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 Action Podcast on Trump's Tariff Strategy: https://Mises.org/HAP522a The Lerner Symmetry Theorem: https://Mises.org/HAP522b

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://mises.org/HAP514a "How Private Banks Can Create Money, But Not Like the Fed Can" (Human Action Podcast): https://mises.org/HAP514b The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree

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": https://Mises.org/HAP509a Understanding Money Mechanics: https://Mises.org/HAP509b

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: https://Mises.org/HAP507a David Gordon's Review of the Book in The Austrian: https://Mises.org/HAP507b

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 hyperinflation globally, advocating currency boards and gold-backed solutions as effective alternatives to central banks. Professor Hanke's Austrian Economics Research Conference Lecture: https://Mises.org/HAP506a Professor Hanke's IEA Article, "Did Lockdowns Work? The Verdict on COVID Restrictions": https://Mises.org/HAP506b 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 https://Mises.org/HAPodFree Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​. X ► https://x.com/mises/ Facebook ► https://www.facebook.com/mises.institute/ Instagram ► https://www.instagram.com/misesinstitute/ SoundCloud ► https://soundcloud.com/misesmedia/ Apple Podcasts ► https://podcasts.apple.com/us/artist/mises-institute/1280664810 Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/podcasts

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. George's Mises Wire Article, "The Failure to Stop Thomas Paine": https://Mises.org/HAP505a George's Mises Wire Article, "Thomas Paine, Liberty's Hated Torchbearer": https://Mises.org/HAP505a

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?": https://Mises.org/HAP503a The Human Action Podcast Episode on Dubious Origins of GDP/GNP: https://Mises.org/HAP503b The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": https://Mises.org/HAP503c

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 is Underrated: Pharma Price Controls": https://Mises.org/HAP500a

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: https://Mises.org/HAP490a Part of the Problem Episode 1233: https://Mises.org/HAP490b

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: https://Mises.org/HAP487a Josh's X Thread Detailing the Document: https://Mises.org/HAP487b

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-Siders Battle Their Tariff Critics": https://Mises.org/HAP485b Trump on Tariffs: https://Mises.org/HAP485c The Chart Shown in this Episode: https://Mises.org/HAP485d

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 Tag-Team Mises University Lecture on MMT: https://Mises.org/HAP484b Bob's Quarterly Journal of Austrian Economics Paper on The Deficit Myth: https://Mises.org/HAP483c William Hutt's The Theory of Idle Resources: https://Mises.org/HAP484d

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 tragedy. Lawrence's 2017 Article Detailing the CA's Fire Prevention Problem: https://Mises.org/HAP483a Lawrence’s 2019 Golden Fleece Report Submission on Mismanagement in CA: https://Mises.org/HAP483b Lawrence’s 2020 Interview on the Reasons Ca’s Fires Keep Happening: https://Mises.org/HAP483c Lawrence’s 2024 Article on Lessons From the Lahaina Wildfires:: https://Mises.org/HAP483d

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 on the Hayekian Triangle: https://Mises.org/HAP481e

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, Interest, and Rent: https://Mises.org/HAP480b Matt McCaffrey, “Frank Fetter and the Austrian Tradition in the United States”: https://Mises.org/HAP480c

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' Sinkhole: https://Mises.org/HAP479c

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: https://Mises.org/HAP478a The Wikipedia Article on the Political Interpretations of The Wonderful Wizard of Oz: https://Mises.org/HAP478b The Wikipedia Article on the Wicked Novel: https://Mises.org/HAP478c

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 Debate on the Natural Rate of Interest”: https://Mises.org/HAP477b

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 Austrian Economist": https://Mises.org/HAP476b Hoppe's Economic Science and the Austrian Method: https://Mises.org/HAP476c Bob's Cambridge University Press Article on Böhm-Bawerk's Critiques: https://Mises.org/HAP476d A Modern Guide to Austrian Economics: https://Mises.org/HAP476e Bob and David Freidman, "The Chicago Vs. Austrian School Debate": https://Mises.org/HAP476f

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 Kristoffer delve into the influence of the Currency School on banking and economic instability, as well as how commodity-backed money might impact the business cycle. Kristoffer’s Article in the QJAE, “Sound Money without Free Banking”: https://Mises.org/HAP472a Kristoffer and Jonathan Newman’s Article in the QJAE Clarifying Rothbard’s Definition of Inflation: https://Mises.org/HAP472b Human Action Podcast Episode 470 on the Debate Over Fractional Reserve Banking: https://Mises.org/HAP472c

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 versus the Real Bills Doctrine: https://Mises.org/HAP469a Bob’s Study Guide to The Theory of Money and Credit: https://Mises.org/HAP469b Philipp Bagus, “Entrepreneurial Error Does Not Equal Market Failure” https://Mises.org/HAP469c

