The Human Action Podcast

Comic Dave Smith joins Jeff and Bob for a compelling look at the poisonous political landscape in post-goodwill America.

The IRS plans to hire 87,000 new armed agents, while an FBI raid on Trump–the administration's open political rival–draws allegations of corruption. Economists and political scientists, from Mises to Robert Higgs to James Burnham to public choice scholars, explain why mission creep and abuse by state agencies is the rule rather than the exception. Mises on the managerial state: https://Mises.org/Bureaucracy James Burnham's The Managerial Revolution: https://Mises.org/Burnham Bob Murphy Show Episode on the FBI: https://Mises.org/BMS92 Jonathan Turley on Trump being disqualified from office: https://Mises.org/HAP356-1

Has economics fallen to politics? Court economists like Paul Krugman–we might call them "regime economists"–represent a profession in big trouble. Jeff and Bob discuss. Michael Tanner, "PIketty Gets it Wrong": https://Mises.org/HAP355-1 Bob Murphy on the economics establishment vs. Judy Shelton: https://Mises.org/HAP355-2 Jeff Deist on Nancy McLean's unprofessional attacks: https://Mises.org/HAP355-3 Bob's article with Phillip Magness on Piketty: https://Mises.org/HAP355-4

Jeff Deist and Connor Mortell host an AMA during Mises University 2022 with the topic of "What You Can Do."

Connor Boyack, author of the new Tuttle Twins book America's History: 1215-1776, joins the show to make the Rothbardian case for de-bamboozling history. America’s History: A Tuttle Twins Series of Stories: TuttleTwins.com/History Rothbard on Historical Revisionism: Mises.org/HAP353-1

Today, inflation and prices are soaring. We know that Federal Reserve monetary policy is the cause. But why didn't something similar happen after the 2008 financial crash? Bob Murphy and professor Ross McKitrick discuss the government policies, Fed actions, and banking movements that lead up to the 2008 crisis, and why the current economic situation is different. Ross McKitrick on inflation then versus now: https://Mises.org/HAP-McKitrick Bob explains how Keynesians missed the latest bout of price inflation: https://Mises.org/HAP347-Murphy Bob's book Understanding Money Mechanics: https://Mises.org/Mechanics

We spend a lot of time on this show talking about central banking. This week we talk about central bankers themselves, from Powell to Brainard to Lagarde to Greenspan. Robert Aro joins.

Would you give up voting in exchange for no more taxes? Stephan Livera joins the show to discuss the curious distinction between economic freedom and personal or political freedoms, and how we weigh those freedoms. The Fraser/Cato Human Freedom Index: https://Mises.org/HFI The Heritage Index of Economic Freedom: https://Mises.org/IEF

Jeff is solo this week and hosts Tom Woods to ask a simple question: Why do social issues dominate our attention, to the detriment of economics and fiscal reality? Read Jeff's article "Why Social Issues Dominate" https://Mises.org/Dominate

This week Jeff is solo with very special guest Jimmy Rogers, the famed investor, Alabama native, and fan of Austrian economics.

Jeff talks to Keith Weiner of Monetary Metals about why gold still plays a major role in the global economy. Listen to Bob's interview with Keith at https://mises.org/BMS234 Find out more about Monetary Metals at https://monetary-metals.com

Bob and Jeff get into the weeds of Disney's shareholders, revenues, and holdings in light of the company's recent spat with Florida Governor Ron DeSantis.

Jeff and Bob discuss the dynamics of the housing market in the context of a recent talk by Alex Pollock. "Hazlitt, Hayek, and How the Fed Made Itself into the World's Biggest Savings and Loan": https://mises.org/PollockAERC

Jeff and Bob Murphy talk about the state of gross economic ignorance in America today. Lessons for The Young Economist: https://Mises.org/YoungEcon Understanding Money Mechanics: https://Mises.org/BobMoney

This week, Jeff and Bob discuss oil prices. Why are gas prices spiking in the US, and what are D.C. politicians planning for oil companies?

Jeff and Bob discuss Biden's SOTU, the immorality of sanctions, and Fed Chair Powell's Pregnant Comments.

