and Jeff make their provocative 2023 predictions for the economy, the Fed, politics, world events, and cultural issues. | 12/29/2022 | Free | View in iTunes |
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Jeff Deist on What 2023 Portends | This week's show features a bare-knuckle discussion between Jeff and José Niño of "El Niño Speaks" on the biggest political, economic, and cultural events of 2022—and what they portend for 2023. You don't want to miss Jeff's unvarnished thoughts on the Left, the Right, the economy, and what is sure to be a turbulent New Year. Read José's Substack: josbcf.substack.com | 12/22/2022 | Free | View in iTunes |
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The Decline of Public Intellectuals | Does 2022 America still have legitimate intellectuals? Professor Paul Gottfried joins Jeff and Bob to consider the state of real and pseudo-intellectualism. | 12/15/2022 | Free | View in iTunes |
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Are Capital Markets Corrupt? | Hunter Hastings of Economics for Business joins Jeff for a thoroughgoing discussion of how monetary and fiscal policy distort capital markets and create perverse incentives for financialization rather than real production. Jeff Deist, "Does M&A benefit the economy?": Mises.org/HAP373-A Rothbard's America's Great Depression: Mises.org/AGD The Economics for Business Podcast: Mises.org/E4Bpod | 12/8/2022 | Free | View in iTunes |
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The Bad Economics of Twitter | Jeff and Bob break down the good, bad, and ugly behind Elon Musk's purchase of Twitter. | 12/1/2022 | Free | View in iTunes |
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Can We Fix the Economy? | Jeff and Bob record a special Thanksgiving episode for Money Talk 1010 AM on what it really takes to fix the US economy. Mark Thornton on the coming economic crisis: Mises.org/HAP371A Listen to Jeff on Money Talk 1010 every Thursday at 9:00am ET: Mises.org/MoneyTalk | 11/23/2022 | Free | View in iTunes |
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Will the FTX Scandal Bring Down "Crypto"? | Jeff and Bob discuss whether the FTX scandal will be used to justify new "crypto" regulations or even the creation of a central bank digital currency. Caitlin Long and Sam Bankman-Fried debating leveraging Bitcoin: Mises.org/HAP370A Mises on circulation credit vs. commodity credit: Mises.org/HAP370B President of the Minneapolis Fed Neel Kashkari on CBDCs: Mises.org/HAP370C | 11/17/2022 | Free | View in iTunes |
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Daniel McCarthy Dissects the Midterm Election | Daniel McCarthy joins Jeff and Bob to consider the deep unseriousness of American politics and electorate. Willmoore Kendall's The Conservative Affirmation: Mises.org/Kendall | 11/10/2022 | Free | View in iTunes |
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The Socio-Politics of the Midterms | Jeff joins Chris Casey of WindRock Wealth Management for a deep analysis of next week's punishing midterm elections. | 11/3/2022 | Free | View in iTunes |
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Words as Weapons | Criticisms of hapless Senate candidate John Fetterman are labeled "ableist," while Elon Musk's takeover of Twitter is deemed fascist. Jeff and Bob take a hard look at the linguistic battlefield and the corruption of language as an institution. Jeff's paper on language, "Evolution or Corruption?": Mises.org/HAP367-1 George Orwell's essay "Politics and the English Language": Mises.org/HAP367-2 Ken Smith's Junk English: Mises.org/HAP367-3 Bryan Caplan on "Privilege": Mises.org/HAP367-4 | 10/27/2022 | Free | View in iTunes |
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The Need for Beauty in Economics | Free Markets are often criticized for producing ugly, dystopian, consumer-driven landscapes, but is this true? Jeff explains how we need more than intellectual appeal to advance the cause of liberty—we need an appeal to beauty. Watch other talks from our 40th Anniversary Celebration: Mises.org/SS2022 | 10/20/2022 | Free | View in iTunes |
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Bernanke's Sordid Nobel Prize | Dr. Bob Murphy and Jeff Deist discuss the nauseating elevation of former Fed Chair Ben Bernanke to Nobel Prize winner. | 10/13/2022 | Free | View in iTunes |
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Toby Baxendale on the Coming Financial Repression | UK entrepreneur and founder of the Cobden Centre Toby Baxendale joins Bob to discuss meeting Hayek, the history of economists supporting 100% reserve banking, and the tools central banks and governments will use to enact "financial repression." | 10/6/2022 | Free | View in iTunes |
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The Economics of War | Daniel McAdams of the Ron Paul Institute joins Jeff and Bob to discuss the economic and political ramifications of the Nord Stream 2 pipeline sabotage. Read "The Economics of War" from Human Action: Mises.org/HAP363-1 Read a study Bob co-authored on Europe's energy crisis: Mises.org/HAP363-2 | 9/29/2022 | Free | View in iTunes |
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Daniel McCarthy on the Libertarian and Conservative Divide | Daniel McCarthy, editor of Modern Age, joins Jeff to consider the state of modern conservatism, modern libertarianism, and whether they can or cannot find common ground. Watch Daniel's talk at the LSC 2022: Mises.org/LSC22-McCarthy Read The Conservative Affirmation: Mises.org/HAP362-1 | 9/22/2022 | Free | View in iTunes |
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The Queen Is Dead, Democracy Is Dying | With Queen Elizabeth II lying in state at Westminster Hall, hereditary monarchies are under attack as archaic & absurd. Has mass democracy in the West done any better? Ryan McMaken joins Jeff and Bob to discuss. Read Ryan's Article on Monarchs: Mises.org/HAP361-1 Read Hoppe's Democracy: Mises.org/Democracy | 9/15/2022 | Free | View in iTunes |
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Inflation Kills | Bob and Jeff unravel the corrosive and nonsensical policy of "inflationism," and consider its deep cultural effects. Read Jeff's talk from the recent Ron Paul Institute conference: Mises.org/HAP360-1 | 9/8/2022 | Free | View in iTunes |
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Biden's Post-Persuasion America | Journalist Jordan Schachtel joins the show to discuss Biden's escalating rhetoric against what he terms "ultra-MAGA" semi-fascists. Is America finally past any pretense of democracy? | 9/1/2022 | Free | View in iTunes |
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Clifton Duncan on the College Question | Clifton Duncan joins the show to discuss Joe Biden's student loan forgiveness plan, along with the broader question of whether college and student loans are still worthwhile for young people. Jeff's Article, "Is College Worth It?": Mises.org/HAP358-1 | 8/25/2022 | Free | View in iTunes |
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Dave Smith on the End of Political Pretense | Comic Dave Smith joins Jeff and Bob for a compelling look at the poisonous political landscape in post-goodwill America. | 8/18/2022 | Free | View in iTunes |
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Why Federal Agencies Go Rogue | The IRS plans to hire 87,000 new armed agents, while an FBI raid on Trump–the administration's open political rival–draws allegations of corruption. Economists and political scientists, from Mises to Robert Higgs to James Burnham to public choice scholars, explain why mission creep and abuse by state agencies is the rule rather than the exception. Jonathan Turley on Trump being disqualified from office: Mises.org/HAP356-1 Mises on the managerial state: Mises.org/Bureaucracy James Burnham's The Managerial Revolution: Mises.org/Burnham Bob Murphy Show Episode on the FBI: Mises.org/BMS92 | 8/11/2022 | Free | View in iTunes |
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The Politicization of Economics | Has economics fallen to politics? Court economists like Paul Krugman–we might call them "regime economists"–represent a profession in big trouble. Jeff and Bob discuss. Michael Tanner, "PIketty Gets it Wrong": Mises.org/HAP355-1 Bob Murphy on the economics establishment vs. Judy Shelton: Mises.org/HAP355-2 Jeff Deist on Nancy McLean's unprofessional attacks: Mises.org/HAP355-3 Bob's article with Phillip Magness on Piketty: Mises.org/HAP355-4 | 8/4/2022 | Free | View in iTunes |
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What You Can Do | Jeff Deist and Connor Mortell host an AMA during Mises University 2022 on the topic of "What You Can Do." Recorded at the Mises Institute in Auburn, Alabama, on 30 July 2022. | 7/29/2022 | Free | View in iTunes |
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Connor Boyack & the Case for Revisionist History | Connor Boyack, author of the new Tuttle Twins book America's History: 1215-1776, joins the show to make the Rothbardian case for de-bamboozling history. America’s History: A Tuttle Twins Series of Stories: TuttleTwins.com/History Rothbard on Historical Revisionism: Mises.org/HAP353-1 | 7/21/2022 | Free | View in iTunes |
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The Economics of National Divorce | Lots of Americans now openly discuss the idea of National Divorce, focusing on the political, cultural, and social divisions in America. But what about the economics? How would issues like debt, entitlements, and defense be addressed if the US split into two or more new political entities? Mises.org senior editor and economist Ryan McMaken joins Jeff to discuss. Listen to Hoppe on centralization and secession: Mises.org/HAP352-1 | 7/14/2022 | Free | View in iTunes |
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Why the US Should Default | Jeff and Bob discuss the effect of rising interest rates on Uncle Sam's ability to service debt—and promote the increasingly less radical idea that a default on Treasury debt is both inevitable and good. Jeff's article on rising rates: Mises.org/HAP351-1 House Budget Committee report on higher interest rates and US debt service: Mises.org/HAP351-2 Rothbard on the ethics of debt repudiation: Mises.org/HAP351-3 | 7/7/2022 | Free | View in iTunes |
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Fossil Future with Alex Epstein | When it comes to energy and the environment, Americans not only get the wrong facts, arguments, and narratives–they get the wrong philosophy. Alex Epstein, who recently published perhaps the most important book of our time, joins Jeff and Bob to explain. Get Alex's new book Fossil Future: Mises.org/Fossil | 6/30/2022 | Free | View in iTunes |
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A Looming Recession: How Bad Is It? | Mises.org economist and senior editor Ryan McMaken joins Jeff and Bob for a hard look at the economic reality Americans face today. Shostak on the true definition of a recession: Mises.org/HAP349-Shostak Bob's article in the QJAE: Mises.org/HAP349-Murphy | 6/23/2022 | Free | View in iTunes |
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Will AI Solve Scarcity? | A Google engineer is in hot water for claiming the company's chatbot tech had become sentient. Meanwhile, Jerome Powell presumes to fight inflation technocratically, by raising the Fed Funds rate nearly a full percentage point. So is the engineer correct? Do technology and machine learning portend an end to scarcity and a solution to monetary policy? Jeff and Bob discuss. Google Engineer Blake Lemoine's interview with LaMDA: Mises.org/HAP348-LaMDA Charles Haywood's on why AI is overblown: Mises.org/348-Haywood Read 'Yes, a Planned Economy Can Actually Work' at Jacobin: Mises.org/348-Jacobin Read Bureaucracy by Mises: Mises.org/Bureaucracy Bob's article on the Socialist Calculation Problem debate: Mises.org/348-Murphy | 6/16/2022 | Free | View in iTunes |
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Inflation Then vs. Now: Follow the Money | Today, inflation and prices are soaring. We know that Federal Reserve monetary policy is the cause. But why didn't something similar happen after the 2008 financial crash? Bob Murphy and professor Ross McKitrick discuss the government policies, Fed actions, and banking movements that lead up to the 2008 crisis, and why the current economic situation is different. Ross McKitrick on inflation then versus now: Mises.org/HAP-McKitrick Bob explains how Keynesians missed the latest bout of price inflation: Mises.org/HAP347-Murphy Bob's book Understanding Money Mechanics: Mises.org/Mechanics | 6/9/2022 | Free | View in iTunes |
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Are Stablecoins the Camel's Nose for Central Banks? | Jeff and Dr. Murphy discuss a recent interview with IMF economist Manmohan Singh in the context of central banks co-opting digital technology for bad ends. Find Manmohan Singh's Interview: Mises.org/HAP-Singh Janet Yellen, "I was wrong about inflation": Mises.org/HAP-Yellen Kristoffer Hansen on the basics of central bank digital currencies: Mises.org/HAP-Hansen Block and Barnett on Maturity Mismatching: Mises.org/HAP-BlockBarnett | 6/2/2022 | Free | View in iTunes |
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The Economics of Davos | Jeff and Bob take a look at the misnamed "World Economic Forum" and its conference this past week in Davos, focusing on their recently published report. Read the WEF's Chief Economists Outlook: Mises.org/WEF22 | 5/26/2022 | Free | View in iTunes |
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Who Central Bankers Really Are | We spend a lot of time on this show talking about central banking. This week we talk about central bankers themselves, from Powell to Brainard to Lagarde to Greenspan. Robert Aro joins. | 5/19/2022 | Free | View in iTunes |
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Economic Freedom vs. Personal Freedom | Would you give up voting in exchange for no more taxes? Stephan Livera joins the show to discuss the curious distinction between economic freedom and personal or political freedoms, and how we weigh those freedoms. The Fraser/Cato Human Freedom Index: Mises.org/HFI The Heritage Index of Economic Freedom: Mises.org/IEF | 5/12/2022 | Free | View in iTunes |
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Why Social Issues Dominate | Jeff is solo this week and hosts Tom Woods to ask a simple question: Why do social issues dominate our attention, to the detriment of economics and fiscal reality? Read Jeff's article "Why Social Issues Dominate" Mises.org/Dominate | 5/5/2022 | Free | View in iTunes |
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Saifedean Ammous Demolishes Green Energy | Our friend Saif, known to the world as Dr. Saifedean Ammous, joins Jeff and Bob Murphy for a demolition of the pseudo-economics behind Green energy. Read Saif's The Fiat Standard: Mises.org/FiatStandard Saif's paper 'Energy Systems and the Knowledge Problem: The Case of Biofuels': Mises.org/SaifEnergy | 4/28/2022 | Free | View in iTunes |
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Famed Investor Jimmy Rogers | This week Jeff is solo with very special guest Jimmy Rogers, the famed investor, Alabama native, and fan of Austrian economics. | 4/24/2022 | Free | View in iTunes |
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How Inflation Ends | Jeff and Bob discuss the mechanics—and pain—required to put an end to inflation. Read Bob's Understanding Money Mechanics: Mises.org/Mechanics | 4/14/2022 | Free | View in iTunes |
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American Oligarchs? Elon, Twitter, and Unnatural Elites | Jeff and Bob discuss whether America has its own oligarchs instead of Hoppe's "natural elites." Hoppe's essay mises.org/Hoppe338 Jeff on the wrong elites: mises.org/WrongElites Bob on Piketty's bad inequality numbers: mises.org/Bob338 | 4/7/2022 | Free | View in iTunes |
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Keith Weiner on the Role of Gold in Today's Economy | Jeff talks to Keith Weiner of Monetary Metals about why gold still plays a major role in the global economy. Listen to Bob's interview with Keith at mises.org/BMS234 Find out more about Monetary Metals at monetary-metals.com | 4/4/2022 | Free | View in iTunes |
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The Economics of Woke Disney | Bob and Jeff get into the weeds of Disney's shareholders, revenues, and holdings in light of the company's recent spat with Florida Governor Ron DeSantis. | 3/31/2022 | Free | View in iTunes |
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The Crazy Housing Market | Jeff and Bob discuss the dynamics of the housing market in the context of a recent talk by Alex Pollock. "Hazlitt, Hayek, and How the Fed Made Itself into the World's Biggest Savings and Loan": mises.org/PollockAERC | 3/24/2022 | Free | View in iTunes |
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Economic Ignorance | Jeff and Bob Murphy talk about the state of gross economic ignorance in America today. Lessons for The Young Economist: Mises.org/YoungEcon Understanding Money Mechanics: Mises.org/BobMoney | 3/17/2022 | Free | View in iTunes |
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The Trouble with Oil | This week, Jeff and Bob discuss oil prices. Why are gas prices spiking in the US, and what are D.C. politicians planning for oil companies? | 3/3/2022 | Free | View in iTunes |
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War Sanctions | Jeff and Bob discuss Biden's SOTU, the immorality of sanctions, and Fed chair Powell's pregnant comments. | 3/3/2022 | Free | View in iTunes |
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Is Economics Sexist? | A recent New York Times article featuring economist Stephanie Kelton and her (disastrously misguided) book on Modern Monetary Theory garnered criticisms, but not from the usual sources. No less than economist Larry Summers, former Treasury secretary and Harvard president, weighed in to criticize the Times for giving credence to MMT (he likened it to "quack cancer cures"). Reliably leftwing economics writer Noah Smith chimed in on substack to call MMT a "fringe ideology" and lambaste its lack of macroeconomic foundations. But a backlash ensued: several female economists claimed the criticisms of Kelton (and MMT) were rooted in sexism, bemoaning the male-dominated nature of the economics profession. And as with all academic or professional disciplines, "diversity" is now not only a buzzword but an open requirement in hiring. I asked Baylor professor and Mises Institute senior fellow Dr. Peter Klein to join the show and give us his behind-the-scenes view of the increasingly politicized economics profession. Read the Times article: Mises.org/KeltonNY Bob Murphy's review of Kelton's book: Mises.org/KeltonBook Noah Smith's review of Kelton's Times article: Mises.org/KeltonNoah | 2/10/2022 | Free | View in iTunes |
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The State of Austrian Economics | To kick off the New Year, Jeff recently had the opportunity to address a Discord channel dedicated to Austrian Economics. His talk focused on the state of economics generally, whether the profession is serving society, how economists failed us throughout the Covid hysteria, and especially the health and relevance of the Austrian school. This is a great survey of the role economics (and economists) should play in society. Also includes questions from the audience, emceed by channel host JW Rich. | 1/13/2022 | Free | View in iTunes |
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Paul Gottfried: The End of the Old Right | The Human Action Podcast wraps up the year with none other than the venerable Professor Paul Gottfried! This is our final show focused on the Old Right, the early 20th century political tradition which animated later libertarian figures like Murray Rothbard. How was this great legacy of peace and freedom on the Right—the Old Republic—lost to Cold Warriors and neoconservatives? Nobody is a better sociologist of American conservatism than Dr. Gottfried, and nobody is more compelling and erudite when it comes explaining how the Right went so horribly wrong (hint: former Commies). Lots of great names discussed, from Rothbard and Nock to Kirk, Strauss, Jaffa, Buckley, Meyer, and even Gore Vidal. Don't miss this show! Additional Resources Read Professor Gottfried's work on Conservatism: Mises.org/Gottfried-Book | 12/30/2021 | Free | View in iTunes |
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Tom Woods on the Old Right | We continue our look at leading figures from the Old Right with guest Tom Woods, who helped publish the late Murray Rothbard's The Betrayal of the American Right. Rothbard admired the courageous and revisionist voices promoting the Old Republic, and shared their antagonism for war and economic intervention. Tom and Jeff discuss great essays like Albert J. Nock's "Isaiah's Job" and Frank Chodorov's "The Ethic of the Peddler Class;" the latter a rousing defense of the merchant class against both bureaucrats and the country-club conservatism which would emerge under William F. Buckley. The old antiwar and anti-New Deal works of figures like Menken, Hazlitt, Howard Buffett, Chodorov, and Nock deserve far wider consideration, especially as the "New Right" spirals into the worst of Buckleyite foreign policy and know-nothing economics. You owe it to yourself to explore this great but underappreciated tradition. Additional Resources Read Rothbard's important work: Mises.org/Betrayal Albert J. Nock's "Isaiah's Job:" Mises.org/HAPNock Frank Chodorov's "The Ethic of the Peddler Class:" Mises.org/HAPChodorov Jeff Leskovar on "The Psychology of Human Action:" Mises.org/HAPLeskova | 12/16/2021 | Free | View in iTunes |
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Jim Bovard on H.L. Mencken | HL Mencken is the writer you need to read immediately. He was savagely brilliant, caustic, and witty, but also prolific across genres in ways almost unthinkable of journalists today. His skill with the English language was virtually unmatched in the 20th century, as was his deep and abiding contempt for utopian statism in any form. And his broadsides against two world wars were incredibly courageous at the time. Our great friend Jim Bovard joins the show to discuss Mencken's work, his complicated elitism, his Old Right politics and social views, and the magnificent pleasure of reading this master. "H.L. Mencken, The Joyous Libertarian" by Murray N. Rothbard: Mises.org/Joyous Mencken Wikiquote: Mises.org/HLQ | 12/2/2021 | Free | View in iTunes |
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Garet Garrett's "The Revolution Was" | Garet Garrett was among the most important figures from the literary, political, and laissez-faire economic traditions of the Old Right, but his name is hardly known today. In 1938 he penned "The Revolution Was," a remarkable essay about FDR's revolutionary New Deal and, more importantly, how it was accomplished. FDR's revolution had already happened, though few Americans understood it or grasped what the triumph of an administrative state would mean. The New Deal was a revolution "with the form," because the old trappings of constitutionalism and separation of powers remained intact. What had changed was the substance of American government, engineered through skillful propaganda and marked by radically increased control over the nation's capital and businesses. This essay is entirely relevant to our current politics, and explains with tremendous clarity the the ongoing revolution happening under our noses today. Ryan McMaken joins Jeff Deist for a deep exploration of the essay and its lessons for us today. You owe it to yourself to read this masterpiece. Read Garet Garrett's prescient essay: Mises.org/GaretWas | 11/23/2021 | Free | View in iTunes |
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Realistic Prospects for Secession and Decentralization | This week's show features a panel discussion recorded in late October at our annual Supporters Summit. Panelists Ryan McMaken, Jeff Deist, Mike Maharrey, and Tho Bishop lay out real strategies for achieving decentralization. Includes an introduction by Joey Clark. Recorded in St. Petersburg, Florida on October 22, 2021. | 11/11/2021 | Free | View in iTunes |
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Daniel McAdams on the Ron Paul Doctrine | Daniel McAdams of the Ron Paul Institute joins the show to discuss what might be termed the Ron Paul Doctrine: a combination of laissez-faire at home, decentralized domestic political power (up to and including secession), robust free trade, and strict non-intervention abroad, This doctrine—which mirrors Mises's prescription for a liberal society—makes no phony distinctions between foreign and domestic policy, or between military and economic interventions. It places peace and property at the center of a free society, and calls for humility rather than hubris in politics. Daniel also gives his thoughts on Dr. Paul's doctrine as it applies today to China, Turkey, Russia, and Iran. | 10/28/2021 | Free | View in iTunes |
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Joe Salerno on Rothbard's History of Economic Thought | We wrap up our look at Murray Rothbard's sprawling two volume An Austrian Perspective on the History of Economic Thought with Dr. Joe Salerno, Rothbard's friend and colleague. This show covers the second volume exclusively, starting with the Frenchman JB Say and working through Ricardo, the British Currency School, John Stuart Mill, and finally Karl Marx. Salerno has penetrating insights about all of these thinkers, from Say's understanding of production to Ricardo's erroneous systemization of Adam Smith. He also has great background regarding Mises and the Currency School vs. Banking School debate, on free banking and full reserve banking, and on Mill's deep misconception of money. The show ends with a thorough look at Rothbard's treatment of Marx over more than 100 pages: Marx's sick view of man as a collective, his hatred for the division of labor, his absurd and deterministic "laws of history," his materialism as a replacement for spiritualism, and the underlying folly of "superabundant production." You don't want to miss this show! Additional Resources Read Rothbard's important work: Mises.org/APHET | 10/18/2021 | Free | View in iTunes |
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Rothbard and Adam Smith | We continue our look at Murray Rothbard's two volume An Austrian Perspective on the History of Economic Thought with a show focused on Adam Smith. Rothbard attacked him mercilessly as a plagiarist who set economic theory back decades with his muddled views on value and price. But was this criticism justified, or was Smith actually an early and valiant proponent of laissez-faire? Our guest Hunter Hastings defends Smith in this rollicking discussion, while Professor Jonathan Newman is not so sure. They also discuss the Scottish Enlightenment and Smithian thinkers like Bentham and Malthus, and even tackle the contentious question of whether Smith produced Marx. Don't miss this! Additional Resources Read Rothbard's important work: Mises.org/APHET | 10/7/2021 | Free | View in iTunes |
