The Human Action Podcast

Professor Jonathan Newman joins the show for a look at America's Great Depression, Rothbard's classic explanation of a terrible period in US history. This book provides one of the best short surveys of Austrian business cycle theory, along with deep history surrounding the inflationary run-up of the 1920s and the disastrous mistakes made by the "laissez-faire" Hoover administration in the 1930s. Any serious student of booms and busts needs to read this cautionary tale, as does anyone worried about unconstrained monetary policy in the wake of Covid-19 lockdowns. It can happen here, and it can happen again, if Rothbard's counsel goes unheard. Find the online version of the book at https://Mises.org/GreatDepression Receive a discount on America's Great Depression in the Mises Bookstore with code HAPOD15%

Scott Horton of antiwar.com and the Libertarian Institute has a new book chronicling 20 years of America's "War on Terror." Enough Already is a compelling history of modern US interventionism and a scathing critique of American foreign policy in the Middle East. Horton joins Jeff Deist for a sobering look at American hubris overseas, along with the blowback and destruction it causes. You don't want to miss this conversation.

Guido Hülsmann's The Ethics of Money Production is a masterclass both on the fundamentals of money and the disastrous moral consequences of monetary "policy." Inflation is not only an economic problem which impoverishes us materially, but a deeply corrosive force in society for individuals. There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press. Podcaster Stephan Livera is a big fan of the book and joins the show to explain why you need to read it. Guido Hülsmann's The Ethics of Money Production​: Mises.org/Ethics Listen to Stephan's podcast at StephanLivera.com

Tom Woods joins the show for a special year-end show to make the case for becoming a serious reader in 2021! Read Dr. David Gordon's 2020 book reviews at Mises.org/Gordon2020 Find all episodes of the Human Action Podcast at Mises.org/HAPod

Managerialism, not socialism or capitalism, dominated the West in the latter half of the 20th century. Nobody explained this better than James Burnham in his seminal 1941 book The Managerial Revolution: What is Happening in the World. Burnham challenges both Marxist orthodoxy on class (exploitation happens without capitalism) and libertarian orthodoxy on market firms (managerial control overtakes "owners"). This is hugely important book, and prescient to put it mildly: Burnham's thesis explains both the populist Trump revolution and the Deep State response. To understand modern politics and bureaucracy, and especially the DC Beltway, you need to read this book. Edward Welsch, editor of Chronicles magazine, joins Jeff Deist for a thorough discussion of Burnham and his most influential work. Watch Dan McCarthy on the history of Burnham at Mises.org/McCarthyBurnham Read Samuel Francis's review of James Burnham's works at Mises.org/FrancisBurnham

Professor Janek Wasserman's book The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas, is an entertaining and fascinating account of key players and events in the evolution of Austrian school economics. Jeff Deist details the good, bad, and ugly of the book, written by a left-progressive historian from a critical perspective. Read Jeff Deist's review at Mises.org/DeistWasserman Read David Gordon's review at Mises.org/GordonWasserman Find Hülsmann's biography of Mises at Mises.org/LastKnight Read Mises on the history of the Austrian School at Mises.org/MisesHistory

Ryan McMaken joins the show to discuss Adam Fergusson's seminal history of Weimar-era hyperinflation in Germany, When Money Dies. Americans accustomed to the dollar's king status have no idea how quickly and brutally a currency can lose value, especially when war finance distorts the entire structure of a nation's economy. What follows is sobering: hunger, violence, crime, and degradation. This fascinating book makes for a great study of how and why inflation rises quickly, and provides a cautionary tale for central banks and fiscal policy makers today. Plus listen to the show for a link to your free copy of the book! Read Hans Sennholz on Hyperinflation at Mises.org/HyperInflation Find Henry Hazlitt's What You Should Know About Inflation at Mises.org/InflationHazlitt Read Lyn Alden's article on inflation at Mises.org/Alden

Professor Per Bylund of Oklahoma State University is the author of The Seen, The Unseen, and the Unrealized. 2020 is the year social scientists failed to show us the unseen, namely the staggering and still unfolding economic, social, medical, and human costs of Covid lockdowns. Dr. Bylund and Jeff Deist discuss Covid and government responses against the backdrop of ripple effects, Say's law, "market failure," and the inability of bureaucrats to make rational tradeoffs. They also discuss Dr. Bylund's upcoming project for the Mises Institute: an Austrian economics primer, under 100 pages, available as a very inexpensive paperback. Find Dr. Bylunds book at mises.org/Unrealized And follow him on Twitter @PerBylund