A recent New York Times article featuring economist Stephanie Kelton and her book on Modern Monetary Theory garnered criticisms, but not from the usual sources. No less than economist Larry Summers, former Treasury secretary and Harvard president, weighed in to criticize the Times for giving credence to MMT (he likened it to "quack cancer cures"). Reliably leftwing economics writer Noah Smith chimed in on substack to call MMT a "fringe ideology" and lambaste its lack of macroeconomic foundations. But a backlash ensued: several female economists claimed the criticisms of Kelton (and MMT) were rooted in sexism, bemoaning the male-dominated nature of the economics profession. And as with all academic or professional disciplines, "diversity" is now not only a buzzword but an open requirement in hiring. I asked Baylor professor and Mises Institute senior fellow Dr. Peter Klein to join the show and give us his behind-the-scenes view of the increasingly politicized economics profession. Read the Times article: https://Mises.org/KeltonNY Bob Murphy's review of Kelton's book: https://Mises.org/KeltonBook Noah Smith's review of Kelton's Times article: https://Mises.org/KeltonNoah

The Human Action Podcast wraps up the year with none other than the venerable Professor Paul Gottfried! This is our final show focused on the Old Right, the early 20th century political tradition which animated later libertarian figures like Murray Rothbard. How was this great legacy of peace and freedom on the Right—the Old Republic—lost to Cold Warriors and neoconservatives? Nobody is a better sociologist of American conservatism than Dr. Gottfried, and nobody is more compelling and erudite when it comes explaining how the Right went so horribly wrong (hint: former Commies). Lots of great names discussed, from Rothbard and Nock to Kirk, Strauss, Jaffa, Buckley, Meyer, and even Gore Vidal. Don't miss this show! Read Professor Gottfried's work on Conservatism: https://Mises.org/Gottfried-Book

We continue our look at leading figures from the Old Right with guest Tom Woods, who helped publish the late Murray Rothbard's The Betrayal of the American Right. Rothbard admired the courageous and revisionist voices promoting the Old Republic, and shared their antagonism for war and economic intervention. Tom and Jeff discuss great essays like Albert J. Nock's "Isaiah's Job" and Frank Chodorov's "The Ethic of the Peddler Class;" the latter a rousing defense of the merchant class against both bureaucrats and the country-club conservatism which would emerge under William F. Buckley. The old antiwar and anti-New Deal works of figures like Menken, Hazlitt, Howard Buffett, Chodorov, and Nock deserve far wider consideration, especially as the "New Right" spirals into the worst of Buckleyite foreign policy and know-nothing economics. You owe it to yourself to explore this great but underappreciated tradition. Read Rothbard's important work: https://Mises.org/Betrayal Albert J. Nock's "Isaiah's Job:" https://Mises.org/HAPNock Frank Chodorov's "The Ethic of the Peddler Class:" https://Mises.org/HAPChodorov Jeff Leskovar on "The Psychology of Human Action:" https://Mises.org/HAPLeskova

HL Mencken is the writer you need to read immediately. He was savagely brilliant, caustic, and witty, but also prolific across genres in ways almost unthinkable of journalists today. His skill with the English language was virtually unmatched in the 20th century, as was his deep and abiding contempt for utopian statism in any form. And his broadsides against two world wars were incredibly courageous at the time. Our great friend Jim Bovard joins the show to discuss Mencken's work, his complicated elitism, his Old Right politics and social views, and the magnificent pleasure of reading this master. "H.L. Mencken, The Joyous Libertarian" by Murray N. Rothbard: https://Mises.org/Joyous Mencken Wikiquote: https://Mises.org/HLQ

Garet Garrett was among the most important figures from the literary, political, and laissez-faire economic traditions of the Old Right, but his name is hardly known today. In 1938 he penned "The Revolution Was," a remarkable essay about FDR's revolutionary New Deal and, more importantly, how it was accomplished. FDR's revolution had already happened, though few Americans understood it or grasped what the triumph of an administrative state would mean. The New Deal was a revolution "with the form," because the old trappings of constitutionalism and separation of powers remained intact. What had changed was the substance of American government, engineered through skillful propaganda and marked by radically increased control over the nation's capital and businesses. This essay is entirely relevant to our current politics, and explains with tremendous clarity the the ongoing revolution happening under our noses today. Ryan McMaken joins Jeff Deist for a deep exploration of the essay and its lessons for us today. You owe it to yourself to read this masterpiece. Read Garet Garrett's prescient essay: https://Mises.org/GaretWas