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Rothbard's History of Economic Thought from Greeks to Physiocrats | Was Adam Smith the founder of modern economics? Not so, says Murray Rothbard in his staggering two-volume An Austrian Perspective on the History of Economic Thought. Dr. Patrick Newman joins the show for a look at Rothbard's treatment of economics before Smith—from the Ancient Greeks all the way to the Scottish Enlightenment—and his take no prisoners revisionist approach. Jeff Deist and Dr. Newman cover Aristotle and Plato, Aquinas, Protestants and Catholics in the Middle Ages, Spanish Scholastics, Mercantilists, French Physiocrats and Turgot, and the criminally underappreciated Richard Cantillon. If you're a fan of economics and non-bowdlerized history, don't miss this! Additional Resources Read Rothbard's important work: Mises.org/APHET Find out more about Dr. Newman's new book: Mises.org/CronyismBook | 9/30/2021 | Free | View in iTunes |
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Dr. Patrick Newman Introduces Rothbard's History of Economic Thought | Just a few years prior to his death, Murray Rothbard started one of his most ambitious writing projects: a full-fledged, three volume history of economic thought from a uniquely Austrian perspective. Unfortunately he never wrote the third volume, intended to span the post-Marx marginal revolution all the way through the mid-20th century. But the two existing volumes, over 1000 pages, start with ancient Greece and make their way to Adam Smith, Bentham, JS Mill, Ricardo, and Marx. As always, Rothbard is both compelling and radically revisionist. Contra most economic historians, he believed the proto-economists before Smith had much to offer. Both the Spanish Scholastics and French Physiocrats, for example, showed an understanding of value and subjectivism well before Smith developed his muddled cost theory. These two volumes (free here in pdf!) are a must read for any student of economics, and Dr. Patrick Newman is the perfect guest to bring them to life. Don't miss this first in a series of episodes on An Austrian Perspective on the History of Economic Thought. Additional Resources Read Rothbard's important work: Mises.org/APHET Find out more about Dr. Newman's upcoming book: Mises.org/CronyismBook | 9/23/2021 | Free | View in iTunes |
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Murray Sabrin's New Book on Escaping Medical Fascism | On the heels of Biden's vaccine mandate announcement, Dr. Murray Sabrin joins the show to discuss his new book on escaping the state's medical fascism. Universal Medical Care from Conception to End of Life lays out the sobering reality of our unsustainable "health care" system. It explains the ruinous policies which changed doctors from respected guardians of patients to functionaries for government and third party insurance companies—and the unsustainability of our current path. But the book also shows us the way out. The model for market medicine is simple enough: patients pay cash for basic services, have high-deductible catastrophic insurance for emergencies (priced according to actuarial realities), while charitable hospitals and clinics serve the truly poor and indigent. Heroic entrepreneurial doctors already operate in this cash-only marketplace, and Sabrin's book gives us a road map for delivering better and cheaper medical care to millions of Americans. Additional Resources Watch the Mises Institute's Medical Freedom Summit held in June: Mises.org/Med21 Order Dr. Sabrin's fascinating new book: Mises.org/SabrinBook SurgeryCenterOK.com | 9/9/2021 | Free | View in iTunes |
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Kingsley Amis's Lucky Jim | Having branched to our first novel with All Quiet on the Western Front, the Human Action Podcast begs your indulgence for one of the works of 20th century British satire. Lucky Jim is the late Kingsley Amis's seminal send-up of campus life, and it's among your host's favorite books. The book takes place in 1951, and England is trying but failing to lose its class distinctions. The protagonist Jim Dixon is singularly unfit for the academic life he's chosen, and the opportunities for Amis to skewer both the academy and English society are manifest. Allen Mendenhall of Troy University joins the show to discuss the academic pretenses and foibles punctured by Amis, along with great insights about Amis's background and political views. If you like satire, don't miss this show or this book! | 9/2/2021 | Free | View in iTunes |
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Mark Spitznagel's Safe Haven | Fans of Austrian economics know hedge fund manager Mark Spitznagel as a brilliant thinker thoroughly steeped in Menger, Böhm-Bawerk, Mises, and Rothbard. His excellent 2013 book The Dao of Capital was rooted in Austrian capital theory and "roundaboutness," and his application of of that theory has proven highly beneficial for his investors. Now Spitznagel is back with a new book that directly challenges our understanding of risk. Safe Haven asks, and answers, a fundamental question: Can mitigating risk actually add to the bottom line? Can safe havens be truly cost-effective, by adding to CAGR? Mises Institute Senior Fellow Robert Murphy, who consulted on the book, joins the show for a fascinating look at Spitznagel's penetrating and contrarian thesis. If you're interested in the intersection of investing and Austrian economics, don't miss this episode! Mark Spitznagel's Safe Haven: Investing for Financial Storms on Amazon: Mises.org/SafeHaven And, Spitznagel's 2013 book The Dao of Capital: Austrian Investing in a Distorted World on Amazon: Mises.org/Dao | 8/25/2021 | Free | View in iTunes |
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All Quiet on the Western Front | Jeff Deist hosts a solo show to discuss one of his favorite novels from childhood, All Quiet on the Western Front. Its young protagonist Paul Bäumer, barely out of adolescence, narrates the horrors of trench warfare from the perspective only a grunt soldier can provide. Bäumer and his mates lose their innocence, along with various limbs and often their lives. But what makes the book so compelling is not simply the description of wartime savagery, but the dialogue between the men: stripped of any illusions, they see the futility of killing and maiming simply to capture a few more feet of no-man's land. The dialogue in Chapter 9 between the men, arguing about whether states or "people" go to war, is masterful. This is a book every passionate antiwar advocate needs to read time and again. All Quiet on the Western Front on Amazon: Mises.org/AllQuiet Jeff Deist's review of They Shall not Grow Old: Mises.org/ShallNot | 8/12/2021 | Free | View in iTunes |
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Russell Kirk's "Libertarians, the Chirping Sectaries" | Professor Bradley Birzer from Hillsdale College joins the show to dissect Russell Kirk's famous 1981 essay condemning libertarians. Is libertarianism necessarily utopian and unworkable, as Kirk suggests? Is it hubris to imagine we don't need the state—or even God—to prevent social chaos? Do libertarians have more in common with Communists than conservatives? Or was Kirk simply attacking an absurd strawman of the atomistic individual, with Rothbard as the particular (unstated) target of his ire? Dr. Birzer is a thoroughgoing scholar of Kirk, and provides great insights into the context and thinking behind this critique. Russel Kirk's "Libertarians, The Chirping Sectaries": Mises.org/Kirk Rothbard's "Myth and Truth About Libertarianism": Mises.org/HAP77a Dr. Birzer's "Kirk and the Libertarians": Mises.org/HAP77b Hornberger's "An Open Letter to Russell Kirk": Mises.org/HAP77c | 7/29/2021 | Free | View in iTunes |
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Steven Phelan: Startup Stories | Recorded live at Mises University on 24 July 2021. Find Startup Stories: Lessons for Everyday Entrepreneurs at: Mises.org/Startup | 7/23/2021 | Free | View in iTunes |
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The Fiat Standard with Dr. Saifedean Ammous | Saifedean Ammous, famous for The Bitcoin Standard, has a remarkable new book detailing the effects of fiat money on virtually every aspect of society. In the tradition of Guido Hülsmann's The Ethics of Money Production, Ammous returns with The Fiat Standard. From a framework of Austrian economics, this book explains the sordid history of central banks severing currencies from gold redemption—both to finance war and enjoy the political benefits of default. But it also considers the far-ranging effects of inflation on civilization: as time preference increases, everything gets worse. Education, food, architecture, family, and science all suffer, as inflation makes us live today at the expense of tomorrow. On the 50th anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end! | 7/15/2021 | Free | View in iTunes |
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Rothbard on Left, Right, and the Prospects for Liberty | Murray Rothbard's seminal 1965 essay "Left and Right: The Prospects for Liberty" reads every bit as well today as it did 50 years ago. Rothbard defines liberalism and conservatism against the backdrop of the European Old Order, and skewers the incoherence of both in their modern forms. This brief work, steeped in history and full of optimism, shows Rothbard as a careful and strategic thinker about ideological and political movements. Mises.org editors Tho Bishop and Ryan McMaken join the show to explain the tremendous descriptive power of this essay, and why we need Rothbard as much as Burnham, Machiavelli, or Sun Tzu when it comes to strategy. Mentioned in this Episode "Left and Right: The Prospects for Liberty": Mises.org/LeftRight | 7/8/2021 | Free | View in iTunes |
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John Tamny on When Politicians Panicked | Financial journalist John Tamny has written the definitive book on the disastrous political mismanagement of Covid-19—and the resulting (still unfolding) calamities. When Politicians Panicked is a superb analysis of the economic tradeoffs ignored by alarmist Covid policymakers, and a blow by blow account of their bungling in the early months of 2020. But this is also a book about economic growth, employment, markets and prosperity, with well-supported arguments written in Tamny's clear prose. Tamny helps readers See the Unseen, namely that terrible consequences of lockdowns far exceed any danger posed by the virus. Let's hope the experts he skewers in this book take notice. Mentioned in this Episode When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason by John Tamny: Mises.org/Panicked JohnTamny.com | 7/1/2021 | Free | View in iTunes |
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Rothbard's The Ethics of Liberty Finale with Roberta Modugno | Professor Roberta Modugno joins the show to finish our look at Rothbard's seminal treatise on normative libertarianism, The Ethics of Liberty. Dr. Modugno elaborates on Rothbard's disagreements with Mises regarding ethical justifications for a free society, and defends his uncompromising views on the nature of the state. Mentioned in the Episode and Other Links of Interest: Rothbard's The Ethics of LibertyDr. Modugno's Rothbard vs. The PhilosophersDr. Modugno's "How I Discovered Murray Rothbard" | 6/24/2021 | Free | View in iTunes |
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The Ethics of Liberty with Ryan McMaken | Mises.org editor Ryan McMaken joins the show to tackle some of the toughest and most controversial chapters of Rothbard's groundbreaking treatise The Ethics of Liberty. McMaken and Jeff Deist cover abortion, the rights of children, defamation, and all the "what-ifs" contained in lifeboat situations. They also move into part III of the book, where Rothbard pulls no punches concerning the nature of the state, its internal contradictions, its anarchic relationship to other states, and its inescapable role as predator and parasite. This is a can't-miss episode for anyone who questions the role of government in society. Mentioned in the Episode and Other Links of Interest: Rothbard's The Ethics of LibertyJeff Deist: "A Tort Law Approach to Fight Big Tech?"Ryan McMaken: How Defamation Suits are Used to Stifle Free Speech | 6/10/2021 | Free | View in iTunes |
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Rothbard's The Ethics of Liberty with Stephan Kinsella | Lawyer and legal theorist Stephan Kinsella joins the show as we dive into Part II of Rothbard's The Ethics of Liberty, grappling with the foundational issues of crime, proportionality, and contract. When is property justly held? When may injuries to a person or property be addressed with force, and how much force? How do we deal with one another contractually, in terms of promises and expectation? How do we resolve disputes privately? Rothbard presents a remarkable exposition of a theory of liberty, a normative justification for laissez-faire which was sorely lacking. Kinsella does a remarkable job of explaining Rothbard's concepts with force and clarity, so you won't want to miss this episode! Mentioned in the Episode and Other Links of Interest: Rothbard's The Ethics of LibertyRothbard on the “Original Sin” in Land Titles: 1969 vs. 1974 (Nov. 5, 2014)KOL146 | Interview of Williamson Evers on the Title-Transfer Theory of ContractA Libertarian Theory of Contract: Title Transfer, Binding Promises, and Inalienability, Journal of Libertarian Studies 17, no. 2 (Spring 2003): 11-37A Libertarian Theory of Punishment and Rights, 30 Loy. L.A. L. Rev. 607-45 (1997)Fraud, Restitution, and Retaliation: The Libertarian ApproachKOL197 | Tom Woods Show: The Central Rothbard Contribution I Overlooked, and Why It Matters: The Rothbard-Evers Title-Transfer Theory of ContractJustice and Property Rights: Rothbard on Scarcity, Property, Contracts…KOL004 | Interview with Walter Block on Voluntary Slavery | 5/27/2021 | Free | View in iTunes |
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Walter Block on The Ethics of Liberty | Murray Rothbard's The Ethics of Liberty is a sweeping treatise which creates nothing short of a normative political philosophy of liberty. Contra Hume, Rothbard attempts to derive an "ought" from an "is," using natural law precepts and rigorous logic. Professor Walter Block joins the show to discuss the first section of the book, and gives us his unstinting (and always deontological!) take on Rothbard's vitally important treatment of natural law philosophy as the foundation for a free society. There are also lots of great Blockean anecdotes you'll want to hear! The Audiobook version of The Ethics of Liberty is available at Mises.org/EthicsAudio Read Hans-Hermann Hoppe's introduction to the 1998 edition work at Mises.org/EthicsHoppe Find David Hume's A Treatise on Nature at Mises.org/Hume | 5/20/2021 | Free | View in iTunes |
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Rothbard on the Betrayal of the American Right | America's "Old Right"—rooted in 19th century liberalism but birthed in the 1930s to oppose the New Deal—was strongly laissez-faire and non-interventionist. Murray Rothbard wrote the comprehensive story of that movement, it's influences and influence, and its destruction at the hands of Buckleyite Cold Warriorism. Modern conservatism sadly bears little resemblance to the Old Right, and America is worse off for it. Dr. Patrick Newman and Tho Bishop join the show to dissect the book, which is both a critical history and a fascinating political memoir of Rothbard's own journey to libertarianism. Read this historic work at Mises.org/Betrayal | 5/6/2021 | Free | View in iTunes |
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Bob Murphy on Rothbard's What Has Government Done to Our Money? | Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": Mises.org/HoppeHutt | 4/29/2021 | Free | View in iTunes |
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Ross Benes on America's Rural Rebellion | Politics degrades our lives in innumerable ways, from personal relationships to work to places of worship. Even sports and movies now seem to have become deeply politicized. The political class and political system in America appear intent on creating division and hatred rather than cooperation. The two political tribes in America—red and blue—are divided on everything: abortion, guns, immigration, Trump, and now Covid. Is there any way to reclaim some semblance of a truce between these warring nations? Our guest Ross Benes has written an engrossing memoir of his experiences in both worlds, from small town life in his ultra-red Nebraska hometown to his writing career in ultra-blue Brooklyn. It's a fascinating look at how and why we have allowed politicians to alienate us, and a hopeful call for a less political America. Find Rural Rebellion: How Nebraska Became a Republican Stronghold at Mises.org/RuralBook | 4/22/2021 | Free | View in iTunes |
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Rothbard's Anatomy of the State | Ryan McMaken joins the show for a lengthy discussion of Rothbard's brief but devastating essay Anatomy of the State. This book demands that readers understand the stark nature of government, without fairy tales or niceties. It applies the same lens to public and private criminality. It challenges every myth surrounding politics and statecraft, ranging from "the government is us" to judicial review. It explains how the state maintains legitimacy, how it expands, how it deals with other states, and ultimately how it works to prevent domestic threats to its power. And it still serves as the baseline analysis for understanding state power, nearly 50 years after Rothbard helped create a burgeoning anarcho-capitalist movement. Anatomy of the State is a book that everyone, from anarchist to statist, needs to read and consider. Read Rothbard's Anatomy of the State at Mises.org/AnatomyBook | 4/15/2021 | Free | View in iTunes |
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Allen Mendenhall—Is Intellectualism Dead? | Allen Mendenhall joins the show to expand last week's discussion on the intellectual state of America. Are we living in a decidedly anti-intellectual age, or has America always been predisposed toward doers over thinkers? Have Americans simply stopped reading books? Have we lost our ability to think deeply, due to the constant distractions of the digital age? And what does the shift away from any shared baseline cultural knowledge mean for our future? Don't miss this fascinating but sobering discussion. Listen to HAPod episode with Dan McCarthy at Mises.org/HAP63 | 3/31/2021 | Free | View in iTunes |
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Daniel McCarthy on the Prospects for Fusionism | Daniel McCarthy joins the show to continue last week's discussion of the rapid breakdown of America's political order, with wokeism rising on the Left and Reaganism dying on the Right. McCarthy gives us his critique of the liberal technocratic order, and makes his case for where libertarians go wrong in their utilitarian and acultural approach. His prescription is for a new fusionism, with a reinvigorated Rothbardian populism as one critical element. The legacy of Ron Paul's presidential campaigns, McCarthy explains, is the philosophical critique of welfarism and warfarism. But changing society is a long game—one the Left plays well—so we must do the same. Find McCarthy's article Why Libertarians Are Wrong at Mises.org/McCarthyArticle | 3/25/2021 | Free | View in iTunes |
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Donald Devine on the Enduring Tension | Donald Devine is a legend in Washington, DC conservative circles, where he gained fame wrestling civil service bloat as head of Reagan's Office of Personnel Management. His new book The Enduring Tension: Capitalism and the Moral Order starts with Schumpter's creative destruction and asks the tough question: can capitalism alone hold America together? Channeling Hayek, Devine argues that markets are critical but not sufficient. Free and equal individualism requires a mythos and a logos, a moral order rooted in God, morality, law, or tradition—otherwise we devolve into warring factions. Bureaucratic, centralized, and unworkable government perversely encourages these factions as America rejects its federalist structure and Thomist underpinnings. This is a challenging and far-ranging book, and an excellent one for readers concerned with the tension between Locke's liberty and politically engineered license. Find The Enduring Tension: Capitalism and the Moral Order at Mises.org/DevineBook | 3/18/2021 | Free | View in iTunes |
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Daniel Lacalle on Freedom or Equality | Our great friend Daniel Lacalle joins the show from Madrid to discuss the post-Covid economy from the framework of his newest book, Freedom or Equality. Real human cooperation happens via markets and property, not government or central bank edicts. Socially beneficial behavior needs the right incentives—without prices and profits, we have no way to measure merit or benefit. If leaders are serious about economic recovery after lockdowns, they need to dispense with authoritarian controls and let markets work. Lacalle considers interest rates, inequality, stakeholder theory, global debt, and much more in this powerful discussion of today's economic reality. Find Freedom or Equality: The Key to Prosperity Through Social Capitalism at Mises.org/DLbook | 3/4/2021 | Free | View in iTunes |
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Dr. Philipp Bagus on the Political Economy of Mass Hysteria | Normally we discuss books on The Human Action Podcast, but this new academic paper by Professor Philipp Bagus is too important to ignore. "COVID-19 and the Political Economy of Mass Hysteria" is the one journal article you need to read this year. In only about ten pages it makes the devastating case that perverse political incentives—along with a nexus of state-connected media and scientists—combine to create and amplify "public health" hysteria. Echoing Hoppe and public choice theory, Bagus explains how politicians enjoy asymmetric rewards for exaggerating risks and creating fear. The result is gross policy errors we will all pay for over many decades. Don't miss this show! Read Dr. Bagus's paper at Mises.org/BagusPaper And read Jeff Deist's summary of the paper at Mises.org/DeistBagus Find Deep Freeze: Iceland's Economic Collapse online at Mises.org/DeepFreeze Find The Tragedy of the Euro online at Mises.org/TragedyEuro | 2/25/2021 | Free | View in iTunes |
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Dr. Patrick Newman on Cronyism in America | Professor Patrick Newman, known for his incredible work editing Murray Rothbard's The Progressive Era and Conceived in Liberty, just finished a staggering new historical work titled Cronyism: Liberty vs. Power in Early America. Newman joins the show to give us a preview of this tour de force book, which chronicles the special interests and state favoritism embedded in US society almost from the start. The Rothbardian analysis of "liberty vs. power" informs Newman's approach throughout, and history buffs will want to get their hands on this book immediately upon release later in 2021. You will never see the American colonies, revolution, Constitution, or great men like Hamilton, Madison, and Jefferson the same way after reading this book. Help the Mises Institute publish Cronyism: Liberty vs. Power in Early America by Dr. Patrick Newman at Mises.org/Cronyism. Read Rothbard's The Progressive Era at Mises.org/ProgEra | 2/11/2021 | Free | View in iTunes |
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Rothbard's Case Against the Fed | Dr. Mark Thornton joins the show to discuss what might just be Murray Rothbard's best book on money and banking: The Case Against the Fed. Written not long before his untimely death, this work is nothing less than a master class on the history of money: the sordid players and interests behind the creation of the Federal Reserve bank; the workings of demand deposits and fractional reserve, inflationism, and the monetary mechanics behind it all. The final pages of the short and penetrating book are especially fascinating, as Rothbard lays out a process for unwinding the Fed and paying off its liabilities using the federal government physical gold holding. End the Fed starts with understanding the Fed, and this book is vital for any lay reader. Find the online version of the book at Mises.org/RothbardFed | 2/4/2021 | Free | View in iTunes |
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Rothbard's America's Great Depression | Professor Jonathan Newman joins the show for a look at America's Great Depression, Rothbard's classic explanation of a terrible period in US history. This book provides one of the best short surveys of Austrian business cycle theory, along with deep history surrounding the inflationary run-up of the 1920s and the disastrous mistakes made by the "laissez-faire" Hoover administration in the 1930s. Any serious student of booms and busts needs to read this cautionary tale, as does anyone worried about unconstrained monetary policy in the wake of Covid-19 lockdowns. It can happen here, and it can happen again, if Rothbard's counsel goes unheard. Find the online version of the book at Mises.org/GreatDepression Receive a discount on America's Great Depression in the Mises Bookstore with code HAPOD15% | 1/28/2021 | Free | View in iTunes |
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Scott Horton on His New Book Enough Already | Scott Horton of antiwar.com and the Libertarian Institute has a new book chronicling 20 years of America's "War on Terror." Enough Already is a compelling history of modern US interventionism and a scathing critique of American foreign policy in the Middle East. Horton joins Jeff Deist for a sobering look at American hubris overseas, along with the blowback and destruction it causes. You don't want to miss this conversation. | 1/22/2021 | Free | View in iTunes |
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Guido Hülsmann on The Ethics of Money Production | Guido Hülsmann's The Ethics of Money Production is a masterclass both on the fundamentals of money and the disastrous moral consequences of monetary "policy." Inflation is not only an economic problem which impoverishes us materially, but a deeply corrosive force in society for individuals. There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press. Podcaster Stephan Livera is a big fan of the book and joins the show to explain why you need to read it. Guido Hülsmann's The Ethics of Money Production: Mises.org/Ethics Listen to Stephan's podcast at StephanLivera.com | 1/14/2021 | Free | View in iTunes |
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The Case for Reading Books with Tom Woods | Tom Woods joins the show for a special year-end show to make the case for becoming a serious reader in 2021! Read Dr. David Gordon's 2020 book reviews at Mises.org/Gordon2020 Find all episodes of the Human Action Podcast at Mises.org/HAPod | 12/31/2020 | Free | View in iTunes |
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The Managerial Revolution | Managerialism, not socialism or capitalism, dominated the West in the latter half of the 20th century. Nobody explained this better than James Burnham in his seminal 1941 book The Managerial Revolution: What is Happening in the World. Burnham challenges both Marxist orthodoxy on class (exploitation happens without capitalism) and libertarian orthodoxy on market firms (managerial control overtakes "owners"). This is hugely important book, and prescient to put it mildly: Burnham's thesis explains both the populist Trump revolution and the Deep State response. To understand modern politics and bureaucracy, and especially the DC Beltway, you need to read this book. Edward Welsch, editor of Chronicles magazine, joins Jeff Deist for a thorough discussion of Burnham and his most influential work. Watch Dan McCarthy on the history of Burnham at Mises.org/McCarthyBurnham Read Samuel Francis's review of James Burnham's works at Mises.org/FrancisBurnham | 12/22/2020 | Free | View in iTunes |