Do we fund government or does government fund us? Can sovereign states issue currency at will without risk of default? Are government deficits actually a form of public wealth? And can newly issued currency (rather than taxes or bonds) be used to pay for public works, health care, college, entitlements, and guaranteed jobs? These are the arguments made by Professor Stephanie Kelton in The Deficit Myth, the latest addition to the "Modern Monetary Theory" concept. If it sounds too good to be true, it is—and Dr. Murphy joins the show to explain why. Read Dr. Murphy's review of The Deficit Myth at mises.org/DeficitMyth

Why don't elections bring harmony and closure rather than ever greater political friction? Han-Hermann Hoppe explained all of the fundamental problems with mass democracy more than 20 years ago in Democracy: The God That Failed. Jeff Deist finishes his series on this devastating classic with a look at Hoppe's final chapters, critiquing conservatism, liberalism, and constitutionalism. Why do both conservatism and liberalism fail? (hint: democratic mechanisms). Liberalism is property, not majority rule, and all governments tend to attack rather than defend property over time. So what is the best way forward, combining a liberal economic program with the old conservative understanding of natural order? And how do we get there? Don't miss this discussion of Hoppe's most controversial and forward-looking book. Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe

Lawyer and libertarian theorist Stephan Kinsella joins the show to discuss the middle chapters of Hoppe's Democracy, The God That Failed—in particular dealing with "desocialization" of collective property, immigration, and free trade. These are the most controversial and widely-discussed parts of the book, and Kinsella provides a fascinating analysis of property vs. wealth, the problems with public ownership and forced integration, and the concept of rule-setting for state property. And don't miss the final part of the show for his explanation of "Hoppephobia." Kinsella's article on LewRockwell.com: https://www.lewrockwell.com/2005/09/stephan-kinsella/a-simple-libertarian-argument/ Read Stephan Kinsella's Against Intellectual Property at Mises.org/KinsellaBook Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe

With an ugly presidential election just three weeks away, we dive into Hans Hoppe's classic Democracy: The God That Failed to puncture some of the myths surrounding democracy and voting. Jayant Bhandari joins the show to discuss Hoppe's controversial thesis concerning monarch and democracy, time preference and its manifestation in the two systems, the forces constraining monarchs, and the terrible incentives created for democratic rulers. This is a must-listen show for anyone interested in Hoppe's most famous work and its application to the problems western states face today. Find more from Jayant Bhandari on his website (jayantbhandari.com) and Twitter account (twitter.com/JayantBhandari5). Use the code HAPOD for a discount on Democracy: The God That Failed from our bookstore: Mises.org/BuyHoppe

Most of you know the great journalist Henry Hazlitt for his remarkable Economics in One Lesson. But in this episode, Jeff Deist discusses Hazlitt's virtually unknown 1942 book A New Constitution Now, which is nothing short of a how-to guide for remaking the US constitutional system. Hazlitt was concerned about FDR's third term and what it meant for presidential power, along with what he saw as the benefits of a quasi-parliamentary government for the US. This is a radical and controversial book, with detailed proposals and serious rebuttals to likely objections. It's a book that deserves a wider audience, especially by those frustrated with the two-party stranglehold on DC. Also, get your free copies of Economics in One Lesson at Mises.org/OneLesson.

Professor Saifedean Ammous, author of The Bitcoin Standard, is in the midst of writing a new textbook titled Principle of Economics. But he's writing it in open-source form: drafting, revising, and sharing the manuscript with his online students as the book is created. And unlike most lousy college economics textbooks, his offering is rooted in Austrian theory and contains numerous references to Menger, Böhm-Bawerk, Mises, Rothbard, and Hoppe. Academia is changing, and the way we learn is ripe for disruption. Dr. Ammous is at the fore of these changes, and you don't want to miss this show. Find more from Dr. Ammous at Saifedean.com

We have reached the end of Murray Rothbard's definitive treatise Man, Economy, and State! Dr. Patrick Newman joins the show to wrap up the final chapters—labeled separately as Power and Market—showing Rothbard's economic analysis of government interventions. Newman and Jeff Deist discuss this quintessentially Rothbardian treatment of everything from price controls to taxes to subsidies to "public ownership," presented as always with clarity and devastating logic. Want to find out why the original publisher thought these concluding chapters were too hot for an economics treatise? Don't miss this episode! Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Bob Murphy's study guide to Man, Economy, and State: Mises.org/StudyMES​ Man, Economy, and State: Mises.org/MES