This week's show features a panel discussion recorded in late October at our annual Supporters Summit. Panelists Ryan McMaken, Jeff Deist, Mike Maharrey, and Tho Bishop lay out real strategies for achieving decentralization. Includes an introduction by Joey Clark. Recorded in St. Petersburg, Florida on October 22, 2021.

Daniel McAdams of the Ron Paul Institute joins the show to discuss what might be termed the Ron Paul Doctrine: a combination of laissez-faire at home, decentralized domestic political power (up to and including secession), robust free trade, and strict non-intervention abroad, This doctrine—which mirrors Mises's prescription for a liberal society—makes no phony distinctions between foreign and domestic policy, or between military and economic interventions. It places peace and property at the center of a free society, and calls for humility rather than hubris in politics. Daniel also gives his thoughts on Dr. Paul's doctrine as it applies today to China, Turkey, Russia, and Iran.

We wrap up our look at Murray Rothbard's sprawling two volume An Austrian Perspective on the History of Economic Thought with Dr. Joe Salerno, Rothbard's friend and colleague. This show covers the second volume exclusively, starting with the Frenchman JB Say and working through Ricardo, the British Currency School, John Stuart Mill, and finally Karl Marx. Salerno has penetrating insights about all of these thinkers, from Say's understanding of production to Ricardo's erroneous systemization of Adam Smith. He also has great background regarding Mises and the Currency School vs. Banking School debate, on free banking and full reserve banking, and on Mill's deep misconception of money. The show ends with a thorough look at Rothbard's treatment of Marx over more than 100 pages: Marx's sick view of man as a collective, his hatred for the division of labor, his absurd and deterministic "laws of history," his materialism as a replacement for spiritualism, and the underlying folly of "superabundant production." You don't want to miss this show! Read Rothbard's important work: https://Mises.org/APHET

We continue our look at Murray Rothbard's two volume An Austrian Perspective on the History of Economic Thought with a show focused on Adam Smith. Rothbard attacked him mercilessly as a plagiarist who set economic theory back decades with his muddled views on value and price. But was this criticism justified, or was Smith actually an early and valiant proponent of laissez-faire? Our guest Hunter Hastings defends Smith in this rollicking discussion, while Professor Jonathan Newman is not so sure. They also discuss the Scottish Enlightenment and Smithian thinkers like Bentham and Malthus, and even tackle the contentious question of whether Smith produced Marx. Don't miss this! Read Rothbard's important work: https://Mises.org/APHET

Was Adam Smith the founder of modern economics? Not so, says Murray Rothbard in his staggering two-volume An Austrian Perspective on the History of Economic Thought. Dr. Patrick Newman joins the show for a look at Rothbard's treatment of economics before Smith—from the Ancient Greeks all the way to the Scottish Enlightenment—and his take no prisoners revisionist approach. Jeff Deist and Dr. Newman cover Aristotle and Plato, Aquinas, Protestants and Catholics in the Middle Ages, Spanish Scholastics, Mercantilists, French Physiocrats and Turgot, and the criminally underappreciated Richard Cantillon. If you're a fan of economics and non-bowdlerized history, don't miss this! Read Rothbard's important work: https://Mises.org/APHET Find out more about Dr. Newman's new book: https://Mises.org/CronyismBook