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The Marginal Revolutionaries | Professor Janek Wasserman's book The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas, is an entertaining and fascinating account of key players and events in the evolution of Austrian school economics. Jeff Deist details the good, bad, and ugly of the book, written by a left-progressive historian from a critical perspective. Read Jeff Deist's review at Mises.org/DeistWasserman Read David Gordon's review at Mises.org/GordonWasserman Find Hülsmann's biography of Mises at Mises.org/LastKnight Read Mises on the history of the Austrian school at Mises.org/MisesHistory | 12/18/2020 | Free | View in iTunes |
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When Money Dies | Ryan McMaken joins the show to discuss Adam Fergusson's seminal history of Weimar-era hyperinflation in Germany, When Money Dies. Americans accustomed to the dollar's king status have no idea how quickly and brutally a currency can lose value, especially when war finance distorts the entire structure of a nation's economy. What follows is sobering: hunger, violence, crime, and degradation. This fascinating book makes for a great study of how and why inflation rises quickly, and provides a cautionary tale for central banks and fiscal policy makers today.Plus listen to the show for a link to your free copy of the book! Read Hans Sennholz on Hyperinflation at Mises.org/HyperInflation Find Henry Hazlitt's What You Should Know About Inflation at Mises.org/InflationHazlitt Read Lyn Alden's article on inflation at Mises.org/Alden | 12/10/2020 | Free | View in iTunes |
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Per Bylund on The Seen, the Unseen, and the Unrealized | Professor Per Bylund of Oklahoma State University is the author of The Seen, The Unseen, and the Unrealized. 2020 is the year social scientists failed to show us the unseen, namely the staggering and still unfolding economic, social, medical, and human costs of Covid lockdowns. Dr. Bylund and Jeff Deist discuss Covid and government responses against the backdrop of ripple effects, Say's law, "market failure," and the inability of bureaucrats to make rational tradeoffs. They also discuss Dr. Bylund's upcoming project for the Mises Institute: an Austrian economics primer, under 100 pages, available as a very inexpensive paperback. Find Dr. Bylunds book at mises.org/Unrealized And follow him on Twitter @PerBylund | 12/2/2020 | Free | View in iTunes |
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MMT Explained with Dr. Robert Murphy | Do we fund government or does government fund us? Can sovereign states issue currency at will without risk of default? Are government deficits actually a form of public wealth? And can newly issued currency (rather than taxes or bonds) be used to pay for public works, health care, college, entitlements, and guaranteed jobs? These are the arguments made by Professor Stephanie Kelton in The Deficit Myth, the latest addition to the "Modern Monetary Theory" concept. If it sounds too good to be true, it is—and Dr. Murphy joins the show to explain why. Read Dr. Murphy's review of The Deficit Myth at mises.org/DeficitMyth | 11/22/2020 | Free | View in iTunes |
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Jeff Deist on Hoppe's Democracy: The God That Failed | Why don't elections bring harmony and closure rather than ever greater political friction? Hans-Hermann Hoppe explained all of the fundamental problems with mass democracy more than 20 years ago in Democracy: The God That Failed. Jeff Deist finishes his series on this devastating classic with a look at Hoppe's final chapters, critiquing conservatism, liberalism, and constitutionalism. Why do both conservatism and liberalism fail? (hint: democratic mechanisms). Liberalism is property, not majority rule, and all governments tend to attack rather than defend property over time. So what is the best way forward, combining a liberal economic program with the old conservative understanding of natural order? And how do we get there? Don't miss this discussion of Hoppe's most controversial and forward-looking book. Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe | 11/1/2020 | Free | View in iTunes |
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Hoppe's Democracy with Stephan Kinsella | Lawyer and libertarian theorist Stephan Kinsella joins the show to discuss the middle chapters of Hoppe's Democracy, The God That Failed—in particular dealing with "desocialization" of collective property, immigration, and free trade. These are the most controversial and widely-discussed parts of the book, and Kinsella provides a fascinating analysis of property vs. wealth, the problems with public ownership and forced integration, and the concept of rule-setting for state property. And don't miss the final part of the show for his explanation of "Hoppephobia." Kinsella's article on LewRockwell.com: "A Simple Libertarian Argument Against Unrestricted Immigration and Open Borders" Read Stephan Kinsella's Against Intellectual Property at Mises.org/KinsellaBook Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe | 10/22/2020 | Free | View in iTunes |
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Hoppe's Democracy: The God That Failed | With an ugly presidential election just three weeks away, we dive into Hans Hoppe's classic Democracy: The God That Failed to puncture some of the myths surrounding democracy and voting. Jayant Bhandari joins the show to discuss Hoppe's controversial thesis concerning monarchy and democracy, time preference and its manifestation in the two systems, the forces constraining monarchs, and the terrible incentives created for democratic rulers. This is a must-listen show for anyone interested in Hoppe's most famous work and its application to the problems western states face today. Find more from Jayant Bhandari on his website (JayantGhandari.com) and his Twitter account (@JayantBhandari5). Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe | 10/15/2020 | Free | View in iTunes |
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The Forgotten Hazlitt Book | Most of you know the great journalist Henry Hazlitt for his remarkable Economics in One Lesson. But in this episode, Jeff Deist discusses Hazlitt's virtually unknown 1942 book A New Constitution Now, which is nothing short of a how-to guide for remaking the US constitutional system. Hazlitt was concerned about FDR's third term and what it meant for presidential power, along with what he saw as the benefits of a quasi-parliamentary government for the US. This is a radical and controversial book, with detailed proposals and serious rebuttals to likely objections. It's a book that deserves a wider audience, especially by those frustrated with the two-party stranglehold on DC. Also, get your free copies of Economics in One Lesson at Mises.org/OneLesson. | 10/7/2020 | Free | View in iTunes |
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Dr. Saifedean Ammous on His Upcoming Economics Textbook | Professor Saifedean Ammous, author of The Bitcoin Standard, is in the midst of writing a new textbook titled Principle of Economics. But he's writing it in open-source form: drafting, revising, and sharing the manuscript with his online students as the book is created. And unlike most lousy college economics textbooks, his offering is rooted in Austrian theory and contains numerous references to Menger, Böhm-Bawerk, Mises, Rothbard, and Hoppe. Academia is changing, and the way we learn is ripe for disruption. Dr. Ammous is at the fore of these changes, and you don't want to miss this show. | 9/29/2020 | Free | View in iTunes |
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Man, Economy, and State: The Finale | We have reached the end of Murray Rothbard's definitive treatise Man, Economy, and State! Dr. Patrick Newman joins the show to wrap up the final chapters—labeled separately as Power and Market—showing Rothbard's economic analysis of government interventions. Newman and Jeff Deist discuss this quintessentially Rothbardian treatment of everything from price controls to taxes to subsidies to "public ownership," presented as always with clarity and devastating logic. Want to find out why the original publisher thought these concluding chapters were too hot for an economics treatise? Don't miss this episode! Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Bob Murphy's study guide to Man, Economy, and State: Mises.org/StudyMES Man, Economy, and State: Mises.org/MES | 9/10/2020 | Free | View in iTunes |
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Patrick Newman on Rothbard’s Power & Market | Power and Market was never meant to be an addendum to Man, Economy, and State, but a vital part of the book’s unbridled economic analysis of a truly free market — and a searing new typology of interventionism. Dr. Patrick Newman joins the show for a fascinating look at Rothbard’s groundbreaking conceptual work in private defense, private courts, and the stark realities of political incentives. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Bob Murphy's study guide to Man, Economy, and State: Mises.org/StudyMES Man, Economy, and State: Mises.org/MES | 8/27/2020 | Free | View in iTunes |
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The Price of Tomorrow with Jeff Booth | By day Jeff Booth is an entrepreneur and builder of companies, but now he's written one of the most compelling and important books of 2020. The Price of Tomorrow: Why Deflation is the Key to an Abundant Future makes the case for a better and more prosperous world simply by accepting the natural order of falling prices and fast-improving technology. The book is entirely free of jargon, ideology, and politics, yet pulls no punches when it comes to describing the fiscal and monetary mess we're in. But it is an optimistic book, with a message for every worldview: deflation is a good thing, it is inevitable, and we should embrace it rather than fight it! Mr. Booth was kind enough to join the show, and has a fascinating discussion with Jeff Deist you don't want to miss! | 8/25/2020 | Free | View in iTunes |
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Man, Economy, and State: Money & Its Purchasing Power with Robert Murphy | Economist Robert Murphy joins the show to cover Rothbard's excellent treatment of money in Chapter 11 of Man, Economy, and State. Dr. Murphy and Jeff cover why "hoarding" money is socially beneficial; why the velocity of money (and the famous MV=PT equation) is a useless concept, and how new money in society is never neutral. How and why does money maintain purchasing power, and does the interest rate really show the "price" of money? Why do we want "hard" money anyway? This is the show you need to better understand Rothbard's landmark exposition of money in an Austrian framework. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Hans-Hermann Hoppe on Hutt's "The Yield from Money Held": Mises.org/HoppeHutt Bob Murphy's study guide to Man, Economy, and State: Mises.org/StudyMES Man, Economy, and State: Mises.org/MES | 8/20/2020 | Free | View in iTunes |
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Man, Economy, and State: Monopoly with Dr. Walter Block | When Murray Rothbard wrote Man, Economy, and State in the 1950s, monopoly theory was a mess. Even Mises did not have a full understanding of where neoclassical economics went wrong in diagnosing "market failure." But in Chapter 10 of his great treatise, Rothbard demolished the myths surrounding monopolies and cartels. His friend Dr. Walter Block joins the show to discuss Rothbard's breakthroughs and draw downward-sloping demand diagrams for us! We discuss why deadweight loss is nonsense; why government privilege and forced union bargaining are the real culprits; and why cartels are inherently unstable. Even Google should not worry us, says Dr. Block—but with a caveat. Don't miss this show on groundbreaking Rothbardian monopoly insights! Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 8/13/2020 | Free | View in iTunes |
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Man, Economy, and State: Entrepreneurship and Change | The Human Action podcast with Jeff Deist continues tracking Rothbard's Man, Economy, and State, this time focusing on the role of entrepreneurs in the production process (Chapter 8). Hunter Hastings joins the show with great insights into the social benefits of profit vs. interest, entrepreneurial risk, progressing and retrogressing economies, and the bunkum known as the "Paradox of Saving." This chapter presents Rothbard's exposition of the individual's (or firm's) role in bringing goods and services to us—while Keynesian and classical economists see capital as a homogenous blog and try to wedge entrepreneurs into mathematical models. You'll also hear why Jeff Bezos is not the devil, why rich kids tend to waste the fortunes created by their parents or grandparents, and why Marx was dead wrong about the little guy. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Economics for Entrepreneurs Podcast: Mises.org/E4Epod Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 7/31/2020 | Free | View in iTunes |
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Man, Economy, and State: Interest Rates | Kristoffer Hansen joins the show to discuss everything about interest rates, as detailed by Rothbard in Chapter 6 of Man, Economy, and State. Hansen and Jeff Deist cover the "pure" rate of interest, expressed via time preference, and why the temporal nature of production helps us understand the premium for present goods relative to future goods. Far from exploiting workers or borrowers, capitalists actually advance money today in exchange for a more risky and uncertain return tomorrow—in the process making us all wealthier based on our individual subjective preferences. At every stage of production, interest helps producers get the capital they need now to bring us, the consumer, all the goods and services we enjoy. This show explains why we can't understand the productive economy without understanding interest rates. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 7/23/2020 | Free | View in iTunes |
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Man, Economy, and State with Shawn Ritenour | AOC and Paul Krugman are wrong: we can't just pay people money to stay home and expect "stuff" to materialize around us. This show explains why—as we cover Rothbard's Man, Economy, and State Chapter 5, "Production: The Structure," with our great friend Dr. Shawn Ritenour from Grove City College. Don't miss a great discussion of that critical missing link in mainstream economics—capital theory—and its corollaries, from the temporal and uncertain nature of production to cost fallacies. This show also features plenty of examples from today's economy and a short but dynamic exposition of the evenly rotating economy by Dr. Ritenour. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 7/16/2020 | Free | View in iTunes |
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Man, Economy, and State: Exchange and Prices | Professor Jonathan Newman joins the show to discuss exchange and prices through the lens of Rothbard's Man, Economy, and State (chapters 2–4). This is vintage Rothbard: precise definitions; hardcore explanations of property, prices, and exchange; the problems of "hegemonic" state violence; and a "beautiful" (per Dr. Newman) conception of social cooperation. Menger and Mises are important in this discussion too, as Rothbard elaborates on the origins of money and the Regression Theorem. Don't miss this great show! Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 7/9/2020 | Free | View in iTunes |
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Man, Economy and State with Jeff Deist | Today's solo show kicks off our reading of Rothbard's landmark Man, Economy, and State with a look at Chapter 1, "Fundamentals of Human Action." So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class. The short appendix at the end of the chapter alone is a bombshell—demystifying the correct form for economic analysis, and explaining why psychology is not praxeology. Don't miss this introduction to the book you know you need to read! Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Man, Economy, and State: Mises.org/MES Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES | 7/2/2020 | Free | View in iTunes |
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Why You Should Read Man, Economy, and State | Rothbard fans, this is the podcast you don't want to miss! Rothbard scholar Patrick Newman joins Jeff Deist to kick off a series of shows featuring Rothbard's landmark treatise Man, Economy, and State. They discuss the history and background behind this important book, how it changed the landscape, and why the concluding chapters titled "Power and Market" proved so controversial at the time–and remain so today! Dr. Newman calls Rothbard's opus "the best book I ever read," and makes a compelling case for lay readers like you to tackle it. Read the book free of charge in searchable HTML format here. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES | 6/25/2020 | Free | View in iTunes |
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Human Action Part Seven with Tom Woods | We've reached the end of Human Action! Tom Woods joins the podcast to discuss Part Seven, "The Place of Economics in Society," and it's a show you don't want to miss. Woods and host Jeff Deist enjoy an engaging and far-ranging discussion of the book's place in history, Mises's frustration with economics co-opting the methods of physical sciences, and the public's seeming inability to overcome anticapitalist propaganda. Mises concludes his great treatise with unmatched clarity and wisdom, reminding us why economics belongs at the forefront of society—and why we all should retain our unwavering sense of élan vital. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources The Sociology of the Development of Austrian Economics by Joe Salerno: Mises.org/SalernoHAP Mises's Élan Vital by Jeff Deist: Mises.org/Elan Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 5/7/2020 | Free | View in iTunes |
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Human Action Part Six with Jeff Deist | We continue our survey of Human Action by finishing up Part Six of the book, Mises's analysis of interventionism—or the so-called "third way" between capitalism and socialism. Mises exposes how state intervention in the market economy makes us all poorer, even while it claims to act against poverty and inequality on behalf of social justice. That perverse "justice" takes the form of currency manipulation, confiscation of land and capital, protectionism for syndicates and unions, and civilization-destroying total wars. This is a solo episode with Jeff Deist, who enjoys Mises's demolition of the hampered market economy masquerading as laissez-faire capitalism. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 4/30/2020 | Free | View in iTunes |
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Human Action Part Six with Dr. Peter Klein | Professor Peter Klein from Baylor University joins the show to discuss Part Six of Human Action, where Mises presents his exposition of interventionism in all its manifestations. Mises breaks socialism down into Soviet and German versions; the first purely bureaucratic (state ownership) and the second nominally private but state-directed. He gives us a contrasting definition of laissez-faire, the choice of freedom over government omnipotence. Successive chapters take readers through taxation, restrictionism (tariffs, regulations, labor laws), and price controls (goods, wages, interest rates). Dr. Klein is a fascinating guest with great insights into Mises and "the Hampered Market Economy." This is a conversation you don't want to miss! Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 4/23/2020 | Free | View in iTunes |
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Human Action Part Five with Ryan McMaken | Ryan McMaken, an economist and editor of Mises.org, joins the show to consider Part Five of Human Action: "Social Cooperation without a Market." This section of the book provides Mises's updated exposition of socialism, the impossible project of substituting 'One Will' for the subjective actions and preferences of everyone in society. Mises gives us the history behind support for socialism, and the enduring appeal of ascribing the best intentions and omniscience to the central state. Can a socialist system really operate using the division of labor? Can mathematical equations lead us to equilibrium, the final and static price for any good or factor? Can the managerial state make the impossible possible? This is a rewarding discussion of socialism from Mises's brilliant and radical point of view. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 4/16/2020 | Free | View in iTunes |
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Human Action Part Four with Dr. Mark Thornton | Professor Mark Thornton and Jeff Deist finish Part Four of Human Action with a look at Chapters 21–24 of the book—a powerful exposition of how social cooperation and market exchange create far more harmony in society than state power. Here Mises explains how we all choose labor or leisure every day, and why wages are not the exploitative pittance socialists imagine. Land and rents have been misconstrued as special factors of production, when in fact market exchange helps us understand their prices just like any other good. These chapters serve as a nice summation of several themes in the book, and set the stage for considering full socialism in Part Five. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 4/9/2020 | Free | View in iTunes |
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Human Action Part Four with Dr. Joe Salerno | Dr. Joe Salerno joins the show for a dynamic look at Human Action Part Four, arguably the meatiest part of the book. Chapters 18, 19, and 20 are where Mises presents the idea of pure time preference, his expanded theory of interest, and the parameters of business cycle theory and malinvestment. Salerno and Jeff Deist consider how time relates to capital; gratitude for society's accumulated wealth; convertibility of capital thanks to stock markets; why holding cash can be productive; originary interest as a ratio, the fallacious classical and Marxist notions of interest, and the boom/bust cycle created by politicians, voters, and bankers who see that inflation "works" for awhile. This is a great discussion of Mises at his best! Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 4/2/2020 | Free | View in iTunes |
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Human Action Part Four with Dr. Jeffrey Herbener | We dive into Part Four of Human Action with Professor Jeffrey Herbener, Chair of the Economics Department at Grove City College. This is a fantastic discussion of money and market exchange, with Mises proving timely as ever given the current financial meltdown and crazed response from Washington. Dr. Herbener and Jeff Deist cover catallactics and how imaginary constructs help us understand basic economics; markets as a system of social cooperation; how ordinal preferences find expression in money prices; the structure of production; consumer sovereignty; Mises's conception of monopoly; and the various media of exchange which complicate what ought to be the market's provision of commodity money. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 3/26/2020 | Free | View in iTunes |
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Human Action Part Three with Dr. Per Bylund | We continue our series on Human Action with Professor Per Bylund of Oklahoma State University. Dr. Bylund and Jeff Deist consider Part Three of the book, "Economic Calculation," considering Mises's conception of value and the folly of attempting to define a "unit of value" in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price "stabilization" efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human inventions; and why Mises thought praxeology emerged when man started thinking about monetary calculation. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 3/19/2020 | Free | View in iTunes |
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Human Action Part Two with Dr. Robert Murphy | Our friend and economist Dr. Robert Murphy joins the show for a discussion of Part Two in Human Action, "Action Within the Framework of Society." This is a great discussion of Mises's view of society and cooperation; Mises on Darwin; the Ricardian Law of Association; the case for treating ideological differences as purely ideological; Mises's utilitarianism as it relates to democracy and anarchism, and the critical importance of exchange and monetary calculation in developing society. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 3/12/2020 | Free | View in iTunes |
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Human Action Part One with David Gordon | In the second installment of our series on Mises's Human Action, Dr. David Gordon joins the show to walk us through Part One. The beginning of the book is considered its most "philosophical" material, where Mises lays out the basics of praxeology and epistemology as fundamental to understanding economics. Dr. Gordon and host Jeff Deist consider each of the book's first seven chapters, with topics including: Mises's categories of action and causality, a priori disciplines, polylogism, "felt uneasiness," value and preferences, praxeology as it relates to time and uncertainty, probability and its application to human action, and the nature of production. If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars! Use the code HAPOD for a discount on the pocket edition of Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study | 3/5/2020 | Free | View in iTunes |
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Why You Should Read Human Action in 2020 | Human Action is the book you want to read, you need to read, you've thought about reading. So make 2020 the year you do read it! Over the next seven weeks the Human Action Podcast will guide you through this incredibly vital and intellectually transforming work, with a series of guest economists to explain and bring Mises's most important work to life. Our opening show features Dr. Shawn Ritenour of Grove City College, who makes a compelling case for lay readers to engage with Human Action. Jeff Deist and Professor Ritenour share plenty of great background, insights, and anecdotes about Mises and the context surrounding the book, so this is an episode you don't want to miss. Use the code HAPOD for a discount on the pocket edition of Human Action from our bookstore: Mises.org/BuyHA. Additional Resources Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study The Mises Reader, edited by Shawn Ritenour: Mises.org/Reader | 2/28/2020 | Free | View in iTunes |
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Understanding Money Mechanics | Dr. Bob Murphy joins the Human Action Podcast to discuss one of the most important issues of all: how money and credit work in today's society. Jeff Deist recently commissioned Murphy to write a series of articles on money mechanics (Mises.org/MoneyMechanics), an exceedingly important topic for critics of the Fed — and today's podcast serves as an introduction to the project. The articles will be compiled into an e-book, with plenty of graphics to simplify the basic process of money creation in a fractional reserve system. If you want to understand how the Fed works, how money and credit come into being, how interest rates arise, and what it all means for you, don't miss this great upcoming series at mises.org. Additional Resources Jeff Deist on Understanding Fed Money Mechanics | 1/1/2020 | Free | View in iTunes |
