The Human Action Podcast

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 Ro...

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: Mi...

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,...

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...

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 Mec...

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 th...

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 Econ...

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...

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 Ha...

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 awa...

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 Kristoff...

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 Co...

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 Ins...

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...

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 B...

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

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 Alterna...

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 fre...

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/HAP464a R. A. Radford, "The Economic Organisation of a P.O.W": Mises.org/HAP464b Bob's Book, Understanding Money Mechanics: Mises.o...

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/HAP463a The Boston Globe Article Supporting Harris's Proposal: Mises.o...

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/HAP462a Human Action Podcast Episode 460, "What Does Say’s Law Really Say?": Mises.org/HAP462b...

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 whet...

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/HAP460a James Mill, "On the Overproduction and Underconsumption Fallacies": Mises.org/HAP460b The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? G...

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 beyo...

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/HAP458a Trump-Biden Tariff Tracker: Mises.org/HAP458b Bob and Dave Smith on Open Borders: Mises.org/HAP458c Frédér...