Just a few years prior to his death, Murray Rothbard started one of his most ambitious writing projects: a full-fledged, three volume history of economic thought from a uniquely Austrian perspective. Unfortunately he never wrote the third volume, intended to span the post-Marx marginal revolution all the way through the mid-20th century. But the two existing volumes, over 1000 pages, start with ancient Greece and make their way to Adam Smith, Bentham, JS Mill, Ricardo, and Marx. As always, Rothbard is both compelling and radically revisionist. Contra most economic historians, he believed the proto-economists before Smith had much to offer. Both the Spanish Scholastics and French Physiocrats, for example, showed an understanding of value and subjectivism well before Smith developed his muddled cost theory. These two volumes are a must read for any student of economics, and Dr. Patrick Newman is the perfect guest to bring them to life. Don't miss this first in a series of episodes on An Austrian Perspective on the History of Economic Thought. Read Rothbard's important work: https://Mises.org/APHET Find out more about Dr. Newman's upcoming book: https://Mises.org/CronyismBook

On the heels of Biden's vaccine mandate announcement, Dr. Murray Sabrin joins the show to discuss his new book on escaping the state's medical fascism. 'Universal Medical Care from Conception to End of Life' lays out the sobering reality of our unsustainable "health care" system. It explains the ruinous policies which changed doctors from respected guardians of patients to functionaries for government and third party insurance companies—and the unsustainability of our current path. But the book also shows us the way out. The model for market medicine is simple enough: patients pay cash for basic services, have high-deductible catastrophic insurance for emergencies (priced according to actuarial realities), while charitable hospitals and clinics serve the truly poor and indigent. Heroic entrepreneurial doctors already operate in this cash-only marketplace, and Sabrin's book gives us a road map for delivering better and cheaper medical care to millions of Americans. Watch The Mises Institute's Medical Freedom Summit held in June: https://Mises.org/Med21 Buy Dr. Sabrin's fascinating new book: https://Mises.org/SabrinBook

Having branched to our first novel with All Quiet on the Western Front, the Human Action Podcast begs your indulgence for one of the works of 20th century British satire. Lucky Jim is the late Kingsley Amis's seminal send-up of campus life, and it's among your host's favorite books. The book takes place in 1951, and England is trying but failing to lose its class distinctions. The protagonist Jim Dixon is singularly unfit for the academic life he's chosen, and the opportunities for Amis to skewer both the academy and English society are manifest. Allen Mendenhall of Troy University joins the show to discuss the academic pretenses and foibles punctured by Amis, along with great insights about Amis's background and political views. If you like satire, don't miss this show or this book!

Fans of Austrian economics know hedge fund manager Mark Spitznagel as a brilliant thinker thoroughly steeped in Menger, Böhm-Bawerk, Mises, and Rothbard. His excellent 2013 book The Dao of Capital was rooted in Austrian capital theory and "roundaboutness," and his application of of that theory has proven highly beneficial for his investors. Now Spitznagel is back with a new book that directly challenges our understanding of risk. Safe Haven asks, and answers, a fundamental question: can mitigating risk actually add to the bottom line? Can safe havens be truly cost-effective, by adding to CAGR? Mises Institute Senior Fellow Robert Murphy, who consulted on the book, joins the show for a fascinating look at Spitznagel's penetrating and contrarian thesis. If you're interested in the intersection of investing and Austrian economics, don't miss this episode! Mark Spitznagel's Safe Haven: Investing for Financial Storms on Amazon: https://Mises.org/SafeHaven And Spitznagel's 2013 book The Dao of Capital: Austrian Investing in a Distorted World on Amazon: https://Mises.org/Dao

Jeff Deist hosts a solo show to discuss one of his favorite novels from childhood, All Quiet on the Western Front. Its young protagonist Paul Bäumer, barely out of adolescence, narrates the horrors of trench warfare from the perspective only a grunt soldier can provide. Bäumer and his mates lose their innocence, along with various limbs and often their lives. But what makes the book so compelling is not simply the description of wartime savagery, but the dialogue between the men: stripped of any illusions, they see the futility of killing and maiming simply to capture a few more feet of no-man's land. The dialogue in Chapter 9 between the men, arguing about whether states of "people" go to war, is masterful. This is a book every passionate antiwar advocate needs to read time and again. All Quiet on the Western Front on Amazon: Mises.org/AllQuiet Jeff Deist's review of They Shall not Grow Old: Mises.org/ShallNot