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Why Gold Still Matters | Central bankers dismiss gold as a relic, even as they buy up more of it. Politicians dismiss gold as money they don't control and can't expand. Holders dismiss gold as outdated tech. And investors dismiss gold as a static metal paying no yields. So why does gold still matter? Why does it hold value over millennia? Why does it threaten inflationist governments? Why does it seem to be flowing West to East? Why does an ounce of it still trade for more than $1,000, if the critics are right? This is the comprehensive show on gold and its enduring role in today's economy, with Keith Weiner of Monetary Metals. | 12/9/2019 | Free | View in iTunes |
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The Cultural Consequences of Negative Interest Rates | Negative interest rates are now entrenched reality in Europe, and not just for buyers of sovereign or corporate debt – even retail savings accounts are affected. What does this mean for real people trying to save for retirement? And more broadly, what does it mean for Europe culturally? Not to mention America, since Alan Greenspan tells us negative rates are coming here soon? Our guest Rahim Taghizadegan from the independent Viennese Scholarium joins the show to discuss the anti-economics of negative rates. He is co-author of a new book titled The Zero Interest Trap. He is also a co-author of Austrian School for Investors. | 12/2/2019 | Free | View in iTunes |
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Does Economic Theory Work in Business? | Marketing guru and fund investor Hunter Hastings joins the Human Action podcast for a look at Economics for Entrepreneurs, a new platform which uses Austrian theory to teach actionable entrepreneurship. Can business acumen be taught, or is it innate? Hunter and Jeff examine consumer sovereignty, value creation, and the theory of the firm, all from a unique Austrian perspective. Austrians have a lot to say about how entrepreneurs ought to think, while business schools fail to adjust to the new decentralized, agile world. Austrian economics provides entrepreneurs with a different set of tools than any business book or MBA program, and our new podcast series will help anyone improve their business or career bottom line. Additional Resources Mises for Business LinkedIn page Economics for Entrepreneurs (E4E) podcast | 11/18/2019 | Free | View in iTunes |
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Patrick Newman on Rothbard and his Critics | The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, ethics, history, sociology, and anarchism—even though Hayek did the same? Was Man, Economy, and State really just a rehash of Human Action? Did he deviate from Mises on method? Were Power & Market and the Ethics of Liberty just too radical and off-putting? Professor Patrick Newman considers critics like Arthur Burns, Kirzner, Leland Yeager, Nozick, Mario Rizzo, Selgin/White, Jason Brennan, Bryan Caplan, and of course Mises. If you like Rothbard you don't want to miss this show! Additional Resources In Defense of "Extreme Apriorism" by Murray Rothbard Conceived in Liberty, Volume V coming October 25 Join us for a celebration of Mises and his work in Los Angeles October 25–27. More info available here. | 10/10/2019 | Free | View in iTunes |
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Why the Fed's Mythology Endures, with Murray Sabrin | Professor Murray Sabrin, author of the new book Why the Federal Reserve Sucks, joins HAPod to explain why ordinary people should care about — and oppose — the Fed. This is a comprehensive look at central bank mythmaking: how money creation benefits wealthy elites at our expense; what Keynesians, monetarists, and supply-siders get wrong; and, why we should understand the sordid history of money manipulation and tyranny. Subscribe and listen to the Human Action Podcast on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 9/26/2019 | Free | View in iTunes |
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Everything About Negative Interest Rates with Bob Murphy | Europe and Asia are awash with $13 trillion in negative yield sovereign and corporate bonds. Alan Greenspan says negative interest rates are coming to America. And the Fed just announced another rate cut, even while Chair Jay Powell and Mr. Trump assure us the economy is better than ever. Economist Bob Murphy joins Jeff Deist to make sense of the nonsensical world of negative interest rates. | 9/22/2019 | Free | View in iTunes |
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Hazlitt in One Lesson with Walter Block | Professor Walter Block joins the Human Action Podcast for a fantastic in-depth discussion of Henry Hazlitt and his work. Dr. Block has great insights into Hazlitt's work on inflation, economic fallacies, ethics and utilitarianism, and more, plus great anecdotes about Hazlitt, Mises, and Rand. Economics in One Lesson may be the most important economics book ever written for lay readers, and the Mises Institute will release a new edition of the book later this fall—available free to tens of thousands of students across the world. There is still time to be listed as a patron in the book by donating here! Articles discussed: "The Task Confronting Libertarians" "The Case for the Minimal State" (PDF), page 103 | 9/5/2019 | Free | View in iTunes |
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The State of Economics Education | Auburn University professor Dr. Liliana Stern joins a special live episode of the Human Action Podcast for an unvarnished look at the state of economics education today. Why are theory and history ignored, while warmed-over Keynesian models dominate? How can Austrians reclaim their rightful place in the curriculum? Are economics students finding jobs? Why do academic publishing and textbook rackets persist? And why is actual teaching such a low priority? If you care about how economics is taught today, don't miss this show! | 7/25/2019 | Free | View in iTunes |
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Nation, State, and Economy | Nationalism, globalism, cosmopolitanism, and immigration are heated topics today—but Mises systematically addressed them 100 years ago, in his seminal work Nation, State, and Economy. What is a nation, and what does the nationality principle mean for liberalism? Mises argues that nations arise spontaneously, predating governments. Liberal nations exist to the extent they respect self-determination, peace, and international trade. But illiberal nations produce war and privation, discriminate against minorities, and distort natural migration. So how do we deal with aggressive nationalism? Economist Ryan McMaken, editor of Mises.org, joins Jeff Deist to wrestle with this important and relevant book. Don't miss their great discussion of immigration toward the end of the podcast, referencing Professor Ben Powell's recent paper "Solving the Misesian Migration Conundrum". And use the code HAPOD for a discount on Nation, State, and Economy from our bookstore. | 7/15/2019 | Free | View in iTunes |
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Richard Cantillon As a Proto-Austrian | Dr. Mark Thornton, our in-house Cantillon expert, joins the Human Action Podcast to discuss the contributions of this important proto-Austrian thinker. Cantillon may well have written the first true economic treatise, one which lays out a comprehensive theory of production, money, interest, value, method, and trade—almost 150 years before Menger's Principles. And along with the other French physiocrats, Cantillon gave us the concept of lassez-faire that later influenced Adam's Smith's invisible hand. If you want to understand economics today, and the precursors to the Austrian school, you need to know Cantillon and his work. Cantillon's An Essay on Economic Theory, edited by Mark Thornton. Free PDF available. A biography of Cantillon by Mark Thornton. "More on Cantillon as A Proto-Austrian" by Guido Hülsmann. Subscribe and listen to the Human Action Podcast on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 6/22/2019 | Free | View in iTunes |
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Mises on Omnipotent Government | In 1944 Ludwig von Mises published Omnipotent Government, his historical treatment of Nazism and its origins in the collapse of German liberalism. This book expands on earlier works like Nation, State, and Economy and Liberalism, applying their analysis to the terrible events of WWII. Europe was up in flames, but Mises skillfully explains how to defeat the total state and its advocates. Professor Matt McCaffrey joins the show to consider this vital book and its absolute relevance today. Everyone interested in peace should read it, and send a copy to a politician who needs it. Read or listen to the book for free here, or enter code HAPOD in our bookstore for $5 off the hardcover edition. Subscribe and listen to the Human Action Podcast on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 5/30/2019 | Free | View in iTunes |
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The Anti-Capitalistic Mentality | The Human Action Podcast reviews another overlooked classic by Mises: The Anti-Capitalistic Mentality. This book takes no prisoners, showing how envy motivates progressive and conservative intellectuals who fear dynamic capitalism. The real reactionaries, according to Mises? Socialists who want to keep everyone stuck at one station in life. Our friend Andy Duncan from Mises UK, who recently reviewed the book, joins the show to discuss. Read the book free here, or enter code "HAPOD" in our bookstore to buy a softcover for only $5! Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 5/19/2019 | Free | View in iTunes |
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The Bureaucratic Revolution | The twentieth century revolution in America was bureaucratic, not ideological. And in 1944, a new American—Ludwig von Mises—published Bureaucracy, the most important and devastating critique of administrative rule ever written. Clocking in at just over 130 pages, this is Mises at his hard-hitting best. Professor William Anderson joins the Human Action Podcast for an in-depth discussion of both the book and the bureaucratic capture of America it warned against. Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 5/6/2019 | Free | View in iTunes |
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Praxeology and the Method of Economics | Dr. Joe Salerno joins Jeff Deist to explore another foundational topic: the method of economics. Mises developed praxeology, perhaps his most controversial contribution to economic science. Praxeology starts with fundamental axioms, then derives economic theory by working logically through a deductive process. As such, praxeology is at odds with logical positivism and empiricism—and presents a markedly different approach to economics. Readings Ludwig von Mises, The Ultimate Foundation of Economic Science Ludwig von Mises, Human Action, Part One, Chapter II: "The Epistemological Problems of the Sciences of Human Action" Murray Rothbard, "In Defense of Extreme Apriorism" Hans-Hermann Hoppe, Economic Science and the Austrian Method Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 4/28/2019 | Free | View in iTunes |
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Mises on Liberalism and Political Economy | Our in-house economist and editor Ryan McMaken joins the Human Action Podcast for a deep dive into Mises's seminal 1927 book Liberalism. This is the definitive podcast on the definitive book on liberal society: its foundations, what it means for property, freedom, peace, economic policy, and immigration. Readings Liberalism: In the Classical Tradition by Ludwig von Mises"Was Mises a Neoliberal?" by Jeff Deist"Immigration Roundtable: Ludwig von Mises" by Jeff Deist Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 4/14/2019 | Free | View in iTunes |
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The Theory of Interest Rates | What are interest rates, where do they come from, and what purpose do they serve? Smith, Marx, and Keynes got these questions wrong; Turgot, Böhm-Bawerk, and Mises got them right. Economist Jeffrey Herbener from Grove City College explains. Readings "The Brilliance of Turgot" by Murray RothbardProfile of Böhm-Bawerk by Roger Garrison Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 3/27/2019 | Free | View in iTunes |
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Socialism | It's been almost 100 years since Mises literally wrote the book on socialism. His arguments against central economic planning, still acutely relevant today, have never been refuted—in theory or dismal practice. Joining the Human Action Podcast to discuss this monumental book is Dr. Shawn Ritenour, professor of economics at Grove City College and editor of the Mises Reader. Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 3/12/2019 | Free | View in iTunes |
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Mises on Money | The Theory of Money and Credit—Mises's first major work—revolutionized economics by introducing a new theory of how and why money has value. It deserves serious attention, and Dr. Jeffrey Herbener joins The Human Action Podcast for an extended discussion of this seminal work and the achievement it represented. Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 3/3/2019 | Free | View in iTunes |
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Why Menger Matters | You probably haven't read Carl Menger's Principles of Economics, but you should: it's a groundbreaking work that created a new theory of value and built a foundation for praxeology. Dr. Joe Salerno joins us for the definitive podcast on the founder of the Austrian school. Dr. Joe Salerno's brief biography of Menger Dr. Peter Klein's foreword to Principles of Economics Carl Menger's Principles of Economics online in PDF and ePub formats Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 2/24/2019 | Free | View in iTunes |
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Economics is a Mess | Professor Peter Klein joins The Human Action Podcast to explain how and why. Subscribe and listen on iTunes, YouTube, Stitcher, Soundcloud, Google Play, Spotify, or via RSS. | 2/12/2019 | Free | View in iTunes |
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Jeff Deist on Why Socialism Persists | This is the last Mises Weekends episode! But don't despair, Jeff will soon be back with a brand new format: The Human Action Podcast. The new show is not radically different, but focuses more exclusively on Austrian economics, its great books, and its great thinkers — with longer, more in-depth interviews. But don't take our word for it, tune in next week to the first show with David Gordon! Your RSS-fed platforms like Stitcher and SoundCloud will continue to support the new show, while Mises.org will still host both streaming and downloadable audio files. And your iTunes subscription will redirect you from Mises Weekends to The Human Action Podcast. This week Jeff takes a hard look at socialism and why it seems to gain greater support in the US and across the West. Do people really understand socialism as Mises did, and do they really want collective ownership of industry? Or do they just want what he termed "pseudo-socialist" economic systems that redistribute wealth? What motivates socialists? And how do they reconcile their moralizing self-regard with the doctrine that socialism is inevitable and inexorable? Mises's Socialism: An Economic and Sociological Analysis. Jeff Deist on why support for socialism persists. | 1/17/2019 | Free | View in iTunes |
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Joe Salerno on Mises and Nationalism | Dr. Joe Salerno will address the annual Students for Liberty conference this week on the topic of his seminal article, "Mises on Nationalism, the Right of Self Determination, and the Problem of Immigration." While Mises had plenty to say about nation states and liberalism, he wrote relatively little about immigration per se. Dr. Salerno and Jeff Deist discuss Mises's conception of nation and state, breakaway movements, borders, and self-determination in polyglot societies. Nationalism and immigration are the most contentious political issues today, and Mises's perspectives remain remarkably fresh and relevant. | 1/10/2019 | Free | View in iTunes |
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Jeff Deist on Money in the 21st Century | Jeff Deist joins Australian podcaster Stephan Livera (twitter) for an in-depth look at money in an era of crazed monetary policy. They tackle how Austrian economics relates to cryptos, why gold still matters, how deflation and "hoarding" are healthy for an economy, and how any challenge to the central bank cartel could create a political upheaval far beyond banking and economics. | 1/3/2019 | Free | View in iTunes |
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Daniel Lacalle on the Central Bank Tightrope | Our great friend Daniel Lacalle, author of Escape from the Central Bank Trap, joins the show to discuss the perilous condition facing central banks after a decade of their own malfeasance. Daniel and Jeff discuss absurd reactions to the Fed's tiny interest rate hikes, the fragility of central bank policy in the face of enormous sovereign, corporate, and household debt, why expansionary monetary policy always hurts poor people, and what the Fed and ECB might do– realistically– under current conditions. This is a must-listen interview with one of the best and most visible central bank critics. | 12/27/2018 | Free | View in iTunes |
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Dave Smith on Trump's Christmas Surprise in Syria and Afghanistan | The great comic Dave Smith is the proud dad of a newborn baby girl. Will she witness fewer American wars in her lifetime than a girl born in 1918? Dave and Jeff Deist discuss the astounding news from Trump about reducing troops in Syria and Afghanistan, the growing push-back against neoconservative foreign policy from ordinary Americans of all stripes, the impassible rift in Conservatism Inc. caused by Trump, and how Rand Paul may lead a new noninterventionist resurgence. | 12/20/2018 | Free | View in iTunes |
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Carmen Dorobăț: A Young Scholar on Mises's Legacy and Impact | Professor Carmen Dorobăț grew up in Romania—too young to remember Ceaușescu, but deeply aware of what socialism did to her country. Fortunately, she discovered Ludwig von Mises during her university years and found her passion for economics. She joins Jeff Deist to discuss how Mises's work and legacy paved the way for her and an entire generation of younger scholars. | 12/13/2018 | Free | View in iTunes |
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Dr. Robert Murphy on the Dubious Economics of Climate Change | Climate Change (née Global Warming) is based on three premises: the earth's atmosphere is warming; humans are responsible for that warming; and warming is inherently bad. But even if we accept these premises, what economic trade-offs are warranted in response? No more air conditioning or private automobiles? Heavy carbon taxes? Outlawing relatively cheap fossil fuels and mandating expensive renewable sources? Slower economic growth in the developing world? One child policies? Dr. Robert Murphy joins Jeff Deist to discuss how the political landscape and media narratives fail to consider obvious choices and trade-offs inherent in the climate change debate. | 12/6/2018 | Free | View in iTunes |
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Danielle DiMartino Booth on the Fragile Fed Narrative | Former Dallas Fed official Danielle DiMartino Booth joins the show just as Chairman Jay Powell faces his first major challenge: will he keep raising rates as promised now that autos, housing, employment, and even tech stocks look soft? And if not, will he effectively signal that the US economy is in big trouble? DiMartino Booth and Jeff Deist discuss Powell's performance to date, the credulity of the financial press, the ugly ticking time bomb of US corporate debt, and whether Austrians and permabears overestimate the Fed's influence on the economy. | 11/29/2018 | Free | View in iTunes |
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Connor Boyack: Explaining the State to Kids | Connor Boyack is back with another book in the Tuttle Twins series called The Fate of the Future. It's based on Murray Rothbard's famous Anatomy of the State, and like Rothbard it pulls no punches when describing government as predatory, violent, and coercive. Connor and Jeff Deist discuss why it's so important to offer an early alternative to the fantasyland view of the state that kids get in schools, and how the revolutionary act of home schooling may prove more powerful than any other libertarian activism. | 11/22/2018 | Free | View in iTunes |
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Michael Boldin on the Reality of Secession | The midterm elections failed to produce an overwhelming Blue Wave, and political rancor in the US remains feverishly high. Now an astonishing new article in The Intelligencer considers the idea of a "federated" America, broken up into several political entities associated via compacts. It's not a dystopian view of a possible future, but rather a clear-eyed projection of what a political breakup of America might actually look like. But is a breakup feasible? Does it have to involve outright secession by several states, or can some form of federalism allow Team Red and Team Blue to live together, even uneasily? Is Mises's conception of true self-determination, implemented by smaller administrative units rather than huge centralized states, lost to us today? Michael Boldin of the Tenth Amendment Center joins Jeff Deist to discuss the realities behind breaking up the US politically. | 11/15/2018 | Free | View in iTunes |
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Jeff Deist on "The Show" | The legacy media doesn't report news, it produces a show. "The Show" lies to us, divides us, inflames the culture wars, and creates political division. The old broadcast networks, cable channels, newspapers, and magazines all actively work against liberty and correct economics—so the importance of alternative sources for news, economics, history, and politics has never been greater. Jeff Deist spoke on the topic of new and old media at our recent event in Texas. | 11/8/2018 | Free | View in iTunes |
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Dr. Yoram Hazony on Liberalism, Nationalism, and Globalism | Dr. Yoram Hazony's new book The Virtue of Nationalism asks several provocative questions: are nation-states necessarily illiberal? Are globalism and universalism inevitable? If so, why do we blithely assume a post-national world will be liberal and benign? Are movements toward supranational governance, always ordered around western political conceptions, a new form of imperialism? And what does history teach us about ordering human affairs to best ensure prosperity, peace, and human flourishing? Ludwig von Mises—quoted in the book—asked these questions almost a century ago in Liberalism, and they're every bit as relevant today in the age of Trump. Dr. Hazony joins Jeff Deist for a compelling interview. Related article: Dr. Joe Salerno on Mises and the nation state. | 11/1/2018 | Free | View in iTunes |
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Ryan McMaken: Capitalism Makes Us More Humane | This week, we feature a recent episode of Ryan McMaken's Radio Rothbard podcast. We continue to hear about how capitalism and industrialization distract us from the important things in life. In reality, the historical record shows that it was industrialization and capitalism that propagated the conditions under which we can afford to treat each other more humanely. Radio Rothbard is a series of short podcasts based on columns and research from the Mises Institute's Mises Wire. Topics include economics, comparative politics, and history. Subscribe to Radio Rothbard today on iTunes, Google Play, Stitcher, Soundcloud, or via RSS. | 10/25/2018 | Free | View in iTunes |
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Patrick Newman: Rothbard in the 21st Century | Almost twenty-five years after his death, unpublished material by Murray Rothbard is still being released. Professor Patrick Newman, editor of The Progressive Era, is hard at work on the long lost fifth volume of Conceived in Liberty—Rothbard's epic history of colonial America. How did one man write so much, and what can he still teach us today? Don't miss this terrific talk from a leading Rothbard scholar. | 10/18/2018 | Free | View in iTunes |
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Daniel Lacalle on the Biggest Bubble of All | What's the biggest and most dangerous financial bubble? Sovereign debt issued by profligate governments. And unlike stocks or corporate debt, government bond bubbles harm millions of ordinary people when they burst. Economist Daniel Lacalle joins Jeff Deist to figure out the bizarro world of the bond bubble: negative interest rates, anemic rate spreads between government bonds and "high yield" bonds, and central banks as the unseemly buyers of last resort. They discuss the Fed's interest rate hikes, Jerome Powell's focus on data, the US housing market, and why all of us have a stake in seeing central bank balance sheets shrink. Related article: Daniel Lacalle on the Bond Bubble | 10/11/2018 | Free | View in iTunes |
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Dr. Peter Klein on Silicon Valley Socialism | Silicon Valley used to be a hotbed of libertarian thought, a place where innovation mattered more than government. Today, companies like Twitter and Facebook serve as de facto editors, banning users like Alex Jones for "wrong-think." Google dominates search, but may steer search results. And Amazon serves nefarious clients like the NSA with its cloud infrastructure. And all of them employ plenty of lobbyists to avoid the kind of government anti-trust suit Microsoft faced nearly 20 years ago. Libertarians oppose regulation, but also oppose censorship and politically correct culling of opinion. Dr. Peter Klein recently addressed these topics and more, in a talk illustrating how the technology sector has drastically changed in recent years—and how tech firms evolved into media companies focused on influence instead of innovation. He argues that social-media companies put on a public facade of being private and free of government influence, but behind the scenes they really lobby for protection against competition. | 10/4/2018 | Free | View in iTunes |
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Mises Weekends Live! Allen Mendenhall on our Terrible Supreme Court | Allen Mendenhall from Faulkner University Law School joins Jeff Deist to break down the hyper-politicized spectacle of the Kavanaugh confirmation hearings. How did the Supreme Court become so wildly powerful, even while rubber-stamping the excesses of the executive and legislative branches? How much longer can America survive having deeply contentious issues like abortion and gun control decided by a de facto super-legislature? Why is the Constitution a malleable "living document" but Supreme Court precedents are sacrosanct? And how will we ever overcome deep-seated public misconceptions about the role and powers of the Court? | 9/28/2018 | Free | View in iTunes |
