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 theorem remains the only coherent explanation for money's value. Professor Ganev's Paper, "Has the barter theory of the origins of money been rejected?": Mises.org/HAP519a The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. G...
Sep 30, 2025•Ep. 519
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, and critiques proposals like Henry George’s land tax. Bob also points to zoning restrictions and the Federal Reserve’s balance sheet as the real culprits behind skyrocketing prices. The Social Function of Stock Speculators: Mises.org/HAP518a Rothba...
Sep 21, 2025•Ep. 518
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 effects beyond prices and GDP. From marriage formation to fertility decisions and divorce trends, he explains how inflation fosters short-termism, debt culture, and moral hazard within households. Join Jeff Degner and other Mises faculty on November ...
Sep 18, 2025•Ep. 517
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 the institution’s long history of serving political power. Recalling Elizabeth Warren’s attacks on Jay Powell to insider trading scandals among Fed officials, Bob exposes the hypocrisy of politicians and media figures who cry about independence only when ...
Sep 07, 2025•Ep. 516
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 how monetary freedom could stop inflation. Along the way, Bob and Peter connect these timeless ideas to today’s debates over technology, government control, and economic liberty. The Mises Institute is giving away 100,000 copies of Hayek for the 21s...
Sep 01, 2025•Ep. 515
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 Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks. The Mystery of Banking by Murray N. Rothbard: https:/...
Aug 22, 2025•Ep. 513
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 money differently than commercial banks. Bob also critiques the perspectives of Richard Werner, Steve Keen, and George Selgin, showing where their explanations align or fall short. Bob's Infineo Article, "A Biz vs. a Bank vs. the Fed": Mises.org/HAP...
Aug 15, 2025•Ep. 513
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 will create shortages, low-quality food, and wasted resources. The Jacobin Article, "Municipal Grocery Stores Are Sensible and Obvious": Mises.org/HAP512a The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to...
Aug 09, 2025•Ep. 512
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 Werner’s recommendations for banking reform, highlighting differences with Mises’s monetary insights and Austrian business cycle theory. The Tucker Carlson Show Episode with Richard Werner: Mises.org/HAP511a Playing with Fire: Money, Banking, and the ...
Aug 02, 2025•Ep. 511
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 stability, fractional reserve banking, and the future of financial privacy. Understanding Money Mechanics: Mises.org/HAP510a The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy...
Jul 27, 2025•Ep. 510
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 historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform. Bob's Mises Article, "Putting the Country Back on Gold": Mises.org/HAP509a Understanding Money Mechanics: Mises.org/HAP509b The Mises Inst...
Jul 18, 2025•Ep. 509
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 operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency. Bob's Recent ZeroHedge Debate,"Should We End the...
Jul 14, 2025•Ep. 507
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 contributions from up-and-coming Austrian economists in areas such as monopoly pricing, international economics, and monetary theory. The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno: Mises.org/HAP507a David Gordon's Review of ...
Jul 07, 2025•Ep. 507
Bob hosts Steve Hanke, Distinguished Senior Scholar at the Mises Institute and Professor of Applied Economics at Johns Hopkins University, to discuss his research on hyperinflations, currency board solutions, and the economic effects of the COVID lockdowns. Hanke explains the findings of his meta-analysis of lockdown impact and explains why Sweden's laissez-faire approach was vindicated. He also draws from decades of experience stopping hyperinflation globally, advocating currency boards and gol...
Jul 01, 2025•Ep. 506
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 even influenced the outcome of the Revolutionary War. Smith explains Paine's life, from early setbacks and struggles in England to becoming a pivotal figure in America’s founding, and why his views ultimately sidelined his historical reputation. Georg...
Jun 22, 2025•Ep. 505
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 excessive state intervention. Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": Mises.org/HAP504a Thomas Massie's X Exchange on the Hidden Costs of the BBB: Mises.org/HAP504b Bob's Recent Blog Post on the BBB: Mises.org/HAP5...
Jun 14, 2025•Ep. 504
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 authors explain Rothbard's proposal and how they are trying to introduce it to the economics profession. The Paper, "National Output Without Government?": Mises.org/HAP503a The Human Action Podcast Episode on Dubious Origins of GDP/GNP: Mises.org/HAP50...
Jun 11, 2025•Ep. 503
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 the government controls significant property and resources, explores the implications for public property rights, and examines empirical claims made during the debate. Alex Nowrasteh's Cato Article on Immigrants' Welfare and Entitlement Benefits C...
May 30, 2025•Ep. 502
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, but to clarify. Using classical and Austrian economics, Murphy shows why U.S. economic malaise can’t be solved with tariffs, but also why dismissing Cass’s concerns outright is a strategic and economic mistake. Oren Cass on The Tucker Carlson Show: Mise...
May 26, 2025•Ep. 501
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 often pay more—yet benefit most from drug innovation. Tabarrok also critiques the FDA’s role in delaying treatments and explains how regulatory reform, not price caps, could make healthcare more affordable and effective. Alex's Article, "Econ 101 i...
May 19, 2025•Ep. 500
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 account for these misleading figures, the report signifies a healthy economy. Murphy mostly disagrees, and shows why the report--taken at face value--does indeed signify poor economic performance. Peter St. Onge, "GDP Goes Negative. And it's Glorio...
May 12, 2025•Ep. 499
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 Jonathan unpack the fundamental question: What is economics, really? They explore how Austrian economics differs from psychology, history, and the natural sciences, why economics is more about understanding than prediction, and how praxeology reveals th...
May 05, 2025•Ep. 498
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...
Apr 26, 2025•Ep. 497
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/HAP496a The NBER Paper on Colonial Virginia's Money Regime: Mises.org/HAP496b NPR Planet Money, "A Giant Stone Coin At The Bottom Of The Sea": Mises.org/HAP496c Milton Friedman, "The Island Of Stone Money": Mises.org/HAP496d B...
Apr 19, 2025•Ep. 496
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/HAP495a...
Apr 09, 2025•Ep. 495
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