Professor Bradley Birzer from Hillsdale College joins the show to dissect Russell Kirk's famous 1981 essay condemning libertarians. Is libertarianism necessarily utopian and unworkable, as Kirk suggests? Is it hubris to imagine we don't need the state—or even God—to prevent social chaos? Do libertarians have more in common with Communists than conservatives? Or was Kirk simply attacking an absurd strawman of the atomistic individual, with Rothbard as the particular (unstated) target of his ire? Dr. Birzer is a thoroughgoing scholar of Kirk, and provides great insights into the context and thinking behind this critique. Russel Kirk's "Libertarians, The Chirping Sectaries": https://Mises.org/Kirk Rothbard's "Myth and Truth About Libertarianism": https://Mises.org/HAP77a Dr. Birzer's "Kirk and the Libertarians": https://Mises.org/HAP77b Hornberger's "An Open Letter to Russell Kirk": https://Mises.org/HAP77c

Recorded live at MisesU 2021!

Saifedean Ammous, famous for The Bitcoin Standard, has a remarkable new book detailing the effects of fiat money on virtually every aspect of society. In the tradition of Guido Hülsmann's The Ethics of Money Production, Ammous returns with The Fiat Standard. From a framework of Austrian economics, this book explains the sordid history of central banks severing currencies from gold redemption—both to finance war and enjoy the political benefits of default. But it also considers the far-ranging effects of inflation on civilization: as time preference increases, everything gets worse. Education, food, architecture, family, and science all suffer, as inflation makes us live today at the expense of tomorrow. On the 50th anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end!

Murray Rothbard's seminal 1965 essay "Left and Right: The Prospects for Liberty" reads every bit as well today as it did 50 years ago. Rothbard defines liberalism and conservatism against the backdrop of the European Old Order, and skewers the incoherence of both in their modern forms. This brief work, steeped in history and full of optimism, shows Rothbard as a careful and strategic thinker about ideological and political movements. Mises.org editors Tho Bishop and Ryan McMaken join the show to explain the tremendous descriptive power of this essay, and why we need Rothbard as much as Burnham, Machiavelli, or Sun Tzu when it comes to strategy. "Left and Right: The Prospects for Liberty": Mises.org/LeftRight

Financial journalist John Tamny has written the definitive book on the disastrous political mismanagement of Covid-19—and the resulting (still unfolding) calamities. When Politicians Panicked is a superb analysis of the economic tradeoffs ignored by alarmist Covid policymakers, and a blow by blow account of their bungling in the early months of 2020. But this is also a book about economic growth, employment, markets and prosperity, with well-supported arguments written in Tamny's clear prose. Tamny helps readers See the Unseen, namely that terrible consequences of lockdowns far exceed any danger posed by the virus. Let's hope the experts he skewers in this book take notice. When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason by John Tamny: https://Mises.org/Panicked https://JohnTamny.com

Professor Roberta Modugno joins the show to finish our look at Rothbard's seminal treatise on normative libertarianism, The Ethics of Liberty. Dr. Modugno elaborates on Rothbard's disagreements with Mises regarding ethical justifications for a free society, and defends his uncompromising views on the nature of the state. Find links and articles mentioned in this episode at https://mises.org/HAPod72

Mises.org editor Ryan McMaken joins the show to tackle some of the toughest and most controversial chapters of Rothbard's groundbreaking treatise The Ethics of Liberty. McMaken and Jeff Deist cover abortion, the rights of children, defamation, and all the "what ifs" contained in lifeboat situations. They also move into Part III of the book, where Rothbard pulls no punches concerning the nature of the state, its internal contradictions, its anarchic relationship to other states, and its inescapable role as predator and parasite. This is a can't-miss episode for anyone who questions the role of government in society. Find links and articles mentioned in this episode at https://mises.org/HAPod71

Lawyer and legal theorist Stephan Kinsella joins the show as we dive into Part II of Rothbard's The Ethics of Liberty, grappling with the foundational issues of crime, proportionality, and contract. When is property justly held? When may injuries to a person or property be addressed with force, and how much force? How do we deal with one another contractually, in terms of promises and expectation? How do we resolve disputes privately? Rothbard presents a remarkable exposition of a theory of liberty, a normative justification for laissez-faire which was sorely lacking. Kinsella does a remarkable job of explaining Rothbard's concepts with force and clarity, so you won't want to miss this episode! Find links and articles mentioned in this episode at https://mises.org/HAPod70