'Power and Market' was never meant to be an addendum to 'Man, Economy, and State', but a vital part of the book’s unbridled economic analysis of a truly free market — and a searing new typology of interventionism. Dr. Patrick Newman (Mises.org/PNewman) joins the show for a fascinating look at Rothbard’s groundbreaking conceptual work in private defense, private courts, and the stark realities of political incentives.

By day Jeff Booth is an entrepreneur and builder of companies, but now he's written one of the most compelling and important books of 2020. The Price of Tomorrow: Why Deflation is the Key to an Abundant Future (mises.org/BoothBook) makes the case for a better and more prosperous world simply by accepting the natural order of falling prices and fast-improving technology. The book is entirely free of jargon, ideology, and politics, yet pulls no punches when it comes to describing the fiscal and monetary mess we're in. But it is an optimistic book, with a message for every worldview: deflation is a good thing, it is inevitable, and we should embrace it rather than fight it! Mr. Booth was kind enough to join the show, and has a fascinating discussion with Jeff Deist you don't want to miss!

Economist Robert Murphy joins the show to cover Rothbard's excellent treatment of money in Chapter 11 of Man, Economy, and State. Dr. Murphy and Jeff cover why "hoarding" money is socially beneficial; why the velocity of money (and the famous MV=PT equation) is a useless concept, and how new money in society is never neutral. How and why does money maintain purchasing power, and does the interest rate really show the "price" of money? Why do we want "hard" money anyway? This is the show you need to better understand Rothbard's landmark exposition of money in an Austrian framework. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Man, Economy, and State: Mises.org/MES Hans-Hermann Hoppe on Hutt's "The Yield from Money Held": Mises.org/HoppeHutt Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES

When Murray Rothbard wrote Man, Economy, and State in the 1950s, monopoly theory was a mess. Even Mises did not have a full understanding of where neoclassical economics went wrong in diagnosing "market failure." But in Chapter 10 of his great treatise, Rothbard demolished the myths surrounding monopolies and cartels. His friend Dr. Walter Block joins the show to discuss Rothbard's breakthroughs and draw downward-sloping demand diagrams for us! We discuss why deadweight loss is nonsense; why government privilege and forced union bargaining are the real culprits; and why cartels are inherently unstable. Even Google should not worry us, says Dr. Block—but with a caveat. Don't miss this show on groundbreaking Rothbardian monopoly insights! Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Man, Economy, and State: Mises.org/MES Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES

The Human Action podcast with Jeff Deist continues tracking Rothbard's Man, Economy, and State, this time focusing on the role of entrepreneurs in the production process (Chapter 8). Hunter Hastings joins the show with great insights into the social benefits of profit vs. interest, entrepreneurial risk, progressing and retrogressing economies, and the bunkum known as the "Paradox of Saving." This chapter presents Rothbard's exposition of the individual's (or firm's) role in bringing goods and services to us—while Keynesian and classical economists see capital as a homogenous blog and try to wedge entrepreneurs into mathematical models. You'll also hear why Jeff Bezos is not the devil, why rich kids tend to waste the fortunes created by their parents or grandparents, and why Marx was dead wrong about the little guy. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Man, Economy, and State: Mises.org/MES Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES Economics for Entrepreneurs Podcast: Mises.org/E4Epod

Kristoffer Hansen joins the show to discuss everything about interest rates, as detailed by Rothbard in Chapter 6 of Man, Economy, and State. Hansen and Jeff Deist cover the "pure" rate of interest, expressed via time preference, and why the temporal nature of production helps us understand the premium for present goods relative to future goods. Far from exploiting workers or borrowers, capitalists actually advance money today in exchange for a more risky and uncertain return tomorrow—in the process making us all wealthier based on our individual subjective preferences. At every stage of production, interest helps producers get the capital they need now to bring us, the consumer, all the goods and services we enjoy. This show explains why we can't understand the productive economy without understanding interest rates. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Man, Economy, and State: Mises.org/MES Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES

AOC and Paul Krugman are wrong: we can't just pay people money to stay home and expect "stuff" to materialize around us. This show explains why—as we cover Rothbard's Man, Economy, and State Chapter 5, "Production: The Structure," with our great friend Dr. Shawn Ritenour from Grove City College. Don't miss a great discussion of that critical missing link in mainstream economics—capital theory—and its corollaries, from the temporal and uncertain nature of production to cost fallacies. This show also features plenty of examples from today's economy and a short but dynamic exposition of the evenly rotating economy by Dr. Ritenour. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Additional Resources Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES

Today's solo show kicks off our reading of Rothbard's landmark Man, Economy, and State with a look at Chapter 1, "Fundamentals of Human Action." So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class. The short appendix at the end of the chapter alone is a bombshell—demystifying the correct form for economic analysis, and explaining why psychology is not praxeology. Don't miss this introduction to the book you know you need to read! Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES Man, Economy, and State: Mises.org/MES Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES

Rothbard fans, this is the podcast you don't want to miss! Rothbard scholar Patrick Newman joins Jeff Deist to kick off a series of shows featuring Rothbard's landmark treatise Man, Economy, and State. They discuss the history and background behind this important book, how it changed the landscape, and why the concluding chapters titled "Power and Market" proved so controversial at the time–and remain so today! Dr. Newman calls Rothbard's opus "the best book I ever read," and makes a compelling case for lay readers like you to tackle it. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES Man, Economy, and State: Mises.org/MES

We've reached the end of Human Action! Tom Woods joins the podcast to discuss Part Seven, "The Place of Economics in Society," and it's a show you don't want to miss. Woods and host Jeff Deist enjoy an engaging and far-ranging discussion of the book's place in history, Mises's frustration with economics co-opting the methods of physical sciences, and the public's seeming inability to overcome anticapitalist propaganda. Mises concludes his great treatise with unmatched clarity and wisdom, reminding us why economics belongs at the forefront of society—and why we all should retain our unwavering sense of élan vital. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. The Sociology of the Development of Austrian Economics by Joe Salerno: Mises.org/SalernoHAP Mises's Élan Vital : Mises.org/Elan Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

We continue our survey of Human Action by finishing up Part Six of the book, Mises's analysis of interventionism—or the so-called "third way" between capitalism and socialism. Mises exposes how state intervention in the market economy makes us all poorer, even while it claims to act against poverty and inequality on behalf of social justice. That perverse "justice" takes the form of currency manipulation, confiscation of land and capital, protectionism for syndicates and unions, and civilization-destroying total wars. This is a solo episode with Jeff Deist, who enjoys Mises's demolition of the hampered market economy masquerading as laissez-faire capitalism. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

Professor Peter Klein from Baylor University joins the show to discuss Part Six of Human Action, where Mises presents his exposition of interventionism in all its manifestations. Mises breaks socialism down into Soviet and German versions; the first purely bureaucratic (state ownership) and the second nominally private but state-directed. He gives us a contrasting definition of laissez-faire, the choice of freedom over government omnipotence. Successive chapters take readers through taxation, restrictionism (tariffs, regulations, labor laws), and price controls (goods, wages, interest rates). Dr. Klein is a fascinating guest with great insights into Mises and "the Hampered Market Economy." This is a conversation you don't want to miss! Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

Ryan McMaken, an economist and editor of Mises.org, joins the show to consider Part Five of Human Action: "Social Cooperation without a Market." This section of the book provides Mises's updated exposition of socialism, the impossible project of substituting 'One Will' for the subjective actions and preferences of everyone in society. Mises gives us the history behind support for socialism, and the enduring appeal of ascribing the best intentions and omniscience to the central state. Can a socialist system really operate using the division of labor? Can mathematical equations lead us to equilibrium, the final and static price for any good or factor? Can the managerial state make the impossible possible? This is a rewarding discussion of socialism from Mises's brilliant and radical point of view. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

Professor Mark Thornton and Jeff Deist finish Part Four of Human Action with a look at Chapters 21–24 of the book—a powerful exposition of how social cooperation and market exchange create far more harmony in society than state power. Here Mises explains how we all choose labor or leisure every day, and why wages are not the exploitative pittance socialists imagine. Land and rents have been misconstrued as special factors of production, when in fact market exchange helps us understand their prices just like any other good. These chapters serve as a nice summation of several themes in the book, and set the stage for considering full socialism in Part Five. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