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: https://Mises.org/HAP468a Roger Garrison's Famous Lecture, "The Austrian Theory of the Business Cycle": https://Mises.org/HAP468b Richard Ebeling's Monograph, The Austrian Theory of the Trade Cycle: https://Mises.org/HAP468c Carilli and Dempster, "Expectations in Austrian Business Cycle Theory: An Application of the Prisoner’s Dilemma": https://Mises.org/HAP468d 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 https://Mises.org/HAPodFree

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: https://Mises.org/HAP467a

Please donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: https://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": https://Mises.org/HAP466a Henderson's Critique of DeLong's Article: https://Mises.org/HAP466b Bob's Journal Aritcle on 1970s Crude Oil Price Controls: https://Mises.org/HAP466c Subscribe to David's Substack, "I Blog to Differ": https://Mises.org/HAP466d

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 maintaining the institution. They also touch on modern discussions of reparations and the historical patterns of slavery's abolition in other countries. Josh's Mises Wire Article, "Governments Had a Major Role in Sustaining Slavery": https://Mises.org/HAP465a Mark Thornton, "Slavery, Profitability, and the Market Process": https://Mises.org/HAP465b Jeffrey Hummel, "The Political Economy of Slavery, Secession, and Emancipation": https://Mises.org/HAP465c Jeffrey Hummel, "U.S. Slavery and Economic Thought": https://Mises.org/HAP465d Alan Olmstead, "Cotton, Slavery, and the New History of Capitalism": https://Mises.org/HAP465e

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": https://Mises.org/HAP464a R. A. Radford, "The Economic Organisation of a P.O.W": https://Mises.org/HAP464b Bob's Book, Understanding Money Mechanics: https://Mises.org/HAP464c

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: https://Mises.org/HAP463a The Boston Globe Article Supporting Harris's Proposal: https://Mises.org/HAP463b

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: https://Mises.org/HAP462a Human Action Podcast Episode 460, “What Does Say’s Law Really Say?”: https://Mises.org/HAP462b David Ricardo, On the Principles of Political Economy and Taxation: https://Mises.org/HAP462c

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 whether recent developments are indicative of a 1987-style crash or a 2008-style crash. They also explain the Japanese carry trade, its impact on the dollar and Japanese markets, and the recent market fluctuations, including the significant decline in the Japanese stock exchange and the S&P 500. Dr. St. Onge, “Is it Black Monday or Another 2008?”: https://Mises.org/HAP461a Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics, at https://Mises.org​​.

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'": https://Mises.org/HAP458a Trump-Biden Tariff Tracker: https://Mises.org/HAP458b Bob and Dave Smith on Open Borders: https://Mises.org/HAP458c Frédéric Bastiat's Candlestick Makers' Petition: https://Mises.org/HAP458d

Jason Purcell is an analyst at a major financial institution with a specialty in bond analysis. He joins Bob to discuss his historical analysis of yield curves (in both UK and US) going back to the 1870s, which shows that central banks do indeed manipulate short-term interest rates. Bob's Article on the Inverted Yield Curve: https://Mises.org/HAP457a Goerge Selgin's Cato Article on the Fed: https://Mises.org/HAP457b The Charts Referenced in this Episode: https://Mises.org/HAP457c Jason's Twitter: https://Mises.org/HAP457d Purcell Investment Research: https://Mises.org/HAP457e Read More on Jason's Substack: https://Mises.org/HAP457f

Are wealthy people getting wealthier because they work harder? Dr. Jonathan Newman is back on the show to discuss Robert Reich's latest video about debunking economic myths. Robert Reich incorrectly blames the free market when businesses act on incentives provided by the government. He condenses this information into short, impactful videos for his audience. However, most of what Reich talks about isn't really economics. And when he does discuss economics, he relies on flawed assumptions that have been meticulously refuted over the past century. Bob and Dr. Newman dissect the misconceptions and provide some insights. Robert Reich's "Debunking Economic Myths" Episode 3: https://Mises.org/HAP455a Robert Reich's "Debunking Economic Myths" Episode 4: https://Mises.org/HAP455b Dr. Newman's Post on Reich's Episode 5: https://Mises.org/HAP455c

Kyle Anzalone from AntiWar.com and the Libertarian Institute joins Bob to discuss the timeline of Wikileaks and why the US government disliked Julian Assange. This week, Assange was offered his freedom in exchange for admitting to espionage charges, but what exactly did he do? And how can the US prosecute Assange when he is not a US citizen? Bob and Kyle review the facts, including how Wikileaks began, the information they leaked, and the reasons behind Julian Assange's arrest. Kyles Article on AntiWar.com: https://Mises.org/HAP454a Kyle's Libertarian Institute Page: https://Mises.org/HAP454b

Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios. Reason Debate Between Bob and George Selgin: https://Mises.org/HAP453a George Selgin Interview on Free Banking: https://Mises.org/HAP453b Selgin's Response to Bob on Twitter: https://Mises.org/HAP453c Rothbard's Economic Controversies: https://Mises.org/HAP453d