Murray Rothbard's The Ethics of Liberty is a sweeping treatise which creates nothing short of a normative political philosophy of liberty. Contra Hume, Rothbard attempts to derive an "ought" from an "is," using natural law precepts and rigorous logic. Professor Walter Block joins the show to discuss the first section of the book, and gives us his unstinting (and always deontological!) take on Rothbard's vitally important treatment of natural law philosophy as the foundation for a free society. There are also lots of great Blockean anecdotes you'll want to hear! The Audiobook version of The Ethics of Liberty is available at Mises.org/EthicsAudio Read Hans-Hermann Hoppe's introduction to the 1998 edition work at Mises.org/EthicsHoppe Find David Hume's A Treatise on Nature at Mises.org/Hume

America's "Old Right"—rooted in 19th century liberalism but birthed in the 1930s to oppose the New Deal—was strongly laissez-faire and non-interventionist. Murray Rothbard wrote the comprehensive story of that movement, it's influences and influence, and its destruction at the hands of Buckleyite Cold Warriorism. Modern conservatism sadly bears little resemblance to the Old Right, and America is worse off for it. Dr. Patrick Newman and Tho Bishop join the show to dissect the book, which is both a critical history and a fascinating political memoir of Rothbard's own journey to libertarianism. Read this historic work at https://Mises.org/Betrayal

Rothbard called Mises's The Theory of Money and Credit "the best book on money ever written." But Rothbard himself may have written the best money book for lay readers, namely What Has Government Done to Our Money? Bob Murphy joins the show to discuss this superb and eminently readable tract: a mini-course on money itself, from its origins and uses to its degradation by kings, politicians, and central bankers. In only 119 short pages, Rothbard gives us everything we need to know about this most critical commodity in society—along with the ruinous development of fully fiat (unbacked) state money. Readers also enjoy a brilliant history of money regimes, from early barter to the classical gold standard and the ultimate collapse of the Bretton Woods agreement. Read this fantastic book for free in HTML format: https://Mises.org/WHGD Bob Murphy's series, "Understanding Money Mechanics": https://Mises.org/MM Bob Murphy interviews Fed economist David Andolfatto on the devaluation of money, among other topics: https://Mises.org/BMS175 Hans-Hermann Hoppe reconsiders Hutt's seminal article, "The Yield from Money Held": https://Mises.org/HoppeHutt

Politics degrades our lives in innumerable ways, from personal relationships to work to places of worship. Even sports and movies now seem to have become deeply politicized. The political class and political system in America appear intent on creating division and hatred rather than cooperation. The two political tribes in America—red and blue—are divided on everything: abortion, guns, immigration, Trump, and now Covid. Is there any way to reclaim some semblance of a truce between these warring nations? Our guest Ross Benes has written an engrossing memoir of his experiences in both worlds, from small town life in his ultra-red Nebraska hometown to his writing career in ultra-blue Brooklyn. It's a fascinating look at how and why we have allowed politicians to alienate us, and a hopeful call for a less political America. Find Rural Rebellion: How Nebraska Became a Republican Stronghold​ at https://Mises.org/RuralBook

Ryan McMaken joins the show for a lengthy discussion of Rothbard's brief but devastating essay Anatomy of the State. This book demands that readers understand the stark nature of government, without fairy tales or niceties. It applies the same lens to public and private criminality. It challenges every myth surrounding politics and statecraft, ranging from "the government is us" to judicial review. It explains how the state maintains legitimacy, how it expands, how it deals with other states, and ultimately how it works to prevent domestic threats to its power. And it still serves as the baseline analysis for understanding state power, nearly 50 years after Rothbard helped create a burgeoning anarcho-capitalist movement. Anatomy of the State is a book that everyone, from anarchist to statist, needs to read and consider. Read Rothbard's Anatomy of the State at https://Mises.org/AnatomyBook

