The Human Action Podcast

This week, Bob explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this phenomenon is the foundation on which the entire Austrian theory of the business cycle is built.Related:Richard Cantillon, An Essay on Economic Theory: Mises.org/HAP544aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing could finally make central planning viable.Related:Bob's Article, "Socialism: The Calculation Problem Is Not the Knowledge Problem": Mises.org/HAP543aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In memory of Roger Garrison, Bob walks through Garrison's famous capital-based macroeconomics diagrams, showing how they translate the Mises-Hayek theory of the boom-bust cycle into the language of modern macroeconomics.Related:Roger Garrison, The Austrian Theory of the Business Cycle: Mises.org/HAP542aRoger Garrison, Austrian Macroeconomics: A Diagrammatical Exposition: Mises.org/HAP542bThe Diagrams Referenced in the Podcast: Mises.org/HAP542cDr. Garrison's PowerPoints: Mises.org/HAP542dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In commemoration of Murray Rothbard’s 100th birthday, Bob shares five “greatest hits” from Rothbard’s economics, covering deficits vs. inflation, monopoly theory, excess capacity, the time structure of production, and his reconstruction of utility and welfare economics.Related:Rothbard, Making Economic Sense: Mises.org/HAP541aRothbard, "Toward a Reconstruction of Utility and Welfare Economics": Mises.org/HAP541bRothbard, Man, Economy, and State with Power and Market: Mises.org/HAP541cBob's Study Guide to Man, Economy, and State with Power and Market: Mises.org/HAP541dJoin the Mises Institute on Saturday, April 25 in San Diego, CA to discuss California's fall from grace. Today, it's known for high taxes, bureaucrats, and leftwing billionaires. Is this a warning to the rest of America? Register now at Mises.org/CAHAPThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob uses Trump’s call to ban congressional insider trading as a springboard to explain why, from an Austro-libertarian perspective, insider trading and speculation could help markets work, while still justifying special rules for government employees.Related:Bob's Article "Is Insider Trading Really a Crime?": Mises.org/HAP540aThe Social Function of Stock Speculators: Mises.org/HAP540bThe Social Function of Futures Markets: Mises.org/HAP540cThe Social Function of Call and Put Options: Mises.org/HAP540dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob walks through Javier Milei’s 2026 address to the World Economic Forum, explaining the Austrian and neoclassical ideas behind Milei’s defense of capitalism—from Rothbard and Kirzner to Pareto efficiency and the welfare theorems.Related:Bob's Breakdown of The Intra-Austrian Debate over Milei: Mises.org/HAP539aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob lays out California’s proposed 5% wealth tax on billionaires, using it to explain why taxes on wealth are especially destructive, how different tax structures change incentives, and what recent migration data says about people voting with their feet.Related:Data on 2020–2024 State-to-State Migration: Mises.org/HAP538a"Where Americans Choose to Move and Where They Leave": Mises.org/HAP538bPoliticians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/OKCHAThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob talks with Dr. Keith Smith of the Surgery Center of Oklahoma about how posting cash prices, walking away from government money, and working with self-funded employers created an alternative to the cartel of big hospitals and insurers.Politicians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/OKCHAThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob applies Mises’ taxonomy of money and the regression theorem to Bitcoin, asking whether it should be classified as commodity or fiat money and whether Austrian theory really rules out Bitcoin ever becoming money.Related:Mises's The Theory of Money and Credit: Mises.org/HAP536aBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP536bBob's Primer on Bitcoin: Mises.org/HAP536cPoliticians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob responds to James Rickards’ recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits really mean in a post-gold-standard world. Related:The Charts Used in this Episode: Mises.org/HAP535aBob's Recent Talk on Trade Deficits: Mises.org/HAP535bBob's Econlib Article on Oil Prices: Mises.org/HAP535cPoliticians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob revisits Böhm-Bawerk’s critique of the exploitation theory of interest to answer modern claims that billionaires like Elon Musk must have “stolen” their wealth from workers who supposedly create 100 percent of a firm’s value.Related:Böhm-Bawerk’s Critique of the Exploitation Theory of Interest: Mises.org/HAP534aBöhm-Bawerk’s Karl Marx and the Close of His System: Mises.org/HAP534bPoliticians don’t build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob talks with Dr. Peter Klein about the recent U.S. operation in Venezuela and the social-media backlash against “international law,” using it as a springboard to clarify what law is, how it can exist without a world government, and why Austrians care about polycentric legal orders.