Tariff Pandemonium | What is the Libertarian Position | Hn 115

Economist Bob Murphy is back and he and Adam are going DEEP on the whole tariff issue. What is the truth about tariffs, and why do people (on both sides) argue so stupidly about them? 00:00 — Intro. It's fun to say words in a Trumpian accent. 01:33 — Bob is astonished at the poor quality of discussion about tariffs these days. Are free market economists explaining things wrong? 05:44 — People don't seem interested in "efficiency" arguments. Are there more important things involved when discussing a nation's "trade policy"? 09:06 — Bob gives a mini-lecture on the the history of tariffs in America. Are trade deficits good? Bad? Or is this the wrong way to look at it? 17:25 — If tariffs are stupid and counter-productive, why do all the other countries do it? 22:20 — Bob admits there could be a case made for tariffs, but we sure aren't hearing any. 28:20 — What if these tariffs are just negotiation tools? Can that possibly make sense? Aren't tariffs really an example of crony political action with concentrated benefits and dispersed costs? Also, how should we think about VAT and quotas and "currency manipulation" and other non-tariff restrictions to trade put up by other countries? Are we "hurt" when other countries give us cheap stuff? 42:15 — Nationalists might object to "cheap goods" from overseas because it weakens our country. What's the response to that? 46:42 — What do tariffs do to the stock market? How should we think about the current chaos? 50:52 — Adam shares the most interesting argument he's heard about Trump's tariff strategy. Does the argument hold water? 56:17 — Shout out to Leonard Read's "I, Pencil" and a more recent article from FEE's Diogo Costa (linked below). Also, an appropriate quote by Bastiat. 58:11 — Why have free market economists failed in persuading people about free trade? 61:20 — Outro. Thanks for watching Haman Nature! FEE article mentioned: "This week, a pen declared war on a pencil": "I, Pencil" by Leonard Read: Adam on X: @RerazerBob on X: @BobMurphyEconThe Bob Murphy Show: The Human Action podcast: Adam's other podcast: Natural Order Podcast This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hamannature.substack.com/subscribe