Dr. Joe Salerno joins the show for a dynamic look at Human Action Part Four, arguably the meatiest part of the book. Chapters 18, 19, and 20 are where Mises presents the idea of pure time preference, his expanded theory of interest, and the parameters of business cycle theory and malinvestment. Salerno and Jeff Deist consider how time relates to capital; gratitude for society's accumulated wealth; convertibility of capital thanks to stock markets; why holding cash can be productive; originary interest as a ratio, the fallacious classical and Marxist notions of interest, and the boom/bust cycle created by politicians, voters, and bankers who see that inflation "works" for awhile. This is a great discussion of Mises at his best! Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

We dive into Part Four of Human Action with Professor Jeffrey Herbener, Chair of the Economics Department at Grove City College. This is a fantastic discussion of money and market exchange, with Mises proving timely as ever given the current financial meltdown and crazed response from Washington. Dr. Herbener and Jeff Deist cover catallactics and how imaginary constructs help us understand basic economics; markets as a system of social cooperation; how ordinal preferences find expression in money prices; the structure of production; consumer sovereignty; Mises's conception of monopoly; and the various media of exchange which complicate what ought to be the market's provision of commodity money. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

We continue our series on Human Action with Professor Per Bylund of Oklahoma State University. Dr. Bylund and Jeff Deist consider Part Three of the book, "Economic Calculation," considering Mises's conception of value and the folly of attempting to define a "unit of value" in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price "stabilization" efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human inventions; and why Mises thought praxeology emerged when man started thinking about monetary calculation. Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

In the second installment of our series on Mises's Human Action, Dr. David Gordon (Mises.org/Gordon) joins the show to walk us through Part One. The beginning of the book is considered its most "philosophical" material, where Mises lays out the basics of praxeology and epistemology as fundamental to understanding economics. Dr. Gordon and host Jeff Deist consider each of the book's first seven chapters, with topics including: Mises's categories of action and causality, a priori disciplines, polylogism, "felt uneasiness," value and preferences, praxeology as it relates to time and uncertainty, probability and its application to human action, and the nature of production. If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars! Use the code HAPOD for a discount on the pocket edition of Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study

Human Action is the book you want to read, you need to read, you've thought about reading. So make 2020 the year you do read it! Over the next seven weeks the Human Action Podcast will guide you through this incredibly vital and intellectually transforming work, with a series of guest economists to explain and bring Mises's most important work to life. Our opening show features Dr. Shawn Ritenour of Grove City College, who makes a compelling case for lay readers to engage with Human Action. Jeff Deist and Professor Ritenour share plenty of great background, insights, and anecdotes about Mises and the context surrounding the book, so this is an episode you don't want to miss. Use the code HAPOD for a discount on the pocket edition of Human Action from our bookstore. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study The Mises Reader, edited by Shawn Ritenour: Mises.org/Reader

Dr. Bob Murphy joins the Human Action podcast to discuss one of the most important issues of all: how money and credit work in today's society. Jeff Deist recently commissioned Murphy to write a series of articles on money mechanics, an exceedingly important topic for critics of the Fed– and today's podcast serves as an introduction to the project. The articles will be compiled into an e-book, with plenty of graphics to simplify the basic process of money creation in a fractional reserve system. If you want to understand how the Fed works, how money and credit come into being, how interest rates arise, and what it all means for you, don't miss this great upcoming series at mises.org. Jeff Deist on Understanding Fed Money Mechanics: mises.org/wire/understanding-fed-money-mechanics

Central bankers dismiss gold as a relic, even as they buy up more of it. Politicians dismiss gold as money they don't control and can't expand. Holders dismiss gold as outdated tech. And investors dismiss gold as a static metal paying no yields. So why does gold still matter? Why does it hold value over millennia? Why does it threaten inflationist governments? Why does it seem to be flowing West to East? Why does an ounce of it still trade for more than $1,000, if the critics are right? This is the comprehensive show on gold and its enduring role in today's economy, with Keith Weiner of Monetary Metals. Mises.org/HAPod

Negative interest rates are now entrenched reality in Europe, and not just for buyers of sovereign or corporate debt – even retail savings accounts are affected. What does this mean for real people trying to save for retirement? And more broadly, what does it mean for Europe culturally? Not to mention America, since Alan Greenspan tells us negative rates are coming here soon? Our guest Rahim Taghizadegan (mises.org/taghizadegan) from the independent Viennese Scholarium joins the show to discuss the anti-economics of negative rates. He is co-author of a new book titled The Zero Interest Trap. He is also a co-author of Austrian School for Investors. Scholarium: scholarium.at The Zero Interest Trap: www.amazon.com/Zero-Interest-Trap-Ronald-Stoeferle/dp/3902639504 Austrian School for Investors: www.amazon.com/Austrian-School-Investors-Investing-Inflation/dp/3902639393

Marketing guru and fund investor Hunter Hastings joins the Human Action podcast for a look at Economics for Entrepreneurs, a new platform which uses Austrian theory to teach actionable entrepreneurship. Can business acumen be taught, or is it innate? Hunter and Jeff examine consumer sovereignty, value creation, and the theory of the firm, all from a unique Austrian perspective. Austrians have a lot to say about how entrepreneurs ought to think, while business schools fail to adjust to the new decentralized, agile world. Austrian economics provides entrepreneurs with a different set of tools than any business book or MBA program, and our new podcast series will help anyone improve their business or career bottom line. Additional Resources: Mises for Business LinkedIn page​: www.linkedin.com/showcase/35689939/admin/ Economics for Entrepreneurs (E4E) podcast: mises.org/library/economics-entrepreneurs

The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, ethics, history, sociology, and anarchism—even though Hayek did the same? Was Man, Economy, and State really just a rehash of Human Action? Did he deviate from Mises on method? Were Power & Market and the Ethics of Liberty just too radical and off-putting? Professor Patrick Newman (mises.org/PNewman) considers critics like Arthur Burns, Kirzner, Leland Yeager, Nozick, Mario Rizzo, Selgin/White, Jason Brennan, Bryan Caplan, and of course Mises. If you like Rothbard you don't want to miss this show! In Defense of "Extreme Apriorism" by Murray Rothbard available at mises.org/extreme Join us for a celebration of Mises and his work in Los Angeles October 25–27. More info available at Mises.org/events.

Professor Walter Block joins the Human Action Podcast (Mises.org/HAPod) for a fantastic in-depth discussion of Henry Hazlitt and his work. Dr. Block has great insights into Hazlitt's work on inflation, economic fallacies, ethics and utilitarianism, and more, plus great anecdotes about Hazlitt, Mises, and Rand. Economics in One Lesson may be the most important economics book ever written for lay readers, and the Mises Institute will release a new edition of the book later this fall — available free to tens of thousands of students across the world. There is still time to be listed as a patron in the book by donating at Mises.org/OneLesson.

Auburn University professor Dr. Liliana Stern joins a special live episode of the Human Action Podcast for an unvarnished look at the state of economics education today. Why are theory and history ignored, while warmed-over Keynesian models dominate? How can Austrians reclaim their rightful place in the curriculum? Are economics students finding jobs? Why do academic publishing and textbook rackets persist? And why is actual teaching such a low priority? If you care about how economics is taught today, don't miss this show!

Nationalism, globalism, cosmopolitanism, and immigration are heated topics today—but Mises systematically addressed them 100 years ago, in his seminal work Nation, State, and Economy. What is a nation, and what does the nationality principle mean for liberalism? Mises argues that nations arise spontaneously, predating governments. Liberal nations exist to the extent they respect self-determination, peace, and international trade. But illiberal nations produce war and privation, discriminate against minorities, and distort natural migration. So how do we deal with aggressive nationalism? Economist Ryan McMaken, editor of Mises.org, joins Jeff Deist to wrestle with this important and relevant book. Don't miss their great discussion of immigration toward the end of the podcast, referencing Professor Ben Powell's recent paper "Solving the Misesian Migration Conundrum" (link.springer.com/article/10.1007%2Fs11138-019-0434-y). And use the code HAPOD for a discount on Nation, State, and Economy from our bookstore (mises.org/nse).