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Jim Bovard on the Terrible Politicization of America | We take a break from economics this week to welcome our old friend Jim Bovard for an unflinching look at the disastrous politicization of everything in America. The nasty fight over Brett Kavanaugh's Supreme Court confirmation is only the latest example of a trend Rothbard identified decades ago, one that intensifies in the Trump era. Can we ever make politics matter less again? Can we ever stop filtering everything that happens through a noxious lens of race, sex, class, oppression, and intersectionality? And can we ever stop seeking to vanquish people politically? | 9/20/2018 | Free | View in iTunes |
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Jeff Deist: Is American Civilization Self-Destructing? | This weekend’s show features Jeff’s recent appearance on the radio show Turning Hard Times into Good Times hosted by Jay Taylor. They discuss the big picture aspects of the US economy—namely, what's going on civilizationally with debt and central banking, and the seemingly endless civil wars in the middle east. They also deconstruct the poisoned political landscape in Washington DC, despite the lack of any meaningful policy differences between the two dominant ideologies of today: neoliberalism and neoconservatism. This is an eye-opening discussion about the state of things in DC and beyond. | 9/13/2018 | Free | View in iTunes |
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Jeff Deist on What You Can Do | The intellectual landscape today is far more favorable to markets and Austrian economics than 30, 50, or 100 years ago. Our job is to take the digital means at our disposal and make economics the stuff of everyday life, something relevant to ordinary people. So let’s drop the scrappy underdog posture, the quietism, the retreatism, and the remnant mentality, and fully restore proper economics to its rightful place in academia, business, and civilization itself. | 9/6/2018 | Free | View in iTunes |
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Dr. Mary Ruwart: How Government Keeps Us Sick | Mary Ruwart is a PhD chemist who worked for 20 years in Big Pharma, and she's seen regulatory capture at the FDA up close. She joins Mises Weekends to discuss the sobering reality of our medical cartel, and what all of us must do in the fight for health freedom in the US. How does government thwart radical research that might eliminate cancer, HIV, and chronic diseases like diabetes? Who really funds the FDA? Why do doctors go along with it? Can we measure how many deaths the FDA causes each year, rather than prevents? And will health supplements or alternative health modalities remain legal and widely available in the US? | 8/30/2018 | Free | View in iTunes |
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Professor Steve Hanke Explains Hyperinflation | Steve Hanke, professor of economics at Johns Hopkins and head of Cato's Troubled Currencies Projects, is an Austrian—but he's an Austrian who looks at markets first and foremost. He also thinks QE was the right thing for the Fed to do in 2008, Austrians are all wrong to focus on the Fed's balance sheet instead of the M4 "broad money" supply, and US debt is a more distant worry than the risk posed by Trump's tariffs. An expert on currencies and inflation, Professor Hanke joins the show to explain what's happening in places like Venezuela and Turkey. How and why do currencies fail, and how can hyperinflation be prevented without bailouts by the IMF? What can stop the vicious cycle of printing money to pay bills when no tax base exists? And what do recent past examples in Bulgaria, Russia, and Yugoslavia teach us? | 8/23/2018 | Free | View in iTunes |
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Saifedean Ammous on Bitcoin Hype | It turns out the best book on Bitcoin was written by someone who thinks the cryptocurrency is not a particularly good form of payment, not particularly anonymous, and not a good investment for most people. Saifedean Ammous, professor of economics at Lebanese American University, wrote The Bitcoin Standard to cut through the hype and examine crypto technology through a rigorous Austrian lens. The result is a phenomenal book: pro-gold, pro-Mises, and optimistic about the crypto revolution's goal of creating truly private money. This is the guy you should listen to when it comes to Bitcoin. He sits down with Jeff Deist for a thorough and entertaining interview. | 8/15/2018 | Free | View in iTunes |
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Jeff Deist on PC and the State-Linguistic Complex | As the events of recent weeks demonstrate beyond doubt, political correctness is very real, deeply authoritarian, and wedded at the hip to progressive government. PC is not about respect or inclusivity, but rather a naked attempt to consciously manipulate language in service of progressive ends. Worst of all, PC creates an atmosphere in which we mostly censor ourselves. When libertarians like Daniel McAdams and Scott Horton find themselves de-platformed by twitter, it's time to see the "state-linguistic complex" for what it really is. Jeff Deist addresses the Federalist Society of Montgomery, Alabama, to make sense of it all. | 8/9/2018 | Free | View in iTunes |
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Judge Andrew Napolitano: How the Courts Killed Natural Law | The Constitution represented a coup from the beginning, and it's a dead letter today. The Declaration of Independence, however, is a truly radical libertarian document still worthy of consideration. Judge Andrew Napolitiano, our Distinguished Scholar in Law and Jurisprudence, recently gave a rousing talk at Mises University on the Declaration's natural law tradition–and how federal courts relentlessly and successfully attacked the principles it represented. This is Judge Nap at his scorching best, and you won't want to miss his comments on Supreme Court nominee Brett Kavanaugh. | 8/2/2018 | Free | View in iTunes |
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Ronni Stöferle on Why Gold Still Matters | Even many libertarians dismiss gold and precious metals as irrelevant in the global monetary system. Ben Bernanke famously told Ron Paul that gold is a commodity, not money. So why do central banks still hold so much of it, Ron asked? Good question. Ronni Stöferle from Incrementum AG joins Jeff Deist to talk about everything related to gold: why it's still money, how it might react to rising interest rates, why the IMF still worries about it, and why so much of it seems to be flowing from West to East. You won't want to miss his analysis of why gold and precious metals are complementary assets with respect to cryptocurrencies, and his call for both camps to join forces and promote Hayek's goal of denationalizing money. Related: Ron Paul on the Dollar Dilemma. | 7/26/2018 | Free | View in iTunes |
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Ryan McMaken and Jeff Deist on Radical Decentralization | Mises.org editor Ryan McMaken joins Jeff Deist live at Mises U to make the radical case for decentralization of political power. They tackle the Misesian view of self-determination, Professor Bryan Caplan's recent critique of decentralization as mechanism for liberty, how subsidiarity could improve the ugly culture wars in the US, and why smaller states—and smaller electorates—make more sense than political universalism. | 7/20/2018 | Free | View in iTunes |
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Allen Mendenhall on our Hyper-Political Supreme Court | The Supreme Court is hopelessly politicized, far too powerful, and relentlessly hostile to liberty. Our legal expert Allen Mendenhall joins Jeff Deist to discuss the liberal and illiberal aspects of nominee Brett Kavanaugh's record, the limits of originalism, and the intractable reasons why changing the makeup of the Court won't save us from a rapacious federal government. | 7/12/2018 | Free | View in iTunes |
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Daniel Lacalle on Why Central Banks are Trapped | Daniel Lacalle joins Jeff Deist to discuss how and why central banks are trapped, stuck with ultra-low interest rates and expansionary policies that produce astonishingly little real growth. This is a hard-hitting and sober look at what rising interest rates will mean, why academics and bankers are so clueless about the monetary side of financial markets, and why Austrians need to offer real-world solutions instead of ideology. | 7/5/2018 | Free | View in iTunes |
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Jacob Huebert on a Libertarian Victory at the Supreme Court | Public sector unions think it's okay to force employees who aren't union members to pay dues that fund leftwing lobbying. Libertarians support any voluntary associations, including unions, but oppose compelled speech and legislatively-mandated collective bargaining. Our guest Jacob Huebert is the attorney who won the enormously important Janus vs. AFSCME Supreme Court case, this week. He's also an Associated Scholar with the Mises Institute and author of an excellent primer titled Libertarianism Today. Jacob and Jeff Deist break down the libertarian perspective on this landmark case. | 6/28/2018 | Free | View in iTunes |
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Caitlin Long: Will Blockchain Free Us from Wall Street? | Caitlin Long recently joined us in San Francisco for an inside look at how blockchain technology might blow up the financial service and banking industries. This is a presentation you won't want to miss from someone at the cutting edge of both blockchain technology and the legal landscape surrounding it. | 6/21/2018 | Free | View in iTunes |
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Ryan McMaken: Why Breaking Up is Hard to Do | Mises.org editor Ryan McMaken joins Jeff Deist for an entertaining look at the California ballot measure that would split the Golden State into three distinct parts. It's long overdue, says Ryan, and not as far-fetched as it sounds. | 6/14/2018 | Free | View in iTunes |
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Daniel McAdams on Who's Funding War Propaganda | Daniel McAdams from the Ron Paul Institute gave a talk last weekend about groups funding war propaganda in mainstream and social media, and how they prevent anti-interventionist voices from being heard on those same platforms. Companies like YouTube, Google, Facebook, and Twitter are now judging—and banning—ideological content based on the guidance of really evil organizations like the Atlantic Council, Snopes.com, and the Southern Poverty Law Center. All of this poses serious questions for doctrinaire libertarians, not only concerning free speech, but also property rights: remember, these are ostensibly private companies free to operate as they see fit. | 6/7/2018 | Free | View in iTunes |
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Danielle DiMartino Booth on the Fed's Mission Impossible | Danielle Booth, a veteran of the Dallas Fed and author of Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America, joins the show to consider whether—or if—the Fed can ever return to "normal" monetary policy. Raising interest rates might slow or even crash equity markets, while causing US debt service to spike. But leaving rates low keeps the US economy in zombie status, punishing savers and preventing bad debt and malinvestment from clearing. It's a no-win situation for new Fed Chair Jay Powell. | 5/31/2018 | Free | View in iTunes |
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Dr. Yuri Maltsev on Socialism's Resurgence | The Left makes excuses for Venezuela, college students wear Che Guevara shirts, and polls show growing support for socialism among millennials. Our friend Yuri Maltsev, a Soviet expat with no illusions about the real nature of state planning, joins the show to explain why (deluded and rich) western progressives, academics, elites, and media won't let go of their socialist project. | 5/24/2018 | Free | View in iTunes |
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Jeff Deist on Libertarian Division | Jeff Deist joins the Tom Woods Show to discuss libertarianism, left and right, and ongoing divisions within the movement. If you could have libertarianism triumph, but it meant cultural outcomes of which you disapproved, would you still want it? A thought-provoking interview you won't want to miss. | 5/17/2018 | Free | View in iTunes |
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Jeff Deist on Money, Trade, Tariffs, and Marx | Jeff Deist joins his friend John O'Donnell on Power Trading Radio to talk about everything from money to Marx to whether "unilateral" free trade is a good idea. | 5/10/2018 | Free | View in iTunes |
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Hans-Hermann Hoppe: What Marx Gets Right | This week, Mises Weekends features a 1988 lecture from Dr. Hans-Hermann Hoppe on Marxist and Austrian class analysis. It might surprise some that Dr. Hoppe sees some "intellectual affinities" between Austrianism and Marxism, in the way that each identifies exploitation among a ruling class. Of course, for Austrians, we identify that it is the state — not the bourgeois — that is the threat to the masses. Tune in for a fascinating talk. | 5/3/2018 | Free | View in iTunes |
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Amity Shlaes on Silent Cal | Sandwiched between progressive avatars Teddy Roosevelt, Woodrow Wilson, and FDR, Calvin Coolidge gets little acclaim. But Coolidge historian and biographer Amity Shlaes makes the case for libertarians to view "Silent Cal" favorably, as someone who deeply and instinctively distrusted grandiose government. With the Great War over, Coolidge called for "normalcy" — meaning peace — staying out of the League of Nations, and a humble America First foreign policy. The Fed was in its infancy, but Coolidge instructed Treasury Secretary Andrew Mellon to pursue a monetary policy that yielded deflation, arguing that "inflation is repudiation." And when he left office in 1929 the US federal budget was nominally smaller than when he first became president, a great feat in any era. Coolidge by Amity Shlaes is available now. See also The Forgotten Man and The Forgotten Man Graphic Novel. | 4/26/2018 | Free | View in iTunes |
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Per Bylund on AI and the Structure of Production | Our guest is Dr. Per Bylund of Oklahoma State University, who joins Jeff Deist to dispel some of the myths surrounding artificial intelligence and mass data collection. AI is just the next evolution of smart software, Bylund argues, and should be celebrated like all technology as higher order capital goods that increase productivity and wealth. He also argues that Hayek's knowledge problem won't be overcome by computing power anytime soon, because no amount of data can fully explain subjective human wants and values. What makes AI and data mining potentially dangerous, Bylund reminds us, is their misuse by government. See Per Bylund's article "What Makes AI Dangerous? The State". | 4/19/2018 | Free | View in iTunes |
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Daniel McAdams on What You Need to Know About Syria | A week ago Trump tweeted about leaving Syria. Now the US and other western nations stand at the brink of a new war in Syria, one that threatens much greater conflict with Russia. Daniel McAdams from the Ron Paul Institute joins Jeff Deist to discuss whether John Bolton is now running US foreign policy, what Bibi Netanyahu told Trump on the phone, and whether cooler heads in the administration are thinking about second and third order effects. Have we learned anything at all from Libya and Iraq? And, how do interventionists maintain wars with no popular support beyond the Beltway? See the Mises.org editorial "Against War in Syria". | 4/12/2018 | Free | View in iTunes |
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Kevin Dowd: Against Monetary Stimulus | At last month's Austrian Economics Research Conference, we were honored to be joined by Kevin Dowd, an Emeritus Professor of Economics at Nottingham University. Dowd presented a blistering critique of modern central bankers and their mania for monetary stimulus. In this excerpt from his talk, he explains how policies like negative interest rates not only reflect bad economic thinking, but also pose a danger to the civil liberties. What will the Fed and European Central Bank do next, if ersatz economic growth cools in a period of rising interest rates? Don't miss this masterful explanation of how central banks destabilize and distort every aspect of the economy. | 4/5/2018 | Free | View in iTunes |
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Michael Watson: What is Outside of Economics? | Our guest Michael Watson joins Jeff Deist after delivering a provocative paper last week at our research conference comparing Mises and Thomas Aquinas. They discuss Misesian praxeology, Catholicism, charity, altruism, and personal relationships in an attempt to decide what acts lie within and without the scope of economics. Are humans really super-rational Homo Economicus beings, per John Stuart Mill? No, according to Mises, who posits that we operate under conditions of bounded rationality using means-ends approaches. How do we reconcile our ethical worldviews with value-free economics? And how can we apply economics and praxeology to things like religious faith, love, and even involuntary conditions like slavery and war? | 3/29/2018 | Free | View in iTunes |
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Jeff Deist: Are Millennials Abandoning Liberty? | After watching students across the nation march this week against gun rights, are we seeing young Americans abandoning liberty? Joining Dr. Paul and Daniel McAdams on the Liberty Report, Jeff explains that he thinks the media exaggerates the appeal of the left to Millennials and their successors in "Generation Z." | 3/16/2018 | Free | View in iTunes |
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Michael Boldin Makes the Case Against Jeff Sessions | Attorney General Jeff Sessions was at it again last week, insisting that the supremacy of federal law is "settled"—which is his way of saying nullification and secession are illegal. But Sessions is hardly alone in his thinking, which would be right at home on the pages of Salon or National Review. Michael Boldin of the Tenth Amendment Center joins Jeff Deist to discuss how we can fight back against the cult of federal supremacy, and why decentralization is a far more pragmatic and humane way to create greater freedom than trying to win national elections. | 3/8/2018 | Free | View in iTunes |
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Dan Mitchell: Is There an Endgame for US Debt? | Economist Dan Mitchell joins Jeff Deist to discuss what might be the biggest threat of all to American prosperity: the shocking and unconscionable US government debt. What does $20 trillion in Treasury IOUs really mean for the private economy? Will the US government ever default and force bond holders to take a well-deserved haircut—or will the Fed continue to bail out Congress with low interest rates? Can this go on indefinitely, especially since other governments often have even worse fiscal and monetary policies? This is a sobering discussion of a reality politicians don't want to face. | 3/1/2018 | Free | View in iTunes |
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Ryan McMaken on Privatized Approaches to Gun Violence | The gun control debate is nothing more than a smokescreen: another divisive and emotional issue in a country obsessed with politicizing every human ill, all premised on the wildly irrational idea that we can get rid of 300 million firearms. But there is a market for safe schools and safe public spaces, a market security entrepreneurs could fill if government got out of the way. Mises.org editor Ryan McMaken joins Jeff to discuss private solutions to gun violence, the kind of solutions only available to private property owners with skin in the game. It's time to apply market incentives to school security. Read more on this topic here, here, and here. | 2/22/2018 | Free | View in iTunes |
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Michael Malice on North Korea's "Economy" | North Korea is not the poorest country on earth, but it is undoubtedly the most miserable. Michael Malice has been there, and joins Jeff Deist to discuss the bizarre economics of life in a country with virtually no outside trade. China and Russia provide critical imports, especially oil and grain, without which the DPRK would truly grind to a halt. But this is foreign aid disguised as trade for worthless North Korean "currency." Beyond that a depressing form of autarky reigns, whereby the Central People's Committee creates economic plans that produce nothing but starvation and crumbling concrete. This is a fascinating conversation about "prison camp economics," and how concepts of exchange and calculation scarcely apply where market goods, technology, and price information are almost nonexistent. North Korea is a stark reminder of where omnipotent government leads. Photo of Michael Malice in video graphic is by Matt Wyzykowski. | 2/15/2018 | Free | View in iTunes |
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Mark Thornton: Is the Bust Here? | With stock markets in turmoil earlier this week, the Mises Institute's resident expert on booms and busts joins Jeff Deist to make sense of it. Will new Fed Chair Jerome Powell do everything possible to prop up markets, or will he be more hawkish than Janet Yellen? What kinds of indicators does Mark look for to predict trouble (hint: it's not the VIX). Why does the volume of margin loans matter, and why is the Russell 2000 Index a better predictor than the Dow or Nasdaq? Are cryptocurrencies now bound up with macro trends? And is Austrian business cycle theory necessarily incomplete as a tool to help investors? See Mark Thornton's 2004 article "Housing: Too Good to be True". | 2/8/2018 | Free | View in iTunes |
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Daniel McAdams on the Real Cost of "Defense" | Daniel McAdams from the Ron Paul Institute joins Jeff Deist for an unbridled discussion of the true costs of war. We know the US spends more on "defense" than many big countries combined, but what are the actual numbers? How long can the federal budget sustain empire and entitlements? Will rising interest rates finally force Congress to stop expanding wars, building bases, buying useless weapons systems, and meddling around the world? And is Trump the president far more hawkish than Trump the candidate? This is a great conversation with one of the leading libertarian foreign policy voices. | 2/1/2018 | Free | View in iTunes |
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Jeff Deist: Beyond the Wall | Jeff Deist joins his friend "Mance Rayder" to discuss the political and economic state of the union, the endless fractures within libertarianism, a different way to look at immigration, and how Rothbard's fans and detractors alike benefit from reading him. | 1/25/2018 | Free | View in iTunes |
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Ryan McMaken: Are We Getting Poorer? | By every measure extreme poverty in Third World nations is decreasing rapidly. But what about the US and the West? Economist and mises.org editor Ryan McMaken joins Jeff Deist for a wide-ranging discussion of what makes people rich, and how economists should measure wealth. This great discussion explains the decline of real incomes and savings rates in the West, the moral hazards created by central banks, and how a happy combination of technology and market innovation often manages to outpace rapacious governments. Is deflation, horribly mischaracterized by economists, the real source of wealth in a society? And should we judge our personal finances in terms of net worth or lifestyle? | 1/18/2018 | Free | View in iTunes |
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Michael Boldin: How Decentralization Could Work | Michael Boldin from the Tenth Amendment Center joins Jeff Deist to discuss the philosophical, electoral, and logistic realities standing in the way of creating a more politically decentralized America. Beyond thorny questions about federal land, federal entitlements, and "national defense," there are a million small ways to move power away from Washington. Both conservatives and progressives claim to want just that—so what holds us back? Michael, a onetime progressive, has the strategic and practical answers for liberty-minded people. | 1/11/2018 | Free | View in iTunes |
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Jeff Deist: The Small Revolution | Speaking at our recent event in Orlando, Jeff Deist discusses how libertarians should confront the current political landscape. Given the stubborn tendency for governments to emerge and endure in human societies, we should focus our efforts on creating smaller political units that more closely allow for a Misesian vision of democratic self-determination. | 1/4/2018 | Free | View in iTunes |
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Bob Murphy on the Culture Wars | Our final show of the year features a talk given by Dr. Bob Murphy at a recent Mises Institute event in Orlando. His topic is the culture wars—and if you think America is divided now, just wait until we have another crash like '08. But Bob is ready with a prescription: less politics & smaller polities. It's time to stop hating each other and start reducing the political power wielded over us, as Bob conveys in his own unique and humorous style. Listen to Jeff's talk from the event here. | 12/28/2017 | Free | View in iTunes |
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David Gornoski on Anthropology and Liberty | David Gornoski is a Christian libertarian writer, frequently featured at The American Conservative and Foundation for Economic Education. David takes inspiration from the work of the late Stanford professor Rene Girard, whose mimetic theory strongly influenced a young Peter Thiel. David's goal is to ground libertarianism in cultural anthropology, in particular by applying Girard's "scapegoat theory" to the modern state. Instead of allowing progressives to dominate arts, film, and literature, libertarians should become the storytellers—and show government for the villain it is. | 12/21/2017 | Free | View in iTunes |
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Jim Bovard on Our Slavish Devotion to Politics | Wall Street Journal and USA Today writer James Bovard joins Jeff Deist to diagnose what's wrong with our body politic today. From relentlessly tribal voting to rank hypocrisy and "whataboutism," Americans are an angry bunch. And their credulous belief in the sanctity of authorities like the FBI is almost entirely determined by whether their party holds the presidency. Is there any political system that can survive the division created by politics in the first place? Jim Bovard brings his Menckenesque perspective to Mises Weekends to discuss our slavish devotion to politics. And don't miss Jim's great article on the FBI as America's secret police or his new book on political perfidy. | 12/14/2017 | Free | View in iTunes |
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Ryan McMaken: Who Prosecutes the Prosecutors? | So far, the federal investigation into Russian collusion during the 2016 election has been a farce. Lawless and corrupt federal prosecutors—and their pet police agency, the FBI—dominate the headlines. Yet, the Constitution never provided for a federal police force, and lists very few federal crimes. So, how and why did federal prosecutors and agents become so powerful? Mises.org editor Ryan McMaken joins Jeff Deist to discuss. For further reading, see Bill Anderson's Mises Wire article, "Federal Prosecutors Are Running Amok". | 12/7/2017 | Free | View in iTunes |
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Dr. Lucas Engelhardt on Why the Fed Should Scare Us | Professor Lucas Engelhardt, a popular lecturer at Mises University, joins Jeff Deist to discuss the monetary policy landscape. Janet Yellen makes jokes about $20 trillion in federal debt, but what about the trillions the Fed added to its own balance sheet since the Crash of '08? What will happen to the extraordinary amount of bank reserves parked in no-man's land, not being lent by banks? Can Mises's work help us understand what happens when the supply of money increases much faster than demand for it? How does new money and credit flow into the economy unevenly, benefiting those closest to the government and central bank troughs? And is there an ugly endgame scenario, where rapid asset price inflation (i.e. equity and real estate markets) devolves into rapid consumer price inflation? | 11/30/2017 | Free | View in iTunes |
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Gabriel Calzada on Free-Market Education in Latin America | Fifteen years ago Gabriel Calzada was a Fellow at the Mises Institute who aspired to bring the Spanish Scholastics' tradition of liberty to Latin America. Today he is president of Universidad Francisco Marroquín, the truly remarkable private school in Guatemala. All students at UFM, regardless of major, take a core curriculum in libertarian thought. The board of directors and almost all professors are entrepreneurs rather than academics. And UFM's charter provides the freedom to experiment and think outside the box, resulting in projects like a business cycle observatory and MOOCs (massive open online course) on subjects like Don Quixote. If you're interested in what entrepreneurial education grounded in free-market economics can look like, don't miss this interview. | 11/23/2017 | Free | View in iTunes |
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Chris Calton: The March to America's Civil War | Chris Calton, host of the Mises Institute's Historical Controversies podcast, is back with a second season. If you enjoyed his revisionist view of America's drug war during the first season, you'll love his take on U.S. history during the latter 1800s. This episode, titled "The March to America's Civil War", is a fascinating account of the antebellum era. Tune in and find out why this podcast series is creating one of Stitcher's fastest growing audiences. Historical Controversies is available online at Mises.org/HCPod, via RSS, and on Stitcher, iTunes, Google Play, and Soundcloud. | 11/16/2017 | Free | View in iTunes |
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Dr. Liliana Stern on Growing Up in the USSR | Dr. Liliana Stern, associate professor of economics at Auburn University, joins Jeff Deist in studio to discuss the realities of life under communism. Growing up in Ukraine, Dr. Stern experienced privations that would be unthinkable to her undergraduate students. Even today, hot running water remains a rationed luxury in the region. But if recent polls are correct, many of her students don't understand at all the horrors of collectivism. And they sometimes scoff at her terrifying depiction of what "single-payer" healthcare really means. Dr. Stern considers it her life's work to make Americans understand how good they've got it under (relative) capitalism, and to save young people from profound ahistorical ignorance. You don't want to miss this show—and be sure to listen for her description of Ukrainian dentistry without anesthesia. | 11/9/2017 | Free | View in iTunes |
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Jeff Deist on Why Smaller is Better | Virtually every aspect of human life becomes more decentralized every day. Technology makes the old hub-and-spoke model of organizations obsolete; highly diffuse and ever-changing networks are the order of the day. So why is governance going in the other direction, becoming more and more centralized? Why do we accept the loss of local control and self-determination, yielding to national and even supra-national bureaucracies? Jeff Deist spoke last week at a meeting of America's Future Foundation on the why smaller government units are better, and how the Swiss principle of subsidiarity could help ease the nasty cultural and political divides facing America. | 11/2/2017 | Free | View in iTunes |
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Trey Goff: A Constitution for a Free Society | Our guest Trey Goff drafted a remarkable "Voluntaryist Constitution" designed to serve as the foundational legal document for a private society. Trey attempts nothing less than to define the characteristics and rules underlying a common law society, in the form of a polycentric constitutional order as envisioned by Murray Rothbard and legal scholar Randy Barnett. His goal was to create a blueprint for libertarians organizing startup or breakaway societies, one that deals with private property, rights, contracts, justice, and coercion in a rational and humane manner. The result is an inspiring and controversial document, as discussed in this great interview. | 10/26/2017 | Free | View in iTunes |
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Claudio Grass on Whether Switzerland can Save the World | Switzerland is no libertarian paradise. It has bureaucrats and a wayward central bank. But it remains an astonishing modern example of the principles of federalism and subsidiarity in action. In fact, it exemplifies Lew Rockwell's daydream: nobody much knows or cares who is president. Its federal administrative state demonstrates humility instead of hubris. And virtually all political decisions, from taxes to welfare to immigration, are decided locally. Claudio Grass joins Jeff Deist to discuss what libertarians can learn from Switzerland, and how neutrality in two disastrous European wars shapes Swiss DNA today. | 10/19/2017 | Free | View in iTunes |
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Joe Salerno on Rothbard as the Heir to Mises | Dr. Joseph Salerno, speaking at our 35th Anniversary Gala in New York last weekend, makes the case for Murray Rothbard as the preeminent modern Austrian economist—and the rightful heir to Ludwig von Mises. This great talk will change your perspective on Rothbard the economist, especially when Joe reveals what Hayek had to say about Murray's place in the Austrian school. | 10/12/2017 | Free | View in iTunes |
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Daniel Lacalle: A Spanish Libertarian on Catalonia | Daniel Lacalle, a Spanish economist and libertarian who runs Mises Hispano, joins Jeff Deist for an in-depth discussion of the facts behind the Catalan independence vote. Daniel makes the case against secession, based on economics, history, constitutionalism, anti-socialism, and his strong view that independence would result in less freedom for Catalans. Jeff disagrees, arguing for self-determination as a fundamental libertarian political principle that contemplates freedom to choose even bad political arrangements. Don't miss this show if you want to understand what is happening in Catalonia beyond the headlines. | 10/4/2017 | Free | View in iTunes |
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Dr. Greg Thornbury: Can College Be Saved? | Professor Thornbury is president of a very different kind of school, The King's College in Manhattan. He joins Jeff Deist to discuss everything wrong—and everything that could be right—with universities today. Dr. Thornbury's prescriptions are radical: make education a la carte, offering a mix of degrees, certificates, and micro-certificates. Tailor programs to teach specific skills, and shorten the time undergraduates spend in school dramatically. Insist that all graduates have rigorous writing and public speaking skills. End the publishing model for academics, and replace it with a focus on classroom skills and open inquiry. Finally, make sure students still learn enough about history, philosophy, ethics, classics, languages, and rhetoric to navigate life beyond the digital world. | 9/28/2017 | Free | View in iTunes |
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Mark Thornton: Can the Fed Unwind? | Federal Reserve Chair Janet Yellen announced the bank would begin selling assets it has relentlessly bought since the Crash of '08. The financial press, including the Wall Street Journal, dutifully praised Yellen for her steady hand. But our guest Dr. Mark Thornton has a different take on what it all means for stock markets, investors, and the US economy. Can quantitative easing—a roundabout form of monetizing debt—actually work? Can monetary policy make us rich? Or, are Fed officials just groping in the dark, putting off a day of reckoning? Jeff Deist and Mark Thornton unwind the narrative. | 9/21/2017 | Free | View in iTunes |
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Jacob Lindsey: NFL Hopeful from Harvard on Why He Loves Austrian Economics | Jake Lindsey is a brilliant young Harvard grad who majored in economics. His favorite thinkers? Ludwig von Mises and Murray Rothbard. But unlike most young fans of the Mises Institute, Jake was a dominant linebacker for the Harvard Crimson who attracted the attention of scouts from the Buffalo Bills. He's fresh off a pre-season tryout and looking to start a career in the NFL. Jake joins Jeff for a candid interview about his two passions, football and Austrian economics. | 9/14/2017 | Free | View in iTunes |
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Scott Horton on the Endless War in Afghanistan | Our guest Scott Horton just released an important new book—Fools Errand: Time to End the War in Afghanistan. This is the definitive treatment of the war itself, the history and factions involved, and the disturbing policy mindset that keeps this deeply unpopular conflict churning. Don't miss this interview with one of the leading antiwar libertarians of our time. | 9/7/2017 | Free | View in iTunes |
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Dave Smith: Libertarians and the Culture Wars | The culture wars have infected every aspect of American life. It's not just Red vs. Blue anymore, or urban vs. rural, it's Antifa vs. the alt-Right—sometimes literally in the streets. Have libertarians lost the narrative in the midst of all this? Are they mired in the same Left/Right divisions that plague society generally? Our good friend Dave Smith, a comedian and a frequent guest on Fox News, joins Jeff Deist to discuss. | 9/1/2017 | Free | View in iTunes |
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Daniel McAdams: Trump and the War Party | Daniel McAdams from the Ron Paul Institute for Peace and Prosperity joins Jeff to discuss Trumpian foreign policy in light of the president's recent speech on Afghanistan. The costs of our wars in Iraq, Afghanistan, and Syria—human and economic—keep piling up. How do such deeply unpopular wars go on so long? Why do sensible notions of peace and non-intervention fail to gain a foothold in Congress or the White House? How does the War Party in DC plays both sides? And, how do they silence anti-war voices like Tulsi Gabbard? This is a no-holds-barred discussion of the grim realities behind US foreign policy. | 8/26/2017 | Free | View in iTunes |
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Chris Calton: Historical Controversies | For this week's Mises Weekends, we're excited to share the first episode of a new Mises Institute podcast, Historical Controversies. Hosted by Chris Calton, a Mises Fellow, Historical Controversies is a series that applies a Rothbardian revisionist look to important sagas in American history. The first season covers the War on Drugs, highlighting the role of the US government in fanning the flames of America's drug epidemic. As Murray Rothbard said, "History necessarily means narrative, discussion of real persons as well as their abstract theories, and includes triumphs, tragedies, and conflicts, conflicts which are often moral as well as purely theoretical." Along these lines, Chris interweaves personal stories alongside facts and anecdotes that you will never find in a government approved curriculum. The result is a show that will both entertain and enlighten. We hope you will enjoy the first episode of Historical Controversies, and will subscribe for a new episode every Wednesday. | 8/17/2017 | Free | View in iTunes |
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Tom Woods: What I Learned from Murray Rothbard | This week's episode features Tom Woods' opening lecture at Mises University 2017. Tom shares his experiences meeting Murray Rothbard, how Murray shaped Tom's intellectual development, plus some valuable lessons for us all. | 8/10/2017 | Free | View in iTunes |
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Venezuela on the Brink | Our guests are Luis Cirocco and Dr. Rafael Acevedo, two Venezuelans who attended Mises University, last week. Their report from that troubled country is chilling and depressing: food shortages, a lack of medical care and prescription drugs, soldiers and police running black markets, and an entrenched elite made rich after decades of crony socialism under Hugo Chavez and Nicolas Maduro. Oil prices remain very low, and the country's economy is so bad that civil war looms. But our guests remind us that the opposition, pushed by the US CIA, is hardly better—"socialist lite," as they term it. Intellectuals in Venezuelan universities, many of them (badly) trained at Ivy League social science departments, offer nothing more than support for price controls and currency pegs. Horrific hyperinflation is the result. What Venezuela needs is a wholesale intellectual revolution, toward markets and away from deeply ingrained socialism. Listen to this interview and better understand just how quickly Venezuela is unraveling—and how it could happen here. See also "Hugo Chávez Against the Backdrop of Venezuelan Economic and Political History" (PDF) by Hugo J. Faria (The Independent Review, Spring 2008). | 8/4/2017 | Free | View in iTunes |
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Mises Weekends LIVE! with Lew Rockwell | Recorded live at Mises University 2017 at the Mises Institute in Auburn, Alabama. Jeff Deist interviews Mises Institute founder and Chairman, Lew Rockwell. Recorded on 29 July 2017. | 7/28/2017 | Free | View in iTunes |
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Should Libertarians Care about the Constitution? | Lysander Spooner called it "The Constitution of no authority." Conservatives fetishize it, but don't follow it. Progressives want it annulled. So, what should libertarians think about America's founding document? Our guests Brion McClanahan and Allen Mendenhall give us the unadulterated history and unpleasant truths about constitutionalism—but also consider its underappreciated benefits. This is a discussion of the Constitution you won't hear anywhere else. Follow our guests on twitter: @BrionMcClanahan and @AllenMendenhall | 7/20/2017 | Free | View in iTunes |
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Mark Thornton Explains Our Fake Economy | Dr. Mark Thornton joins Mises Weekends to explain the "business cycle" for what it really is: a series of booms (credit expansion) and busts (debt de-leveraging) engineered by central banks. There's nothing natural, real, or sustainable about the current Yellen boom—so stay tuned for Mark's explanation of how it can all unravel. | 7/15/2017 | Free | View in iTunes |
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Dr. Richard Ebeling on the State of the Austrian School | Our old friend Richard Ebeling joins Mises Weekends to discuss the health of—and future prospects for—the Austrian school. There are far more Austrian and Austrian-friendly thinkers in academia, business, and the financial industry than ever before. Richard attended the famous South Royalton conference, so he knows just how far we've come. But are Austrians making real progress against the dominant neo-Keynesian orthodoxy? Are we growing on a per-capita basis? And what would Hayek, Rothbard, and Margit von Mises—all of whom Dr. Ebeling knew and spent time with—think of Austrian economics today? | 7/6/2017 | Free | View in iTunes |
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Ron Paul on Making Money Great Again | Dr. Ron Paul joins Jeff Deist to talk about his decades as a congressman fighting the Fed, his efforts to legalize the use of gold and silver as untaxed currency, and his involvement with sound money initiatives in states like Arizona and Wyoming. Plus, Dr. Paul shares some great anecdotes about Reagan's Gold Commission, Alan Greenspan, and Paul Volcker. | 7/1/2017 | Free | View in iTunes |
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Edward Stringham on Radically Rethinking Police | The US criminal justice system is hopelessly broken, riddled with bad incentives and bad actors. In the wake of recent police shootings, Dr. Ed Stringham joins Jeff Deist to help us understand how and why private security firms could create vastly better outcomes for crime victims, society, and even perpetrators. This is a fascinating discussion you won't want to miss. Recommended reading: Private Governance: Creating Order in Economic and Social Life | 6/23/2017 | Free | View in iTunes |
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Peter Klein on How Not to Reform the Fed | Arguments for a "rules based" Fed are gaining momentum on both the political Left and Right — and even among some libertarians. Would the adoption of ideas like NGDP targeting and the "Taylor Rule" really make the Fed less dangerous? Would they be an improvement on the Fed's current discretionary approach? Can monetary "rules" really contain booms and busts, or would Yellen and company simply break them at the first sign of the next crash? Professor Peter Klein joins Jeff for a discussion. Read Rothbard's What Has Government Done to Our Money? here. | 6/15/2017 | Free | View in iTunes |
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David Gordon on Libertarian Philosophy | David Gordon joins Jeff Deist to consider the important philosophy—and philosophers—libertarians need to know. Starting with Mises's influences in Human Action, Dr. Gordon moves through the 20th century with a great discussion of John Rawls and Robert Nozick. He also suggests the books that Austro-libertarians need to read, even if they're primarily interested in politics or economics. | 6/8/2017 | Free | View in iTunes |
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Mises Weekends: Yes, You Should Read Human Action | Dr. Joe Salerno and Karl-Friedrich Israel join Jeff Deist to discuss Mises's Human Action, perhaps the greatest treatise on economics ever written. But the book can be daunting for many, given its length and the sheer enormity of the systematic thought it presents. Our guests break down how and why everyone should read it, echoing Mises's belief that economics was the proper area of study for every thinking person. This is a great discussion of the history and behind a masterpiece of economics, epistemology, and philosophy. Read it free here! | 6/1/2017 | Free | View in iTunes |
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Patrick Newman: Rothbard vs. The Progressive Era | More than 20 years after his death, Murray Rothbard continues to publish new books! Our guest Patrick Newman is the editor of a Rothbard manuscript dating to the 1970s entitled Roots of the Modern State, which the Mises Institute will release as a book later this year. Rothbard's topic is the Progressive Era of the late 19th and early 20th centuries, and he doesn't disappoint. Murray exposes the puritanical impulses of the Roosevelts, Tafts, and Wilsons, along with the self-interested motivations behind the then-burgeoning intellectual-business partnership. Altar and throne, the power centers of previous ages, were replaced by a technocratic elite and the veneer of democracy. Scientism replaced religion, libertarian self-reliance fell to public schooling and labor unions, and statism replaced (relative) laissez-faire. If you want to understand the roots of modern progressivism, and how the West went wrong, you need to read this book. Professor Patrick Newman, a Mises Institute scholar and assistant professor at Florida Gulf Coast University, joins us to discuss Rothbard's unique analysis of this critical time in US history. | 5/25/2017 | Free | View in iTunes |
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Jeff Deist: Is the Sky Falling? | The media insists the US economy has recovered from the 2008 crash. Equities markets have enjoyed a bull run since the election. Housing prices are rising in expensive coastal cities. Government offices continue to report that GDP is growing while inflation remains in check. And insiders like JPMorgan Chase CEO Jamie Dimon insist that American consumers and businesses are upbeat about the future. But is the supposed recovery an illusion, fueled by an artificial supply of money and cheap credit from the Fed? Are housing and equity prices headed for a fall? Is inflation actually much higher than reported? Will older Americans ever recover their savings lost in the last crash? Will savers continue to lose ground to artificially low interest rates? Has the US economy recovered, or is it a house of cards? Jeff Deist assesses the Trump economy. | 5/19/2017 | Free | View in iTunes |
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Bob Murphy: Where Monetarism Goes Wrong | The great Austrian economist Friedrich Hayek celebrated a birthday earlier this week, while the prominent monetarist (and Fed historian) Allan Meltzer passed away the same day. Joining us to discuss monetarism is our friend Bob Murphy, who lays out the central tenets of the Chicago school and its godfather Milton Friedman. At its heart, Bob explains, monetarism is a cousin of Keynesianism—one advocates fiscal stimulus, the other monetary stimulus. Both go astray when it comes to money, and both fail to see the trees in the macro forest. Bob explains why in this great discussion of the differences between the Austrian and Chicago schools. | 5/11/2017 | Free | View in iTunes |
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Hans-Hermann Hoppe: A World Without Theft | Dr. Hoppe's book The Economics and Ethics of Private Property is among the most important modern contributions to libertarian thought. Hoppe, like Rothbard, connects laissez-faire economics to normative libertarian theory with laserlike precision and inexorable logic. Property isn't just a social construct determined by legislative fiat, but rather a necessary component of self-ownership and the foundation of a free society. Hoppe details many of the arguments made in the book during a talk entitled "A World Without Theft", delivered at a Mises Institute event in 2006. This is a fantastic talk you won't want to miss. | 5/4/2017 | Free | View in iTunes |
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Jonathan Newman: Fake Science | Mises Institute Fellow Jonathan Newman, author of the article "Neil Ty, the Scientism Guy", joins Jeff to discuss the recent March for Science—and how politicized pseudoscience peddled by the likes of Bill Nye silences debate and drives dubious public policy. | 4/27/2017 | Free | View in iTunes |
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Tho Bishop: The Alt-Right in Auburn | The Mises Institute's hometown of Auburn, Alabama, made national news this week as Richard Spencer was allowed to speak on the university's campus following a court ruling. The event was a win for free speech, but also revealed Spencer's affinity for socialism and the state. Instead of being a dangerous "thought criminal", is Richard Spencer really just a naïve statist? Of course, the best way to win in the battle of ideas is not to simply ignore or censor those you disagree with, and there is no need for libertarians to run from topics such as nation and culture. As demonstrated by scholars such as Mises, Rothbard, and Hoppe, these ideas are in no way at odds with liberty and individualism, and are best preserved by decentralizing power and grounding society in a respect for private property rights. | 4/20/2017 | Free | View in iTunes |
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Danielle DiMartino Booth: Inside the Fed | Danielle DiMartino Booth is a former Dallas Fed staffer and author of the new book Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America. She joins Jeff Deist to talk about her years watching Ivy League PhDs make gross and fundamental errors in an almost comically cloistered environment. Have Fed economists even read Mises and Hayek? Do they recognize malinvestment as a byproduct of interest-rate setting? Do they know anything about their own institutional history, or at least enough to recognize how mission creep has turned the Fed into a central planning Politburo? And how will Janet Yellen deal with the inherent tension between raising interest rates and keeping the cost of US debt service in check? | 4/12/2017 | Free | View in iTunes |
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Caitlin Long: What Blockchain Means | Our guest this week is Caitlin Long, president and chairman of the smart contracts platform company Symbiont. Caitlin is a twenty-year Wall Street veteran, and now she's turned her focus toward using blockchain technology to revolutionize the business world. Caitlin and Jeff discuss how blockchain technology could vastly reduce the role of middlemen in all kinds of everyday transactions, obviating the need for a lot of regulation in the process. Who needs lawyers and endless contract negotiations when the element of distrust between parties can be mitigated? Will the blockchain eliminate the need for "trust agent" intermediaries in real estate and M&A transactions? What will true peer-to-peer exchange mean for banks and stock exchanges? And will we even recognize the financial services industry in 20 or 30 years? | 4/5/2017 | Free | View in iTunes |
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Godfrey Bloom: From Brexit to Frexit? | This week, Theresa May made Brexit official, triggering Article 50 of the Lisbon Treaty. Our friend Godfrey Bloom, a legendary voice for British sovereignty and a founding member of UKIP, joins Mises Weekends to discuss what happens next. Is globalism truly on the decline? And does the rise of Marine Le Pen mean Frexit may also be possible? | 3/30/2017 | Free | View in iTunes |
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Per Bylund: Who Built That? | Our guest this week is Professor Per Bylund, a man who studies entrepreneurship for a living. Why is the role of the entrepreneur—the individual who risks capital, time, and energy to build a business—almost completely disregarded by most economists? Does the Austrian focus on individual human action explain why business schools are far more willing to embrace Austrian principles? Can real-world entrepreneurs improve their business skills in traditional university settings, or are much-hyped campus incubators a waste of time? Why do progressives dismiss entrepreneurs with their "You didn't build that" mentality? And how do socialist policies in places like Dr. Bylund's native Sweden kill the spirit that makes us rich? | 3/23/2017 | Free | View in iTunes |