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob talks with macroeconomist Roger Farmer—who places himself “between Keynes and Hayek”—about how twentieth-century macroeconomics evolved. They discuss how overlapping generations and search theory change the story on unemployment and asset prices, and where Professor Farmer thinks both neoclassicals and MMT advocates go wrong. Farmer contrasts the old “rocking horse” vision of the economy with his preferred “windy boat” metaphor, where the economy can drift for long periods, and variables like unemployment behave more like random walks than quick returns to a single steady state.Related:Professor Farmer's Article, "How New Keynesian Economics Betrays Keynes": Mises.org/HAP532aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob uses three recent controversies–Richard Murphy’s “Christmas all year” claim, Elon Musk’s net worth, and Ron DeSantis on the Great Depression–to clear up common economic fallacies about work, wealth, and wartime spending.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob uses clips from his recent interview with Eric Weinstein to explain why Weinstein thinks gauge theory can fix how economists measure the cost of living, unify competing price indices, and handle changing preferences over time, and why Austrians shouldn’t dismiss him as a crank. He summarizes Eric’s claim that standard mathematical economics relies on the simplest kind of derivative, explaining how much of modern economic modeling is using the wrong math.Related: Bob's Interview with Eric Weinstein on the InFi Podcast: Mises.org/HAP530aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob walks through two related debates: Hoppe’s criticism of Argentina's President Milei for not immediately closing Argentina’s central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises’s distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina’s short-term central bank debtGuido Hülsmann and Philipp Bagus' Debate on Mises.org: Mises.org/HAP529aThe Human Action Podcast Episode with Nicolás Cachanosky: Mises.org/HAP529bBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP529cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob walks through a recent WIRED video on “the economics behind the Great Depression,” correcting its claims on lax regulation, Hoover’s alleged inaction, the role of the Fed and the gold standard, and the notion that World War II ended the slump.Bob's Article, "The Depression You’ve Never Heard Of: 1920-1921": Mises.org/HAP528aBob's Talk, "Contrasting Views of the Great Depression": Mises.org/HAP528bThe WIRED Video, "Economics Professor Answers Great Depression Questions": Mises.org/HAP528cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob revisits capital and interest theory to show why the textbook result “interest = MPK” only holds in a one-good world, and why in actual markets the interest rate emerges from time, prices, and capital valuation—not raw productivity.Bob and Alberto Bisin Discuss the Use of Mathematics in Economics: Mises.org/HAP527aBob's Dissertation, "Unanticipated Intertemporal Change in Theories of Interest": Mises.org/HAP527bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Prompted by an online debate about whether economics belongs with the hard sciences, Bob reviews common defenses of mainstream practice and explains why they don’t settle the scientific status of the field. He outlines the Mises–Rothbard view: economics as praxeology (logic of action), closer to geometry than laboratory testing, with core insights on opportunity cost, incentives, prices, money, and policy constraints that don’t depend on forecasting the exact timing of crashes.Understanding Money Mechanics: Mises.org/HAP526aBob's Mises Daily Article, "Economists Can Be Hilarious": Mises.org/HAP526bHoppe's Economic Science and the Austrian Method: Mises.org/HAP526cLessons for the Young Economist: Mises.org/HAP526dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Dr. Jonathan Newman joins the Human Action Podcast to discuss his recent QJAE article disputing the claim that 'sticky prices' prevent markets from clearing--i.e., when the quantity supplied equals the quantity demanded. Dr. Newman applies Mises’s “plain state of rest” to show that each voluntary exchange equates quantities supplied and demanded, so observed “stickiness” doesn’t imply non-clearing markets."There Ain't No Such Thing as a Sticky Price": Mises.org/HAP525aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Is paying down the federal debt a recession trigger? Bob takes on the MMT claim and checks the record, citing US debt payoffs, Canada’s 1990s reforms, and ECB case studies. Conclusion: real wealth beats accounting tricks and paydowns aren’t a mechanical path to recession.Read More on Fiscal Austerity: Mises.org/HAP524aThe Upside-Down World of MMT: Mises.org/HAP524bDo Balanced Budgets Cause Depressions?: Mises.org/HAP524cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Alex Pollock joins the Human Action Podcast to explain his recent Congressional testimony on the Fed’s growing insolvency and mandate overreach. The Fed now admits to $243 billion in operating losses and nearly $1 trillion in mark-to-market losses, leaving it with negative capital of about $197 billion. Pollock explains how the central bank transformed itself into “the biggest 1980s-style savings and loan in history” — funding