Dr. Mark Thornton, our in-house Cantillon expert, joins the Human Action Podcast to discuss the contributions of this important proto-Austrian thinker. Cantillon may well have written the first true economic treatise, one which lays out a comprehensive theory of production, money, interest, value, method, and trade—almost 150 years before Menger's Principles. And along with the other French physiocrats, Cantillon gave us the concept of lassez-faire that later influenced Adam's Smith's invisible hand. If you want to understand economics today, and the precursors to the Austrian school, you need to know Cantillon and his work. Cantillon's An Essay on Economic Theory, edited by Mark Thornton: mises.org/library/essay-economic-theory-0 A biography of Cantillon by Mark Thornton: mises-media.s3.amazonaws.com/Mark%20Thornton_Incorporating%20Cantillon.pdf "More on Cantillon as A Proto-Austrian" by Guido Hülsmann: mises.org/library/more-cantillon-proto-austrian

In 1944 Ludwig von Mises published Omnipotent Government, his historical treatment of Nazism and its origins in the collapse of German liberalism. This book expands on earlier works like Nation, State, and Economy and Liberalism, applying their analysis to the terrible events of WWII. Europe was up in flames, but Mises skillfully explains how to defeat the total state and its advocates. Professor Matt McCaffrey joins the show to consider this vital book and its absolute relevance today. Everyone interested in peace should read it, and send a copy to a politician who needs it. Read or listen to the book for free on Mises.org(Mises.org/Omnipotent), or enter code HAPOD in our bookstore for $5 off the hardcover edition.

The Human Action Podcast reviews another overlooked classic by Mises: The Anti-Capitalistic Mentality (mises.org/AntiCap). This book takes no prisoners, showing how envy motivates progressive and conservative intellectuals who fear dynamic capitalism. The real reactionaries, according to Mises? Socialists who want to keep everyone stuck at one station in life. Our friend Andy Duncan from Mises UK, who recently reviewed the book (mises.org/wire/power-misess-anti-capitalistic-mentality), joins the show to discuss. Read the book free on Mises.org (mises.org/AntiCap), or enter code "HAPOD" in our bookstore to buy a softcover for only $5!

The twentieth century revolution in America was bureaucratic, not ideological. And in 1944, a new American—Ludwig von Mises—published Bureaucracy (mises.org/bureaucracy), the most important and devastating critique of administrative rule ever written. Clocking in at just over 130 pages, this is Mises at his hard-hitting best. Professor William Anderson joins the Human Action Podcast for an in-depth discussion of both the book and the bureaucratic capture of America it warned against.

Dr. Joe Salerno joins Jeff Deist to explore another foundational topic: the method of economics. Mises developed praxeology, perhaps his most controversial contribution to economic science. Praxeology starts with fundamental axioms, then derives economic theory by working logically through a deductive process. As such, praxeology is at odds with logical positivism and empiricism—and presents a markedly different approach to economics. Readings Ludwig von Mises, The Ultimate Foundation of Economic Science(mises.org/library/ultimate-foundation-economic-science) Ludwig von Mises, Human Action, Part One, Chapter II(mises.org/library/human-action-0/html/p/640) Murray Rothbard, "In Defense of Extreme Apriorism" (mises.org/library/defense-%E2%80%9Cextreme-apriorism%E2%80%9D) Hans-Hermann Hoppe, Economic Science and the Austrian Method (mises.org/library/economic-science-and-austrian-method)

Our in-house economist and editor Ryan McMaken joins the Human Action Podcast for a deep dive into Mises's seminal 1927 book Liberalism. This is the definitive podcast on the definitive book on liberal society: its foundations, what it means for property, freedom, peace, economic policy, and immigration. Readings Liberalism: In the Classical Tradition by Ludwig von Mises (mises.org/libralism) "Was Mises a Neoliberal?" by Jeff Deist(mises.org/power-market/was-mises-neoliberal) "Immigration Roundtable: Ludwig von Mises" by Jeff Deist (mises.org/wire/immigration-roundtable-ludwig-von-mises)

What are interest rates, where do they come from, and what purpose do they serve? Smith, Marx, and Keynes got these questions wrong; Turgot, Böhm-Bawerk, and Mises got them right. Economist Jeffrey Herbener from Grove City College explains. Readings: "The Brilliance of Turgot" by Murray Rothbard (mises.org/library/brilliance-turgot) Profile of Böhm-Bawerk by Roger Garrison (mises.org/bawerk)

It's been almost 100 years since Mises literally wrote the book on socialism. His arguments against central economic planning, still acutely relevant today, have never been refuted—in theory or dismal practice. Joining the Human Action Podcast to discuss this monumental book is Dr. Shawn Ritenour (Mises.org/Ritenour), professor of economics at Grove City College and editor of 'The Mises Reader'.