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Entrepreneurial Super-Intelligence: Praxeology in the Age of A.I. | One of the highlights of our Austrian Economics Research Conference is the interaction between scholars and entrepreneurs, and the new ideas that such conversations spark. Here business consultant Hunter Hastings outlines how technological innovation is already making centralized "designed" systems obsolete, and how artificial intelligence opens up a whole new era of spontaneous order. | 3/16/2017 | Free | View in iTunes |
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Bastiat: The Unseen Radical | David Hart, editor and librarian at Liberty Fund, joined us in Auburn today to deliver a dynamite lecture on his favorite subject: Frédéric Bastiat the radical. We think we know Bastiat from The Law, but his work in economics and social theory actually spans thousands of pages. And he was a thoroughgoing radical in his personal and professional life, both in his Basque hometown of Bayonne and in the "Babylon" of Paris. Hart makes the case that Bastiat was not only a serious and under-appreciated thinker, but also a proto-Austrian to whom we owe a huge intellectual debt. This is a very entertaining and revealing look at one of the true founders of modern libertarian thought. | 3/9/2017 | Free | View in iTunes |
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Patrick Byrne: Liberty vs. Submission | Our show this weekend features Overstock.com’s Patrick Byrne, who spoke at our event last weekend in San Diego. Byrne, the rare philosopher-capitalist, discusses the historical origins of liberty and explains the greatest threats to it that exist today. | 3/2/2017 | Free | View in iTunes |
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Allen Mendenhall: Trump's Supreme Court | Brutus, writing in The Antifederalist Papers, had this to say about judges: There is no power above them, to control any of their decisions. There is no authority that can remove them, and they cannot be controlled by the laws of the legislature. In sho | 2/2/2017 | Free | View in iTunes |
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Trump Goes to Washington | Jeff Deist and Tom Woods discuss everything happening with Donald Trump in Washington, DC—especially the Left-Progressive reaction to it—and analyze Trump from a libertarian perspective. | 1/26/2017 | Free | View in iTunes |
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John Tamny: Trump's Economics | Our guest this weekend is John Tamny, a writer and editor at Real Clear Markets and Forbes. Jeff Deist and John dissect Trump's economics, especially Trump's reflexive trade protectionism and fetish for exports over imports. They also talk about the p | 1/19/2017 | Free | View in iTunes |
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Nick Sorrentino: Against Crony Capitalism | We've all heard the term crony capitalism, but what does it mean exactly? We know it involves using government to enrich certain interests, through contracts, lobbying, and rent-seeking. But, crony capitalism is far more: it is a systematic distortion | 1/12/2017 | Free | View in iTunes |
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Patrick Barron: Negative Interest Rates Demystified | We've all heard about negative interest rates, but we may not really understand them-- either conceptually or in terms of bond markets. Here to explain is our returning guest Dr. Patrick Barron, a longtime professor in the graduate school of banking at | 1/5/2017 | Free | View in iTunes |
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431 |
Ralph Raico: Liberalism Defined | Our last show for 2016 is bittersweet, featuring a lecture by our great friend and Senior Fellow Ralph Raico. Dr. Raico, who died earlier this month, was an intellectual giant known for his brilliant — and often revisionist — understanding of histor | 12/29/2016 | Free | View in iTunes |
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Ronald Stöferle: Austrian Investing | As our great friend Dr. Bob Murphy said on an earlier show, knowledge of economics is necessary—but not sufficient—to be be a good investor. A new book entitled Austrian School for Investors, co-authored by our guest, Ronald Stöferle, bridges the | 12/22/2016 | Free | View in iTunes |
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John Williams: The Federal Government's Fake News | Statistics issued by the federal government about the economy—from CPI to GDP—are fake, and our guest John Williams of Shadowstats.com explains how and why. John is a vocal critic of modern economic reporting, which is manipulated to make the econom | 12/15/2016 | Free | View in iTunes |
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Yuri Maltsev: Why Socialism Endures | The western media's fawning treatment of Fidel Castro demonstrates the enduring mystique of socialism—while recent Harvard and Rasmussen polls suggest that perhaps half of young Americans hold unfavorable attitudes toward capitalism. No matter how man | 12/8/2016 | Free | View in iTunes |
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Justin Raimondo: What Trump Means | Justin Raimondo, editorial director of Antiwar.com, joins Jeff for a great discussion of what Trump's election really means for libertarians. Does 2016 mark the end of globalism's inevitability, or are Brexit and Trump mere speed bumps for progressive e | 11/24/2016 | Free | View in iTunes |
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James Rickards: End Game for the Global Economy | On Mises Weekends this week, our friend James Rickards joins Jeff to discuss The Road to Ruin, his latest book outlining what financial elites have planned for the next financial crisis. Rickards highlights a number of policy tools governments and centr | 11/17/2016 | Free | View in iTunes |
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Allen Mendenhall and Jeff Deist: Election Postmortem | On this week's Mises Weekends, Jeff is joined by Allen Mendenhall of the Blackstone & Burke Center for Law and Liberty to discuss the aftermath of Donald Trump's surprising victory in this week's presidential election. Jeff and Allen discuss questions s | 11/10/2016 | Free | View in iTunes |
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Jeff Deist: A Libertarian View of the Election | On Mises Weekends, this week, Jeff Deist joins Andy Duncan of the Fin Tales podcast to talk about next week's Presidential election. Going beyond the electoral horse race, Jeff and Andy also discuss the impact each candidate could have on the Federal R | 11/3/2016 | Free | View in iTunes |
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Nomi Prins: The Left/Progressive Case Against the Fed | Our guest this weekend is Nomi Prins, a prolific writer and speaker on the subjects of central banking, financial markets, and Wall Street cronyism. She is a former managing director at Goldman Sachs and Bear Stearns, but left investment banking to spea | 10/27/2016 | Free | View in iTunes |
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Dr. Jeffrey Herbener: Demystifying the Fed | Even well-read fans of Austrian economics often have a hard time understanding and conceptualizing what the Fed really does. So we asked our good friend Dr. Jeffrey Herbener to join us and make sense of it all. We cover the basic blocking and tackling o | 10/20/2016 | Free | View in iTunes |
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441 |
Lew Rockwell: Our Prospects are Bright | Lew Rockwell, Chairman and Founder of the Mises Institute, delivered a moving message at our event in Boston, last week. Entitled "Our Prospects are Bright", Lew's talk serves to remind us that the future of true liberalism was much darker during the li | 10/6/2016 | Free | View in iTunes |
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Jeff Deist: The Broken State of Modern Economics | On Mises Weekends this week, Jeff joins our friend John O'Donnell at Power Trading Radio to dive deeper into the the broken state of modern economics. Along with touching on what is really being taught in American Econ programs today, Jeff and John dis | 9/29/2016 | Free | View in iTunes |
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443 |
Joe Salerno: Economics is Broken | On the heels of the Fed's annual meeting in Jackson Hole, "extraordinary" monetary policy may be the new normal. Janet Yellen refuses to raise rates for now, and Former Chair Ben Bernanke openly questions whether the Fed's Treasury-laden balance sheet | 9/22/2016 | Free | View in iTunes |
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Jeff Deist: The Role of the Mises Institute | The Mises Institute is in Asheville, North Carolina, this weekend, celebrating our Supporters Summit. We thought you might enjoy hearing a talk that Jeff Deist gave entitled the "The Role of the Mises Institute." Here's a hint: it's not politics, it's n | 9/16/2016 | Free | View in iTunes |
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Mark Thornton: Against Crony Trade Deals | Our own Senior Fellow Dr. Mark Thornton recently appeared on Press TV to make the libertarian case for real free trade, as opposed to unholy negotiated trade deals like the Trans-Pacific Partnership. Brent Budowsky, a journalist for The Hill newspaper i | 9/8/2016 | Free | View in iTunes |
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Godfrey Bloom: How Brexit Won | Our friend and former member of the European Parliament Godfrey Bloom rejoins us for a lively postmortem on the Brexit vote. It's been two months, and the sky hasn't fallen in the UK. In fact, markets are up—and new Prime Minister Theresa May promises | 9/1/2016 | Free | View in iTunes |
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447 |
Tom DiLorenzo: What Socialism Really Is | Dr. Tom DiLorenzo has a fantastic new book out entitled The Problem with Socialism, and his talk summarizing it was a great hit recently at Mises University. This is Tom at his best: witty and provocative, but always bravely revisionist when it comes to | 8/25/2016 | Free | View in iTunes |
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Jeff Deist: Libertarian Strategy | Jeff Deist discusses libertarian strategy with Adam Camac and Daniel Laguros of the Wake Up Call podcast. How can libertarians achieve a freer society, given the depressing state of politics, in both America and abroad? Jeff shares his thoughts on Liber | 8/18/2016 | Free | View in iTunes |
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Judge Andrew Napolitano: What the 1st Amendment Really Means | Judge Napolitano, the great constitutional scholar and legal analyst for Fox News, recently gave a dynamite talk to our Mises U students on the real meaning of the 1st Amendment. While many protections in the Bill of Rights have been almost completely e | 8/11/2016 | Free | View in iTunes |
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Sascha Klocke and Louis Rouanet: Can Austrian Economics Save Europe? | Two of the Institute's Fellows—a Frenchman and a German—join Jeff Deist for a freewheeling discussion of the political and economic situation in Europe. Can Austrian economics revive Europe's liberal tradition, or will statist impulses thwart any ho | 8/4/2016 | Free | View in iTunes |
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Mises Weekends Live! with Lew Rockwell | Recorded live at Mises University 2016 at the Mises Institute in Auburn, Alabama. Jeff Deist interviews Mises Institute founder and Chairman, Lew Rockwell. Includes a Question and Answer period. Recorded on 30 July 2016. | 7/29/2016 | Free | View in iTunes |
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452 |
Robert Higgs: The State is too Dangerous to Tolerate | Our week-long Mises University begins this Sunday night, and all keynote lectures will stream free via mises.org/live or our Facebook page. The week kicks-off with Tom Woods Sunday night, followed by Judge Andrew Napolitano Monday evening. So plan on tu | 7/21/2016 | Free | View in iTunes |
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Jeff Deist: Hillary, Trump, Brexit, and BLM | Jeff joins Daniel Ameduri of FutureMoneyTrends.com for a no holds barred discussion of current events, including Trump vs. Hillary, Gary Johnson's chances, the symbolic importance of Brexit, and why the leftwing focus of groups like Black Lives Matter | 7/14/2016 | Free | View in iTunes |
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Jeff Deist: Whatever Happened to Peace Officers? | Jeff is traveling this weekend, but in light of Thursday night's shooting of police officers in Dallas, we decided to run a talk he gave two years ago entitled, "Whatever happened to Peace Officers?" The growth of the state, the militarization of police | 7/7/2016 | Free | View in iTunes |
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Michael Boldin: Unyoking Ourselves | This weekend, Michael Boldin from the Tenth Amendment Center joins Jeff Deist for a discussion of pure tactics and strategy. In the wake of Brexit, do libertarians have a real opportunity to make the case for breaking away? Is it time to stop trying to | 6/30/2016 | Free | View in iTunes |
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Ryan McMaken: The Brexit Earthquake | Ryan McMaken, editor of Mises.org, joins Jeff to figure out what the shocking Brexit vote really means. Are secession movements and political decentralization always good for liberty? Why do some libertarians disagree? Why does the Left love centralized | 6/23/2016 | Free | View in iTunes |
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Godfrey Bloom: What Brexit Means | The UK is poised to vote on Brexit next week, deciding for the first time since 1975 whether to leave the European Union. The Brexit vote mirrors populist, nationalist, and anti-globalist trends around the world, and if successful it raises serious ques | 6/16/2016 | Free | View in iTunes |
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The Trouble with Conservatives | Conservatives once stood for judicious use of government power and minding our own business in foreign affairs. Today, 100 years after the beginning of the progressive revolution, conservatives don't conserve anything. They vote for big-government schem | 6/9/2016 | Free | View in iTunes |
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Jeff Deist: The Trouble with Progressives | Mises defined liberalism as rooted in property. Modern progressives and social justice warriors—mislabeled as "liberals"—attack property as an impediment to their program of radical egalitarianism. In their view, all human conduct must be viewed thr | 6/2/2016 | Free | View in iTunes |
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Tom Woods: Rothbard Changed my Mind about War | It's Memorial Day weekend, a time when we (hopefully) reflect on war rather than celebrate it. So, it's the perfect opportunity to revisit an inspiring antiwar talk from our own Senior Fellow Tom Woods. You may not know it, but Tom was once a neocon who | 5/26/2016 | Free | View in iTunes |
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Jeff Deist: Surviving Election Season | This week, Jeff Deist joins Joshua Bennett on the Patriots Lament show (KFAR AM 660, Fairbanks) and gives his thoughts on the 2016 election. Jeff discusses how the ultimate outcome of any election season is greater division among society, and argues th | 5/19/2016 | Free | View in iTunes |
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John O'Donnell: How Central Banks Affect Culture | This weekend, Jeff Diest and John O'Donnell discuss central banking and culture. We tend to think of central banking as a dry subject for professional economists, rather than a cultural and even moral issue. But the Fed and other central banks create hu | 5/12/2016 | Free | View in iTunes |
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Jim Rickards: The New Case for Gold | Thirty-five years ago, Ron Paul and Lewis Lehrman published The Case for Gold, their minority report from Reagan's gold commission. Today, Jim Rickards has written The New Case for Gold, an uncompromising call for using gold as money and reestablishing | 5/5/2016 | Free | View in iTunes |
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James Grant: The United States of Insolvency | Our guest this week is James Grant, founder and editor of Grant's Interest Rate Observer. Jeff and Jim discuss Jim's recent cover article in Time magazine, and the reaction it received from Krugman and others on the left. They also discuss comments rec | 4/28/2016 | Free | View in iTunes |
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Daniel McAdams: How the War Party Works | Our guest is Daniel McAdams, head of the Ron Paul Institute for Peace and Prosperity. Daniel is a foreign policy expert, having worked for many years on Capitol Hill and as an election monitor in eastern Europe. Daniel and Jeff discuss the role Dr. Paul | 4/21/2016 | Free | View in iTunes |
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Dr. Michel Accad: Can Austrian Economics Save Medicine? | At this year's AERC, Dr. Michel Accad, who practices cardiology and internal medicine in San Francisco, presented a fascinating paper fusing Misesian insights with medicine. Dr. Accad highlights how viewing "the body as a machine" has played a major rol | 4/14/2016 | Free | View in iTunes |
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Individualism in the Age of the Smart Machine | Hunter Hastings, one of the leading business and marketing consultants, presented a visionary paper at this year’s AERC on “Individualism in the Age of the Smart Machine”. Weaving Austrian insights together with firsthand knowledge of technologica | 4/7/2016 | Free | View in iTunes |
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468 |
Dr. Guido Hülsmann: Nation, State, and Borders | Jörg Guido Hülsmann joins Jeff Deist in studio this weekend to discuss the ongoing migrant crisis in Europe. They consider what Mises, Rothbard, and Hoppe have to say about borders, migration controls, organic nations, and culture. Dr. Hülsmann also | 4/1/2016 | Free | View in iTunes |
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Jeff Deist and Jay Taylor: Banks are Dangerous | Central banks — and central bankers — are in uncharted waters. They don't know how to create economic growth, they don't know how to fight the great bogeyman of deflation, and they don't know how — or if — they'll ever be able to return t | 3/23/2016 | Free | View in iTunes |
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Jeff Deist: Austrian Economics vs. Keynesian Orthodoxy | Earlier this week, Jeff joined Dennis Tubbergen of Everything Financial Radio to talk Austrian economics and the bizarre world of negative interest rates. Jeff explains how the unprecedented actions of central bankers have helped sparked renewed interes | 3/17/2016 | Free | View in iTunes |
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471 |
Hans-Hermann Hoppe: Why Democracy Fails | On this week's episode, we feature a past talk given by Hans-Hermann Hoppe highlighting some of the key points he makes in his book Democracy: The God That Failed. The subject seems particularly topical as American elites have become increasingly comfor | 3/10/2016 | Free | View in iTunes |
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472 |
Matt McCaffrey: Revisiting Rothbard | Murray Rothbard would have celebrated his 90th birthday this past week, so the Mises Institute held a reception in his honor at the ISFLC conference in Washington DC. Joining us to explain why Rothbard remains so relevant today is University of Manchest | 3/2/2016 | Free | View in iTunes |
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Jeff Deist: Socialist Left, alt-Right, and the Myth of Democratic Consensus | This weekend Jeff recaps his recent talk in Houston entitled "Socialist Left vs. alt-Right: What it Means for Liberty"— a talk which generated plenty of comments from libertarians, progressives, and the alt-Right. Jeff discusses why we should celebra | 2/25/2016 | Free | View in iTunes |
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Paul-Martin Foss: The Bizarre World of Negative Interest Rates | The concept of negative interest rates, already adopted in Japan, is now under serious consideration in Europe and the US. Here to make sense of this bizarre environment is Paul-Martin Foss, head of the Carl Menger Center and a regular contributor to mi | 2/18/2016 | Free | View in iTunes |
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475 |
Murray Rothbard: The Godfather of Libertarianism | The late Murray Rothbard is in many ways the godfather of the modern libertarian movement, starting with the publication of his great tract Man, Economy, and State, back in 1962. And of course, Rothbard played an instrumental role in helping Lew Rockwel | 2/11/2016 | Free | View in iTunes |
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476 |
Ron Paul: Socialism and War Will Not Prevail | On this week’s episode, we feature a talk by Dr. Ron Paul at the Mises Circle in Houston. Dr. Paul gives a great speech on the ideas of liberty, and also includes a reference to how Bernie Sanders doesn’t seem to understand that the Plymouth colony | 2/4/2016 | Free | View in iTunes |
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477 |
Hans-Hermann Hoppe: Praxeology as Methodology | On this week's episode, we feature a 2011 talk at the Mises Institute given by Hans-Hermann Hoppe on the subject of praxeology: the science of human action. It's a term and topic that can be intimidating to some people — and at nearly 50 minutes, Hopp | 1/28/2016 | Free | View in iTunes |
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478 |
Dr. Mark Thornton: Central Bankers Don't Understand Booms and Busts | Our guest this weekend is Dr. Mark Thornton, a senior fellow here at the Mises Institute, and our topic is booms and busts. Falling stock prices are in the news lately, so Mark and Jeff talk about how and why central bankers don't understand deflation, | 1/21/2016 | Free | View in iTunes |
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479 |
Dr. Joe Salerno: Will Presidential Candidates Talk about Money? | Our guest this weekend is Dr. Joe Salerno, academic vice president at the Mises Institute, and professor of economics at Auburn University. Jeff and Joe discuss monetary policy and gold on the heels of yet another GOP presidential primary debate. It app | 1/14/2016 | Free | View in iTunes |
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480 |
Claudio Grass: The Swiss Vote on Fractional Reserve Banking | You may have heard about the Swiss referendum to end fractional reserve lending by Swiss commercial banks. It's a fascinating development for Austrians and libertarians, and it's another example of how average Swiss people can use referenda to force bot | 1/7/2016 | Free | View in iTunes |
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481 |
Judge Andrew P. Napolitano: Natural Law vs. Tyranny | Our show this weekend features Judge Andrew P. Napolitano, Distinguished Scholar in Law and Jurisprudence at the Mises Institute and Senior Judicial Analyst at Fox News. In this talk presented at the 2014 Mises Circle in Costa Mesa, California, Judge Na | 12/31/2015 | Free | View in iTunes |
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482 |
John V. Denson: The Christmas Truce | Our guest this week is Judge John Denson, the great war historian and lawyer who helped Lew Rockwell found the Mises Institute in the early 1980s. In celebration of Christmas, Judge Denson and I discuss the infamous World War I truce that took place bet | 12/22/2015 | Free | View in iTunes |
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483 |
Robert Murphy: Human Action | This weekend, we feature a lecture by Dr. Robert Murphy that was recorded at our inaugural Mises Boot Camp this past summer. Bob gave an introductory talk that sets the Austrian framework, and lays out how we should go about understanding economics. It' | 12/17/2015 | Free | View in iTunes |
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484 |
Yuri Maltsev: Socialism, Fascism, and Trumpism | In honor of the 24th anniversary of the Soviet Union's collapse, our guest this weekend is our old friend Dr. Yuri Maltsez, a senior fellow here at the Mises Institute and a professor of Economics at Carthage College in Kenosha, Wisconsin. Yuri is famou | 12/10/2015 | Free | View in iTunes |
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485 |
Łukasz Dominiak: Is Europe's Future in the East? | Our returning guest this weekend is Łukasz Dominiak, a professor at Nicolaus Copernicus University in Poland, and also a former summer fellow at the Mises Institute. Jeff and Łukasz discuss the recent elections in Poland, as well as the street prote | 12/3/2015 | Free | View in iTunes |
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486 |
What Must Be Done? | This weekend, we feature a talk that Jeff Deist gave at our recent Mises Circle event in Phoenix, Arizona. Jeff lays out four possible strategic options for Libertarians, including the political option, the strategic withdrawal option, winning hearts an | 11/25/2015 | Free | View in iTunes |
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487 |
Louis Rouanet: The Paris Terror Attacks | Our guest this weekend is Louis Rouanet, a former summer fellow at the Mises Institute. Louis writes frequently for Mises.org, and he is currently a student at the Paris Institute of Political Studies. Jeff gets Louis' take on the recent terrorist attac | 11/19/2015 | Free | View in iTunes |
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488 |
Tom DiLorenzo: PC on Campus | Our guest this weekend is Tom DiLorenzo, a professor of economics and history at Loyola University Maryland, and also a friend and Senior Fellow at the Mises Institute. Our topic is the PC cancer that is spreading across campuses and universities in A | 11/12/2015 | Free | View in iTunes |
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489 |
William Boyes: Get Rid of Public Schools | That’s what William Boyes says must be done to change education. Boyes makes his case this weekend as part of the Mises Circle in Phoenix on Saturday, November 7, as he joins Ron Paul, Lew Rockwell, Charles Goyette, and me to examine how to build a w | 11/4/2015 | Free | View in iTunes |
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490 |
Bob Murphy: Government Medicine is Killing Us | Bob Murphy is our returning guest this weekend, as we wrap up a three-part series on the lousy, anti-market healthcare system in the US. He’s co-authored a terrific new book called The Primal Prescription, which may well be the first thorough analysis | 10/29/2015 | Free | View in iTunes |
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491 |
Dr. Michel Accad: Why Can't We Pay Cash for Doctors? | Dr. Michel Accad is a practicing cardiologist who blogs for a medical audience at alertandoriented.com. He's written several articles about healthcare for mises.org, and you won't find many MDs as well versed in Austrian economics. Dr. Accad talks about | 10/22/2015 | Free | View in iTunes |
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492 |
Charles Hugh Smith: The US Healthcare Debacle | Jeff Deist and Charles Hugh Smith discuss the absurdly anti-market healthcare system in the US, which has been captured both by regulators and insurance lobbyists. Why do US consumers tolerate not knowing what drugs and procedures really cost? What will | 10/14/2015 | Free | View in iTunes |