Allen Mendenhall joins the show to expand last week's discussion on the intellectual state of America. Are we living in a decidedly anti-intellectual age, or has America always been predisposed toward doers over thinkers? Have Americans simply stopped reading books? Have we lost our ability to think deeply, due to the constant distractions of the digital age? And what does the shift away from any shared baseline cultural knowledge mean for our future? Don't miss this fascinating but sobering discussion. Listen to HAPod episode with Dan McCarthy at https://Mises.org/HAP63

Daniel McCarthy joins the show to continue last week's discussion of the rapid breakdown of America's political order, with wokeism rising on the Left and Reaganism dying on the Right. McCarthy gives us his critique of the liberal technocratic order, and makes his case for where libertarians go wrong in their utilitarian and acultural approach. His prescription is for a new Right fusionism, with a reinvigorated Rothbardian populism as one critical element. The legacy of Ron Paul's presidential campaigns, McCarthy explains, is the philosophical critique of welfarism and warfarism. But changing society is a long game—one the Left plays well—so we must do the same. Find McCarthy's article Why Libertarians Are Wrong at https://Mises.org/McCarthyArticle

Donald Devine is a legend in Washington, DC conservative circles, where he gained fame wrestling civil service bloat as head of Reagan's Office of Personnel Management. His new book The Enduring Tension: Capitalism and the Moral Order starts with Schumpter's creative destruction and asks the tough question: can capitalism alone hold America together? Channeling Hayek, Devine argues that markets are critical but not sufficient. Free and equal individualism requires a mythos and a logos, a moral order rooted in God, morality, law, or tradition—otherwise we devolve into warring factions. Bureaucratic, centralized, and unworkable government perversely encourages these factions as America rejects its federalist structure and Thomist underpinnings. This is a challenging and far-ranging book, and an excellent one for readers concerned with the tension between Locke's liberty and politically engineered license. Find The Enduring Tension: Capitalism and the Moral Order at https://Mises.org/DevineBook

Our great friend Daniel Lacalle joins the show from Madrid to discuss the post-Covid economy from the framework of his newest book, Freedom or Equality. Real human cooperation happens via markets and property, not government or central bank edicts. Socially beneficial behavior needs the right incentives—without prices and profits, we have no way to measure merit or benefit. If leaders are serious about economic recovery after lockdowns, they need to dispense with authoritarian controls and let markets work. Lacalle considers interest rates, inequality, stakeholder theory, global debt, and much more in this powerful discussion of today's economic reality. Find Freedom or Equality: The Key to Prosperity Through Social Capitalism at Mises.org/DLbook

Normally we discuss books on The Human Action Podcast, but this new academic paper by Professor Philipp Bagus is too important to ignore. "COVID-19 and the Political Economy of Mass Hysteria" is the one journal article you need to read this year. In only about ten pages it makes the devastating case that perverse political incentives—along with a nexus of state-connected media and scientists—combine to create and amplify "public health" hysteria. Echoing Hoppe and public choice theory, Bagus explains how politicians enjoy asymmetric rewards for exaggerating risks and creating fear. The result is gross policy errors we will all pay for over many decades. Don't miss this show! Read Dr. Bagus's paper at Mises.org/BagusPaper And read Jeff Deist's summary of the paper at Mises.org/DeistBagus Find Deep Freeze: Iceland's Economic Collapse online at Mises.org/DeepFreeze Find The Tragedy of the Euro​ online at Mises.org/TragedyEuro

Professor Patrick Newman, known for his incredible work editing Murray Rothbard's The Progressive Era and Conceived in Liberty, just finished a staggering new historical work titled Cronyism: Liberty vs. Power in Early America. Newman joins the show to give us a preview of this tour de force book, which chronicles the special interests and state favoritism embedded in US society almost from the start. The Rothbardian analysis of "liberty vs. power" informs Newman's approach throughout, and history buffs will want to get their hands on this book immediately upon release later in 2021. You will never see the American colonies, revolution, Constitution, or great men like Hamilton, Madison, and Jefferson the same way after reading this book. Read Rothbard's The Progressive Era at Mises.org/ProgEra