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...
Apr 05, 2025•Ep. 494
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/HAP493a Rothbard's Man, Economy, and State: Mises.org/HAP493b Bob's 2014 Talk on the Great Depression: Mises.org/HAP493c The Mises Institute is giving away 100,000 copies of Murray Ro...
Mar 30, 2025•Ep. 493
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/HAP492a The FRED Chart Referenced in this Episode: Mises.org/HAP492b Bob's 2007 Mises Daily article on Capital Surplus: Mises.org/HAP492c Bob's 2007 Mises Daily articl...
Mar 22, 2025•Ep. 492
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/HAP491a 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 Join us May 15–17, 2025, at the Mises Instit...
Mar 14, 2025•Ep. 491
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/HAP490a Part of the Problem Episode 1233: Mises.org/HAP490b The Mises Institute ...
Mar 07, 2025•Ep. 490
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/HAP489a Dr. Hülsmann's Biography of Mises, The Last Knight of Liberalism: Mises.org/HAP489b Murray's 99th birthday is March 2. Please sh...
Mar 03, 2025•Ep. 489
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/HAP488a Bob's Understanding Money Mechanics: Mises.org/HAP488b Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mi...
Feb 21, 2025•Ep. 488
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/HAP487a Josh's X Thread Detailing the Document: Mises.org/HAP487b Join the ...
Feb 14, 2025•Ep. 487
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/HAP486a Join 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 Governme...
Feb 08, 2025•Ep. 486
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/HAP485a Brian Domitrovic's Forbes Article, "Supply-Siders Battle Their Tariff Critics": Mises.org/HAP485b Trump on Tariffs: Mises.org/HAP485c The Chart Show...
Jan 31, 2025•Ep. 485
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/HAP484a Bob and Jonathan's Tag-Team Mises University Lecture on MMT: Mises.org/HAP484b Bob's Quarterly Journal of Austrian Economics Pape...
Jan 24, 2025•Ep. 484
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 tra...
Jan 18, 2025•Ep. 483
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/HAP482a Human Action Podcast Episode 481 on Business Cycle Theory: Mises.org/HAP482b Bob's Mises Article on GDP: Mises.org/HAP482c 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...
Jan 11, 2025•Ep. 482
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/HAP481a Hayek's Prices and Production: Mises.org/HAP481b Rothbard's Man, Economy, and State: Mises.org/HAP481c Bob's Study Guide to Man, Economy, and State: Mises.org/HAP481d Roger Garrison's PowerPoint on the Hayekian Triangle: Mises.org/HAP481e The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Gov...
Jan 03, 2025•Ep. 481
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/HAP480a Frank Fetter's Capital, Interest, and Rent: Mises.org/HAP480b Matt McCaffrey, “Frank Fetter and the Austrian Tradition in the United ...
Dec 28, 2024•Ep. 480
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/HAP479a The Story of the $100 Hospital Aspirin: Mises.org/HAP479b Primal Prescription: Surviving the 'Sick Care' Sinkhole: Mises.org/HAP479c For just $25, you can receive our December Bundle, including three essential rea...
Dec 20, 2024•Ep. 479
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/HAP478a The Wikipedia Article on the Political Interpretations of The Wonderful Wi...
Dec 13, 2024•Ep. 478
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/HAP477a David's Paper "The Sraffa-Hayek Debate on the Natural Rate of Interest": Mises.org/HAP477b For just $25, you can receive our December Bundle, in...
Dec 07, 2024•Ep. 477
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/HAP476a Bryan Caplan's "Why I Am Not an Austrian Economist": Mises.org/HAP476b Hoppe's Economic Science and the Austrian Method: Mises.org/HAP476c Bob's ...
Nov 30, 2024•Ep. 476
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/HAP475a Steve Landsburg on Obama's State of the Union Remarks about Exports: Mises.org/HAP475b 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 M...
Nov 23, 2024•Ep. 475
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/HAP474a 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...
Nov 16, 2024•Ep. 474
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/HAP473a 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 ...
Nov 08, 2024•Ep. 473
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 h...
Nov 01, 2024•Ep. 472
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/HAP471a The Bob Murphy Show, Episode 352 on Comparative Advantage: Mises.org/HAP471b Bob's Article, "The Beauty and Importance of Comparative Adva...
Oct 26, 2024•Ep. 471
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/HAP470a Joe Salerno, "Ludwig von Mises as Currency School Free Banker": Mises.org/HAP470b The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Ge...
Oct 18, 2024•Ep. 470
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...
Oct 11, 2024•Ep. 469
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/HAP468a Roger Garrison's Famous Lect...
Oct 04, 2024•Ep. 468
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
Sep 28, 2024•Ep. 467
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/HAP466a Henderson's Critique of DeLong's Article: Mises.org/HA...
Sep 21, 2024•Ep. 466
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 maintainin...
Sep 14, 2024•Ep. 465