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493 |
Ed Stringham: Private Governance | Our guest this weekend is Edward Stringham, professor of Economics at Trinity College in Hartford, Connecticut. He is the author of a fantastic new book called Private Governance: Creating Order in Economic and Social Life. In this book, Ed looks back a | 10/8/2015 | Free | View in iTunes |
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494 |
Rod Martin: Hope Lies In Entrepreneurs, Not Politicians | Rod Martin, a co-founder of PayPal and world renown philosopher-capitalist, joins Jeff for a wide-ranging interview covering such topics as the refugee situation in Europe, unrest in the Middle East, and why some cultures are more prosperous than others | 10/1/2015 | Free | View in iTunes |
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495 |
Bill Bonner: Empire of Debt | Bill Bonner, founder of Agora Financial, joins the show to discuss the hysteria preceding Janet Yellen's announcement last week that the Fed would not raise interest rates. We also consider various ugly endgames for the US dollar, and whether federal de | 9/24/2015 | Free | View in iTunes |
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496 |
Patrick Barron: Do Central Bankers Really Believe What they Say? | Our guest this week is Patrick Barron, a professor of economics and a student of global currency markets. Patrick and I dissect the Fed's big announcement this past week not to raise interest rates, and consider whether Janet Yellen and other central ba | 9/17/2015 | Free | View in iTunes |
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497 |
Per Bylund: Refugees, Property Rights, and Open Borders | Our guest this weekend is Professor Per Bylund, whose article on immigration elicited plenty of discussion on mises.org and social media earlier this week. Dr. Bylund argues that property rights, not government immigration policies, should serve as the | 9/10/2015 | Free | View in iTunes |
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498 |
Jim Rickards: Will Currency Wars Reorder the World? | Our guest this weekend is Jim Rickards, the author of the New York Times bestseller The Death of Money and a well-known expert in geopolitics and global capital. Jim and Jeff discuss the unfolding drama at the Fed, which can't decide when—if ever—Q | 9/3/2015 | Free | View in iTunes |
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499 |
Dr. Joe Salerno: Crashes are the Cure, not the Problem | Last Monday's mini-crash in equity markets reminded many people of the dark days following the Crash of 2008. The 400 richest people in the world collectively lost $124 billion—at least on paper—in a single day. And the average investor may get tire | 8/27/2015 | Free | View in iTunes |
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500 |
Helio Beltrão: Will Brazil Choose Marx or Mises? | Brazil is in a meltdown: its stock markets are crashing, inflation is over 10%, and huge numbers of people are marching in the street to demand the impeachment of President Dilma Rouseff. And while collectivism runs deep in Brazilian politics and academ | 8/20/2015 | Free | View in iTunes |
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501 |
Dr. Malavika Nair: Money Demystified | Dr. Nair recently spoke at our Mises Boot Camp seminar, and did a great job presenting our introductory course on money. She explains the origins of money, how it evolved, how it derives value, and how it should function in society. Her lecture is a gre | 8/13/2015 | Free | View in iTunes |
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502 |
Bob Higgs: War is the Master Key of the State | This weekend we feature part of a talk by our old friend Dr. Robert Higgs, a longtime Senior Fellow at the Mises Institute and libertarian stalwart. Bob, author of the famous Crisis and Leviathan, recently spoke at Mises University on the critical topic | 8/6/2015 | Free | View in iTunes |
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503 |
Tom Woods: How Mises Changed My Life | Recorded at Mises University 2015, Tom discusses the impact that Mises has had on his life, his time as a summer fellow at the Mises Institute, and the importance of the Mises Institute in spreading the ideas of liberty. | 7/30/2015 | Free | View in iTunes |
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504 |
Robert P. Murphy: Cooperation, Enterprise, and Human Action | Jeff and Bob discuss his new book, Choice: Cooperation, Enterprise, and Human Action, Bob's new opportunity at Texas Tech University, and all things Bob Murphy. | 7/23/2015 | Free | View in iTunes |
|
505 |
Karl-Friedrich Israel: The ECB Has Failed | Karl and Jeff discuss the current situation in Greece from Karl's perspective as a German. Old hostilities between the north and south in Europe are being inflamed, which calls into question the entire purpose of the Eurozone. Would Greece be better off | 7/16/2015 | Free | View in iTunes |
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506 |
Tate Fegley: Crime and Punishment in a Libertarian Society | Tate Fegley and Jeff Deist discuss what crime and punishment might look like in a libertarian society, and how to convince skeptical libertarians that private police can do a better job of dealing with violence, theft, and fraud. Private, competing defe | 7/8/2015 | Free | View in iTunes |
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507 |
Patrick Barron: The Greek Crisis and the Impossibility of the Euro | Patrick and Jeff discuss European integration, which pits creditor nations like Germany against hapless debtors like Greece under the yoke of the Eurozone. With the Euro operating as a political project rather than a real currency, spendthrifts like Gre | 7/1/2015 | Free | View in iTunes |
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508 |
Łukasz Dominiak: Culture in Hoppe's Private Law Society | Łukasz Dominiak is an adjunct scholar at Nicolaus Copernicus University in Poland, and a student of political philosophy. His research as a Summer Fellow at the Mises Institute involves the cultural aspects of a libertarian legal system, with an emphas | 6/24/2015 | Free | View in iTunes |
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509 |
Jonathan Newman: Inflation and Business Cycles | This weekend, we continue our series featuring some of the young scholars who are spending their summer here at the Mises Institute as summer fellows. One of these young scholars is Jonathan Newman, who is working on a PhD in Economics just across the s | 6/18/2015 | Free | View in iTunes |
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510 |
Louis Rouanet: The French Liberty Tradition | Our guest this week is Louis Rouanet, a Summer Fellow at the Mises Institute and a formidable young Austro-libertarian scholar. Louis studies economics at the Paris Institute of Political Studies, and has published several articles at mises.org relating | 6/4/2015 | Free | View in iTunes |
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511 |
Joseph Salerno: The War on Cash | Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank S | 5/28/2015 | Free | View in iTunes |
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512 |
James Grant: The Forgotten Depression | James Grant, of Grant's Interest Rate Observer, recently joined us at our event in Stamford, Connecticut, to discuss his new book, The Forgotten Depression—1921: The Crash That Cured Itself. If you've never heard of the Depression of 1921, it's becaus | 5/21/2015 | Free | View in iTunes |
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513 |
James Ostrowski: The Illiberal Progressive Mind | Our guest this week is uniquely qualified to discuss modern progressives from a libertarian perspective. Jim Ostrowski, whom Murray Rothbard called "one of the finest people in the libertarian movement," is a lawyer, writer, activist, and chronicler of | 5/14/2015 | Free | View in iTunes |
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514 |
David Stockman: Against Crony Capitalism, Part 2 | David Stockman is our guest this week in the second of a two-part interview. Stockman was a congressman, Ronald Reagan’s budget director, and a private equity fund manager who saw the devastation brought to American companies by an economy built on ch | 5/6/2015 | Free | View in iTunes |
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515 |
David Stockman: Against Crony Capitalism, Part 1 | David Stockman is our guest this week in the first of a two-part interview. He is also speaking at our Mises Circle event in Stamford, Connecticut, next week, along with Jim Grant and Judge Andrew Napolitano (watch for free at Mises.org/Live). Stockman | 4/30/2015 | Free | View in iTunes |
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516 |
Joe Salerno: Austrian Economics and Crony Academia, Part 2 | In this second installment of a two-part interview, Jeff Deist and Joseph T. Salerno discuss the health and vitality of the Austrian school. Joe also provides great insights into the state of academia, whether it's wise for libertarians to pursue a PhD. | 4/23/2015 | Free | View in iTunes |
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517 |
Joe Salerno: Austrian Economics and Crony Academia, Part 1 | In this first installment of a two-part interview, Jeff Deist and Joseph T. Salerno discuss the health and vitality of the Austrian school, the impact of the South Royalton conference, Joe's relationship with and memories of Rothbard, and why so many fa | 4/15/2015 | Free | View in iTunes |
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518 |
Jeff Deist: A Free Market in Money? | Jeff Deist challenges some assumptions about money: where it comes from, and whether it has to be provided by governments or by central banks. | 4/9/2015 | Free | View in iTunes |
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519 |
Adam Vass Gal: How the State Destroys the Poor | Our guest this week is Adam Vass Gal, a recent speaker at our research conference in Auburn. Adam has degrees in economics and finance, and works as an investment advisor for the Oakley group while teaching as an adjunct professor at Belmont University | 4/1/2015 | Free | View in iTunes |
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520 |
Paul-Martin Foss: From Ron Paul's Office to the Carl Menger Center | Jeff Deist and Paul-Martin Foss discuss Ron Paul's years fighting the Federal Reserve, why Carl Menger still matters, and why the Beltway types are wrong when they want to tinker with—rather than end—the Fed. | 3/26/2015 | Free | View in iTunes |
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521 |
William Boyes: From Mainstream Academia to Unrepentant Rothbardian | Our show this weekend features William Boyes, Director of Arizona State University's Center for the Study of Economic Liberty. Boyes was in Auburn last week presenting a keynote speech at our Austrian Economics Research Conference. In his talk, Boyes gi | 3/19/2015 | Free | View in iTunes |
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522 |
Patrick Byrne: Entrepreneurship, Austrian Economics, and the Cryptorevolution | Our show this weekend features Patrick Byrne, the Chairman and CEO of Overstock.com. Patrick was here at our Auburn campus this past week presenting a keynote speech at our Austrian Economics Research Conference. His talk focuses on institutional design | 3/13/2015 | Free | View in iTunes |
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523 |
Mark Thornton: The Skyscraper Curse | This weekend, we feature our own Senior Fellow Mark Thornton in an appearance on Paul Molloy’s "Freedom Works" radio show. Mark is known for his work on the Skyscraper Index Model, which can help us understand why booms are followed by busts, why mali | 3/5/2015 | Free | View in iTunes |
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524 |
Jay Taylor: Austrian Economics and the Next (Bigger) Crash | Jeff Deist and Jay Taylor, host of Taylor’s Hard Money Advisers, discuss the role of Austrian economics in understanding the market crash of 2008; and how some institutional investors used Austrian theory to get very rich shorting that crash. If you a | 2/26/2015 | Free | View in iTunes |
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525 |
John O'Donnell: Austrian Economics Applied | People accuse Austrian economics of being overly theoretical—but our guest John O’Donnell proves them wrong. He’s applied Austrian economics consistently over his long career both as a successful investment banker and the CEO of several public com | 2/19/2015 | Free | View in iTunes |
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526 |
Peter Klein: The Net Neutrality Lie | Jeff Deist and Peter G. Klein discuss the "Net Neutrality" scam, the debunked monopoly and antitrust arguments, and how the internet would work in a world of truly unregulated entrepreneurship. | 2/12/2015 | Free | View in iTunes |
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527 |
Glenn Jacobs: The Libertarian Superstar of Professional Wrestling | Glenn Jacobs, also known as WWE superstar "Kane", is our guest this week. He's not only a tremendous performer and athlete, but also tremendous intellectual, a voracious reader, a dedicated Rothbardian, and a great friend of the Mises Institute. Glenn e | 2/4/2015 | Free | View in iTunes |
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528 |
Dan Mitchell: The Immoral US Tax Regime | Daniel J. Mitchell is a PhD economist and the Cato Institute’s resident tax expert. He’s also a great defender, on moral grounds, of so-called tax havens—which are nothing more than sovereign foreign countries that dare to have lower tax rates tha | 1/28/2015 | Free | View in iTunes |
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529 |
Jeff Deist: Secession Begins at Home | Jeff Deist presented this talk at the 2015 Mises Circle in Houston: "Breaking Away: The Case for Secession". He makes the case that secession starts at home with the individual. | 1/23/2015 | Free | View in iTunes |
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530 |
Martin Armstrong: The Forecaster | Martin Armstrong is one of the most famous economic forecasters alive, but you wouldn’t know it after the whitewashing job he’s suffered at the hands of the federal government and the mainstream financial press. The man who in the 1980s and 90s had | 1/14/2015 | Free | View in iTunes |
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531 |
Connor Boyack: Raising Libertarian Kids | This weekend we depart from our usual topics of money and Austrian economics to welcome Connor Boyack, the author of two brilliant libertarian books for children: one based on Bastiat’s famous essay "The Law", and one based on Leonard Read’s great e | 1/8/2015 | Free | View in iTunes |
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532 |
Our #1 Show of 2014! | Looking back on our first year of Mises Weekends, we decided to check the numbers and run the program with the highest ratings as we close out 2014. So based on analytics from YouTube, iTunesU, and Stitcher, the #1 show of the year is none other than Pa | 1/1/2015 | Free | View in iTunes |
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533 |
David Gordon: Thinkers Who Challenged the State | This weekend we’re pleased to feature a talk by David Gordon from our recent Mises Circle event in California. In less than 20 minutes David takes us through a compelling survey of Plato, Aristotle, Stoic philosopher Zeno of Citium, Frenchman Frederic | 12/23/2014 | Free | View in iTunes |
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534 |
Peter St. Onge: "Moneyness" in a Digital Age | Jeff Deist and Peter St. Onge discuss some of the fundamental questions about money in this electronic age. What do Menger and Mises tell us about the origins of money? How do we define it? What's the difference between "money" and a "medium of exchange | 12/18/2014 | Free | View in iTunes |
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535 |
Bob Murphy: The Case for Private Defense | Recent events surrounding Ferguson, Missouri and the choking death of Eric Garner have brought police misconduct to the forefront. Libertarians rightfully point out that police (unlike private actors) are largely immune from criminal prosecution, civil | 12/11/2014 | Free | View in iTunes |
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536 |
Michael Oliver: Rothbard vs. Rand—Can Anarcho-Capitalism and Objectivism Be Reconciled? | This weekend Jeff Deist welcomes Michael Oliver, and if you like debating Rothbard vs. Rand — or anarcho-capitalism vs. limited government — you’ll really enjoy our show. Michael witnessed the beginning of the modern anarcho-capitalism movement, m | 12/4/2014 | Free | View in iTunes |
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537 |
Claudio Grass: Will the Swiss Vote for Gold? | This weekend Jeff welcomes back to the show Claudio Grass, the managing director of Global Gold in Switzerland, to discuss Sunday’s historic gold referendum vote from his insider’s perspective. This referendum would require the Swiss National Bank t | 11/25/2014 | Free | View in iTunes |
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538 |
Chris Casey: The Austrian Investor | Jeff Deist addresses the topic of Austrian investing with Chris Casey, Managing Director of WindRock Wealth Management. If you are an investor and you are interested in Austrian Economics, you will enjoy this show. | 11/20/2014 | Free | View in iTunes |
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539 |
Jeff Deist: The Case for Optimism | This episode features an abridged audio version of Jeff Deist's talk from the Mises Circle event in Southern California on 8 November 2014. He argues that the state is losing its primary asset — namely, legitimacy in the eyes of those it would govern | 11/13/2014 | Free | View in iTunes |
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540 |
Bob Murphy: The Fed's Stock Market Casino | Jeff Deist and Robert P. Murphy address the vital topic of Fed interference in financial markets. Are the global equity and bond markets a charade, engineered by monetary expansion and destined to collapse like a house of cards? Is the investing game ba | 11/6/2014 | Free | View in iTunes |
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541 |
Patrick Barron: The End of the US Dollar Imperium, Part 2 | Jeff Deist and Patrick Barron continue their discussion on monetary imperialism. They delve deeper into US dollar supremacy, and how it might end with a whimper instead of a bang; how the Bundesbank is a potential savior for the world monetary order, wh | 10/30/2014 | Free | View in iTunes |
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542 |
Patrick Barron: The End of the US Dollar Imperium | Jeff Deist and Patrick Barron address the issue of monetary imperialism. How does the US use the dollar as a weapon of economic and cultural power? How long can it last? What might the unprecedented collapse of a worldwide reserve currency look like? An | 10/23/2014 | Free | View in iTunes |
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543 |
Tom Woods: Champion of Libertarian Dissent | Jeff Deist and Tom Woods to discuss Tom's new book entitled Real Dissent: A Libertarian Sets Fire to the Index Card of Allowable Opinion. | 10/16/2014 | Free | View in iTunes |
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544 |
Claudio Grass: The Upcoming Swiss Gold Referendum | Jeff Deist and Claudio Grass discuss the uniquely Swiss mindset behind the upcoming Swiss gold referendum, and how decentralization of political power is part of Swiss DNA; the tremendous geopolitical aftershocks that would occur if the referendum passe | 10/9/2014 | Free | View in iTunes |
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545 |
Joseph Becker: Economic Liberty Denied | Jeff Deist and Joseph Becker discuss the illusion of judicial remedies for most Americans; how Becker is attacking cronyism in Nevada; how a Rothbardian legal system might deal with torts, crimes, and externalities; and how the statist 20th century cour | 10/2/2014 | Free | View in iTunes |
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546 |
Patrick Barron: Currency Wars and the Death of the Euro | Jeff Deist and Patrick Barron discuss what's going on in the EU, how Germany in particular suffers from being yoked to the other Eurozone nations, and what the comeback of the Deutsche Mark might mean for Europe — and for America. | 9/25/2014 | Free | View in iTunes |
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547 |
David Farrer: A Scottish Libertarian Deconstructs the Vote | Jeff Deist and David Farrer deconstruct Thursday’s referendum vote from a libertarian perspective. | 9/18/2014 | Free | View in iTunes |
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548 |
Dr. David Howden: Let Banks Fail! (Central and Otherwise) | Jeff Deist and David Howden discuss the history of banking in America before 1913, the supposed justifications for the Federal Reserve Act, and why American economists all seem to be thrall to—and on the payroll of—the Fed. David also lays out the r | 9/11/2014 | Free | View in iTunes |
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549 |
Dr. Philipp Bagus: The Tragedy of the Euro | Jeff Deist and Philip Bagus discuss not only the history and possible future of the Euro, but also the ECB under Draghi; the nationalist sentiments sweeping some European nations that want their own currency back; how the ECB has effectively monetized t | 9/4/2014 | Free | View in iTunes |
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550 |
Andy Duncan: The Charade of Independence for UKIP and Scotland | Jeff Deist and Andy Duncan discuss the rise of UKIP in England, and whether it represents a real populist anti-state uprising or just rightist politics. Andy skewers the strutting political class in London, and the charade of voting Labour or Conservati | 8/28/2014 | Free | View in iTunes |
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551 |
Marc Victor: Attorney For Freedom | Jeff Deist and Marc J. Victor discuss what's happening in Ferguson, our disappearing legal rights, and how having Butler Shaffer as a law professor radicalized him and shaped his libertarian views. | 8/21/2014 | Free | View in iTunes |
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552 |
Marc Abela: Abenomics and Japan's Narrowing Horizons | Jeff Deist and Marc Abela discuss the Bank of Japan's failed twenty-five year program of monetary stimulus, the resulting creation of insolvent zombie banks, and the impossibility of "Abenomics". You'll enjoy hearing about Toshio Murata—a Japanese stu | 8/14/2014 | Free | View in iTunes |
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553 |
David Gordon: The Life and Times of Murray Rothbard | Jeff Deist and David Gordon discuss Murray N. Rothbard's life from an insider's perspective, touching on Rothbard's experience founding the Cato Institute, his relationship with Mises and the areas where they disagreed, his time with Ayn Rand and her Ob | 8/7/2014 | Free | View in iTunes |
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554 |
Guido Hülsmann: Inside the Mind of Mises | Jeff Deist and Guido Hülsmann discuss Hülsmann's years spent writing Mises's biography (Mises: The Last Knight of Liberalism), the serendipitous discovery of Mises's papers in Moscow that made the book possible, how Mises endured and kept working as E | 7/31/2014 | Free | View in iTunes |
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555 |
Yuri N. Maltsev: Soviet Defector on the Loss of Freedom in America | Jeff Deist and Yuri Maltsev discuss not only his defection from the former USSR, but also his defection from the Marxist economic mindset, the crime of reading Hayek, why so many westerners still have a naïve, uninformed, and romantic view of socialism | 7/24/2014 | Free | View in iTunes |
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556 |
William Norman Grigg: Against the Police State | Jeff Deist and Will Grigg discuss "police state Keynesianism," how the once embryonic American police state became overt, how military equipment, personnel, and mindsets increasingly find their way into local law enforcement agencies, and why there are | 7/17/2014 | Free | View in iTunes |
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557 |
Brian Doherty: Reporting the Revolution | Jeff Deist and Brian Doherty discuss Brian's role as both a participant in—and observer of—libertarian circles, the impact of Austrian economics on today's intellectual debate, Ron Paul's lasting legacy, and why for the first time ever it's cool to | 7/10/2014 | Free | View in iTunes |
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558 |
Justin Raimondo: Against the War Machine | Jeff Deist and Justin Raimondo discuss the early history of the modern libertarian movement, Justin's time working with Murray Rothbard on libertarian strategy, and the chances for developing a broad new anti-war coalition. | 7/1/2014 | Free | View in iTunes |
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559 |
Dr. Mark Thornton: Wikipedia and Spontaneous Order | Jeff Deist and Mark Thornton discuss Mark's recent experience as an opponent of the drug war at the Oxford Union debating society, his influence on Wikipedia founder Jimmy Wales, and how Wikipedia demonstrates a kind of stateless spontaneous order, comp | 6/26/2014 | Free | View in iTunes |
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560 |
Eric Peters: Anarcho Road Warrior | Eric Peters discusses with Jeff Deist the automobile as a symbol of libertarian autonomy, why statists love public transportation, how moronic government regulations make all cars look the same, and why you should go buy an old V8 or an old motorcycle w | 6/19/2014 | Free | View in iTunes |
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561 |
Jim Bovard: Libertarian Muckraker | Jim Bovard talks with Jeff Deist about his incendiary career as a journalist, the American people as Mencken's "Booboisie", and why the Nanny State has him stocking-up on cigars. | 6/12/2014 | Free | View in iTunes |
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562 |
Helio Beltrão: World Cup Cronyism and the Liberty Movement in Brazil | Entrepreneur and businessman Helio Beltrão talks to Jeff Deist about crony capitalism and the upcoming FIFA World Cup, and why the Liberty Movement is like a soccer team. | 6/5/2014 | Free | View in iTunes |
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563 |
Gerald Celente: Political Atheism | Megatrend forecaster Gerald Celente talks with Jeff Deist about the second American Revolution and how oligarchs have come to power in the U.S. | 5/29/2014 | Free | View in iTunes |
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Customer Reviews
Fav
My favorite podcast. I learn so much. Thanks so much for all you do.
Amazing podcast
Only thing they should do is make it twice as loud and it would be perfect
Good, but…
Oddly, the guests on this program are not always or even usually announced by name in the podcast. Apparently a listing of the guests and topics are found elsewhere. But for people using their phones and subscribing to the podcast through iTunes or other services and listening while driving or walking their dogs, this is of little help. Sometimes the host will start the episode by referring to the guest by their first name only! For me this is a major obstacle to enjoying the show.
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