The Human Action Podcast

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, explaining why the dollar might strengthen in theory yet sometimes weakens in practice once retaliation and policy signaling are factored in. The Human Act...

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 expa...

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 Coun...

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 Au...

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-analysis of lockdown impact and explains why Sweden's laissez-faire approach was vindicated. He also draws from decades of experience stopping hyperinf...

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 f...

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?...

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 refo...

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 E...

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 Ta...

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: https://Mises.org/HAP486a

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: https://Mises.org/HAP485a Brian Domitrovic's Forbes Article, "Supply-Si...

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: https://Mises.org/HAP484a Bob and Jonathan's T...

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...

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: https://Mises.org/HAP482a Human Action Podcast Episode 481 on Business Cycle Theory: https://Mises.org/HAP482b Bob's Mises Article on GDP: https://Mises.org/HAP482c

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: https://Mises.org/HAP481a Hayek's Prices and Production: https://Mises.org/HAP481b Rothbard's Man, Economy, and State: https://Mises.org/HAP481c Bob's Study Guide to Man, Economy, and State: https://Mises.org/HAP481d Roger Garrison's PowerPoint o...

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: https://Mises.org/HAP480a Frank Fetter's Capital, I...

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 https://Mises.org/HAP479a The Story of the $100 Hospital Aspirin: https://Mises.org/HAP479b Primal Prescription: Surviving the 'Sick Care'...

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”: https://Mises.org/HAP477a David’s Paper “The Sraffa-Hayek Deba...

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: https://Mises.org/HAP476a Bryan Caplan's "Why I Am Not an Austr...

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: https://Mises.org/HAP475a Steve Landsburg on Obama's State of the Union Remarks about Exports: https://Mises.org/HAP475b

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": https://Mises.org/HAP473a

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...

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...