short while buying long, and bleeding cash as interest rates rose.Read the Congressional Testimony: Mises.org/HAP523aRead More from Alex Pollock: Mises.org/HAP523bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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: Mises.org/HAP522a The Lerner Symmetry Theorem: Mises.org/HAP522bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob tackles growing concerns about artificial intelligence, automation, and mass unemployment. Using the principles of marginal productivity and comparative advantage, he shows how the standard economic arguments still apply—even in the age of ChatGPT and robotics. Responding directly to viral tweets from Matt Walsh, Bob dismantles the popular belief that AI will inevitably destroy human labor markets. He explains why highly skilled labor has always coexisted with less-skilled workers and why new technologies, despite their disruptive effects, tend to improve standards of living for everyone over time.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Jonathan Newman returns to join Bob in a critique of Eliezer Yudkowsky’s viral theory of investment bubbles. Yudkowsky states that the bad investment during bubbles should be felt before the bubble pops, not after. They argue that his perspective—while clever—fails to consider the Austrian insights on capital structure, time preference, and the business cycle. They use analogies from apple trees to magic mushrooms to show why Austrian economics provides the clearest explanation for booms, busts, and the pain that follows.Eliezer Yudkowsky's Theory on Investment Bubbles: Mises.org/HAP520aBob's Article "Correcting Yudkowsky on the Boom": Mises.org/HAP520bBob's on The Importance of Capital Theory: Mises.org/HAP520cJoe Salerno on Austrian Business Cycle Theory: Mises.org/HAP520dDr. Newman's QJAE Article on Credit Cycles: Mises.org/HAP520eThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Professor Georgy Ganev joins Bob to explain that, contrary to the claims of David Graeber and the MMTers, the barter origin of money has not been refuted. The anthropological evidence is consistent with the Mengerian story, and Mises' regression theorem remains the only coherent explanation for money's value. Professor Ganev's Paper, "Has the barter theory of the origins of money been rejected?": Mises.org/HAP519aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In this solo episode, Bob challenges the populist narrative that private equity ownership of homes is the main driver of rising housing costs. He explains the actual role of speculators in stabilizing markets, compares housing to used car dealerships, and critiques proposals like Henry George’s land tax. Bob also points to zoning restrictions and the Federal Reserve’s balance sheet as the real culprits behind skyrocketing prices.The Social Function of Stock Speculators: Mises.org/HAP518aRothbard's Treatise, Man, Economy, and State: Mises.org/HAP518bBob's Study Guide to Man, Economy, and State: Mises.org/HAP518cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob talks with economist Jeff Degner about his new book Inflation and the Family. Drawing inspiration from Guido Hülsmann’s The Ethics of Money Production, Professor Degner shows how central bank policies and interest rate manipulation create ripple effects beyond prices and GDP. From marriage formation to fertility decisions and divorce trends, he explains how inflation fosters short-termism, debt culture, and moral hazard within households.Join Jeff Degner and other Mises faculty on November 1st for our first student-only event at Cornerstone University in Grand Rapids, Michigan. Find out more at Mises.org/Cornerstone25Inflation and the Family: Mises.org/HAP517aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob takes on the hot-button debate over Federal Reserve “independence” in light of Trump’s moves against Fed Governor Lisa Cook. He explains why the Fed has never truly been independent, drawing on the Treasury-Fed Accord of 1951 and the institution’s long history of serving political power.  Recalling Elizabeth Warren’s attacks on Jay Powell to insider trading scandals among Fed officials, Bob exposes the hypocrisy of politicians and media figures who cry about independence only when it suits them. He also highlights how the Fed’s structure—unanimous FOMC votes, backroom bailouts, and secrecy over bank rescues—makes it clear the central bank is not a neutral force, but a political engine of inflation and business cycles.A Comprehensive Case for Ending the Fed: Mises.org/HAP516aShould Economists Champion Fed “Independence”?: Mises.org/HAP516bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob is joined by Dr. Peter Klein to take a look at the Mises Institute's new book, Hayek for the 21st Century. The discussion highlights Hayek’s insights on tacit knowledge, why markets outperform central planners, the dangers of political power, and how monetary freedom could stop inflation. Along the way, Bob and Peter connect these timeless ideas to today’s debates over technology, government control, and economic liberty. The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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/HAP514bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree21st Century Get your free copy at Mises.org/HAPodFree