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 https://Mises.org/HAPodFree In a new YouTube series, former US Secretary of Labor Robert Reich promises to explode ten "economic myths." Jonathan Newman joins Bob to respond to the first two episodes in the series, regarding whether economics is an objective science, and whether government intervention interferes with a free market. Robert Reich's 'Debunking Economic Myths' Series: https://Mises.org/HAP452a

Garett Jones is Associate Professor of Economics at the Mercatus Center at George Mason University. He joins Bob to discuss his book, detailing the impact that immigrants' culture has on the institutions of their new home. Professor Jones' New Book, The Culture Transplant: https://Mises.org/HAP449a

Recently on Twitter, as a reaction to an FT post worrying about the growing debts of various governments, fans of MMT were posting screenshots from a May 2020 FT debate involving Stephanie Kelton. The implication was that Kelton had correctly predicted that government debt would be benign. Bob and guest Jonathan Newman dissent. Stephanie Kelton and Edward Chancellor's Debate on Government Debt: https://Mises.org/HAP445a Martin Wolf's Article on Government Debt: https://Mises.org/HAP445b Bob's Debate with Warren Mosler on MMT: https://Mises.org/HAP445c Bob and Jonathan's Episode on Price Inflation: https://Mises.org/HAP445d Bob's Article on the Economic Outlook for the US: https://Mises.org/HAP445e

Historian David Beito has a new book from the Independent Institute titled, "The New Deal's War on the Bill of Rights." He joins Bob to discuss issues such as the Japanese concentration camps and the government's mass surveillance of telegrams. David's new book, The New Deal's War on the Bill of Rights: https://Mises.org/HAP444a

Simon Guenzl joins Bob to push back on Dave Smith's recent appearance, where Dave had made the case against open borders. Guenzl has published a libertarian critique of the Hoppean framework. The debate revolves around the status of government property. Bob plays devil's advocate, especially with a lightning round of "hard cases" for Guenzl at the end. Simon's paper, "Public Property and the Libertarian Immigration Debate" in Libertarian Papers: https://Mises.org/HAP443a Dave Smith on Open Borders: https://Mises.org/HAP443b Bob on Blockades and Immigration in a Voluntary Society: https://Mises.org/HAP443c

Nick Gillespie, editor-at-large for Reason, recently got into a friendly dispute with Bob over whether American libertarians were being too pessimistic. He joins Bob to make the case for optimism, while Bob demurs.

On March 26 Bob gave this talk at Oklahoma State, where he was invited by the Free Enterprise Society. He assumed the students had no prior knowledge of the topic and made the case, from scratch, for a voluntary society with privately provided legal and defense services. Bob's article, "Libertarian Law and Military Defense" in Libertarian Papers: https://Mises.org/HAP441a

Ryan McMaken recently gave a talk at Oklahoma State outlining the history of secessions and making the case that they promote liberty and peace. He joins Bob to discuss his major themes and to address common objections. Ryan's Talk at Oklahoma State: https://Mises.org/HAP440a Breaking Away: The Case for Secession: https://Mises.org/HAP440b

Christian Sandström is a Swedish economist who joins Bob to discuss his new (co-edited) book, which makes the case that massive government funding projects aren't necessary to promote science or industrial growth. Dr. Sandströmm's Moonshots and the New Industrial Policy: https://Mises.org/HAP439a

Tom DiLorenzo spent a long and productive career in academia before assuming his current position as president of the Mises Institute. He joins Bob to discuss his early days getting into economics, and some of his important work on antitrust policy. He also discusses his popular books on Abraham Lincoln. Though it all, Tom stresses the importance of the Austrian viewpoint. Tom's Paper on the Origins of Antitrust: https://Mises.org/HAP438a Nullification: An Interview with a Zombie: https://Mises.org/HAP438b

Brent Johnson of Santiago Capital created the "dollar milkshake" theory, which says that in a global sovereign debt crisis, the USD, gold, and US stock market will all rise. He joins Bob for a friendly disagreement over the dynamics of a decline in foreign demand to hold USD. The ZeroHedge Debate: https://Mises.org/HAP437a Bob's Post-Game Analysis of the Debate: https://Mises.org/HAP437b Brent Johnson Explains The Dollar Milkshake Theory: https://Mises.org/HAP437c Bob's Article, 'What Does "Debt-Based" Money Imply for Interest Payments?': https://Mises.org/HAP437d

On February 13, 2024, Bob participated (with Jim Rickards, Brent Johnson, and Michael Every) in a ZeroHedge debate on the fate of the USD. In this episode of the Human Action podcast, Bob highlights some of the key issues and explains why he thinks his side won. The ZeroHedge Debate: https://Mises.org/HAP435a Brent Johnson's Milkshake Theory: https://Mises.org/HAP435b Egert's Article on the Public Debt Threshold: https://Mises.org/HAP435c Bob's Article on the Latest CBO Federal Debt Report: https://Mises.org/HAP435d Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: https://Mises.org/HAPodFree