Bob explains the mechanics of modern banking and how liabilities and assets on bank balance sheets differ from popular assumptions. He shows how interest rates and central bank policy shape lending and deposit behavior, and why private companies move money differently than commercial banks. Bob also critiques the perspectives of Richard Werner, Steve Keen, and George Selgin, showing where their explanations align or fall short.Bob's Infineo Article, "A Biz vs. a Bank vs. the Fed": Mises.org/HAP513aThe Charts Used in this Episode: Mises.org/HAP513bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at Mises.org/HAPodFree

Bob takes on a proposal for New York City to run its own grocery stores, dismantling the historical myths, economic fallacies, and rhetorical tricks behind the idea. From Flint’s water crisis to “food deserts,” he explains why government control will create shortages, low-quality food, and wasted resources.The Jacobin Article, "Municipal Grocery Stores Are Sensible and Obvious": Mises.org/HAP512aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob and Jonathan Newman respond in detail to Richard Werner’s highly discussed interview with Tucker Carlson. They examine Werner's claims about credit creation theory, fractional reserve banking, and money mechanics. Murphy and Newman also discuss Werner’s recommendations for banking reform, highlighting differences with Mises’s monetary insights and Austrian business cycle theory.The Tucker Carlson Show Episode with Richard Werner: Mises.org/HAP511aPlaying with Fire: Money, Banking, and the Federal Reserve: Mises.org/HAP511bBob's "Anatomy of the Fed" Mises Academy Course: Mises.org/HAP511cThe Federal Reserve Bank of Chicago "Modern Money Mechanics" Workbook: Mises.org/HAP511dBob's Book, Understanding Money Mechanics: Mises.org/HAP511eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Recorded live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the GENIUS Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the GENIUS Act for monetary stability, fractional reserve banking, and the future of financial privacy.Understanding Money Mechanics: Mises.org/HAP510aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at 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": Mises.org/HAP509aUnderstanding Money Mechanics: Mises.org/HAP509bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob goes solo to make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed’s marked history, its questionable track record, and the secrecy surrounding its creation and ongoing operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency.Bob's Recent ZeroHedge Debate,"Should We End the Fed?": Mises.org/HAP508aUnderstanding Money Mechanics: Mises.org/HAP508bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

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: Mises.org/HAP507aDavid Gordon's Review of the Book in The Austrian: Mises.org/HAP507bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob hosts Steve Hanke, Distinguished Senior Scholar at the Mises Institute and Professor of Applied Economics at Johns Hopkins University, 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.Follow Professor Hanke on X --- @Steve_HankeProfessor Hanke's Austrian Economics Research Conference Lecture: Mises.org/HAP506aProfessor Hanke's IEA Article, "Did Lockdowns Work? The Verdict on COVID Restrictions": Mises.org/HAP506bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

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": Mises.org/HAP505aGeorge's Mises Wire Article, "Thomas Paine, Liberty's Hated Torchbearer": Mises.org/HAP505bThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from excessive state intervention.Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": Mises.org/HAP504aThomas Massie's X Exchange on the Hidden Costs of the BBB: Mises.org/HAP504bBob's Recent Blog Post on the BBB: Mises.org/HAP504cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

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?": Mises.org/HAP503aThe Human Action Podcast Episode on Dubious Origins of GDP/GNP: Mises.org/HAP503bThe Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": Mises.org/HAP503cThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

In this episode of the Human Action Podcast, Bob analyzes the key arguments from the recent immigration debate at the Soho Forum between Dave Smith and Alex Nowrasteh. He clarifies the critical issue of how libertarians should approach immigration when the government controls significant property and resources, explores the implications for public property rights, and examines empirical claims made during the debate.Alex Nowrasteh's Cato Article on Immigrants' Welfare and Entitlement Benefits Consumption: Mises.org/HAP502aAlex's Cato Article, "Do Immigrants Affect Economic Institutions?": Mises.org/HAP502bAlex's Cato Article, "The Fiscal Impact of Immigration in the United States": Mises.org/HAP502cThe Soho Debate Between Dave Smith and Alex Nowrasteh: Mises.org/HAP502dThe Human Action Podcast, "Simon Guenzl vs. Dave Smith on Open Borders": Mises.org/HAP502eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob takes a close look at Oren Cass’s recent appearance on Tucker Carlson, where Cass argued for free trade to a skeptical conservative audience. Bob unpacks Cass’s arguments about tariffs, comparative advantage, and trade deficits—not to attack, but to clarify. Using classical and Austrian economics, Murphy shows why U.S. economic malaise can’t be solved with tariffs, but also why dismissing Cass’s concerns outright is a strategic and economic mistake.Oren Cass on The Tucker Carlson Show: Mises.org/HAP501aOren Cass on The Infineo Podcast: Mises.org/HAP501bThe Human Action Podcast Episode on Comparative Advantage: Mises.org/HAP501cOren Cass, "Free Trade's Origin Myth": Mises.org/HAP501dOren Cass, "The Truth About Tariffs": Mises.org/HAP501eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

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": Mises.org/HAP500aThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

The recent BEA "Advance Estimate" for 1q GDP growth showed a lackluster drop of 0.3 percent, but it included unusually large swings in private inventories and imports, as well as a drop in federal expenditures. Some MAGA fans have argued that once you account for these misleading figures, the report signifies a healthy economy. Murphy mostly disagrees, and shows why the report--taken at face value--does indeed signify poor economic performance. Peter St. Onge, "GDP Goes Negative. And it's Glorious.": Mises.org/HAP499aThe GDP Report: Mises.org/HAP499bHuman Action Podcast on Unpacking Trumps Tariff Strategy: Mises.org/HAP499cBob's Mises Daily Article, "Inventories Don't Kill Growth — People Kill Growth": Mises.org/HAP499dBob's Article, "Sorry MAGA, the GDP Report Is Not Rosy": Mises.org/HAP499eThe Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree