The Human Action Podcast

Keith Smith, MD is an anesthesiologist and founder of the cash-price Surgery Center of Oklahoma. In the wake of the shooting of UnitedHealth CEO Brian Thompson, Keith explains why US health care is so expensive and how to fix it. Mises.org/HAP479aMises.org/HAP479bMises.org/HAP479cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24

Using the heavily marketed movie "Wicked" as his news hook, Bob explains that the beloved Wizard of Oz movie involved an allegory of the bimetallism debates of the late 1800s, including William Jennings Bryan's famous "Cross of Gold" speech. Bob fills in the details about the Wizard of Oz lore, and then explains the economics of bimetallism in the United States. Mises.org/HAP478aMises.org/HAP478bMises.org/HAP478cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

David Glasner is a UCLA-trained economist specializing in monetary theory and the history of economic thought. He has disagreed in print with Murphy's take on the famous Sraffa-Hayek debate. David first explains his general views and then comments on the debate. Mises.org/HAP477aMises.org/HAP477bFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America’s Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24 The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

In 1997, Bryan Caplan wrote an essay explaining why he was no longer a self-described Austrian. Recently, a reader asked him to comment on that essay. Bob reacts to Bryan's current views, arguing that the history of economic thought is indeed important, and the Misesian approach to praxeology is crucial. Mises.org/HAP476aMises.org/HAP476bMises.org/HAP476cMises.org/HAP476dMises.org/HAP476eMises.org/HAP476fThe 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 discusses common talking points that pro-free-trade economists often use when making the case against tariffs. The purpose is to facilitate discussion so both sides have a deeper understanding of the subtle issues involved. Mises.org/HAP475aMises.org/HAP475bThe 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

Amy LePore's doctoral dissertation covered the perverse incentives of federal money for disaster management on local officials. She joins Bob to talk about FEMA's poor track record in recent disasters but also going back to Hurricane Katrina. Mises.org/HAP474aThe 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

After explaining the backstory of how Bob put forth a proposal for codifying property rights in space-based resources, Bob then explains how the prospect of a future inflow of extraterrestrial riches could boost the standard of living on Earth in the near term. Mises.org/HAP473aThe 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

Mises Fellow Kristoffer Hansen joins Bob to discuss Mises' perspective on fractional reserve banking and free banking. Earlier this month, Larry White referenced Hansen’s work on fractional reserve banking, asserting that Hansen indicated Mises acknowledged the benefits of FRB. Kristoffer clarifies his paper and examines what Mises wrote in Human Action on the topic. Additionally, Bob and Kristoffer delve into the influence of the Currency School on banking and economic instability, as well as how commodity-backed money might impact the business cycle. Mises.org/HAP472aMises.org/HAP472bMises.org/HAP472cThe 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 response to Murphy's recent article on comparative advantage, economist Jorge Morales Meoqui objected that Murphy was continuing the same erroneous story about Adam Smith vs. David Ricardo. In this episode, Murphy clarifies what is right and wrong in Meoqui's own paper on the topic. Mises.org/HAP471aMises.org/HAP471bMises.org/HAP471cThe 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

Dr. Philipp Bagus explains the main ideas from his new book, Full Reserve Banking versus the Real Bills Doctrine, which defends Misesian business cycle theory from a recent critique. Bagus provides an in-depth criticism of the Real Bills Doctrine, emphasizing the importance of real savings in economic stability. He defends full reserve banking and critiques fractional reserve systems for creating money without real economic backing, leading to inflation and business cycles. Mises.org/HAP469aMises.org/HAP469bMises.org/HAP469cThe 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

Paul Cwik revisits the podcast to explain his new book, which aims to simplify ABCT for economics students and professors, especially those teaching at the principles level. Dr. Cwik critiques mainstream economic theories for oversimplifying business cycles, arguing that the Austrian theory better explains systemic errors and the boom-bust cycle driven by distorted interest rates. Mises.org/HAP468aMises.org/HAP468bMises.org/HAP468cMises.org/HAP468dThe 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

Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5 Tom Luongo hosts the Gold, Goats, 'n Guns podcast and newsletter. He explains the different factions among bankers, including rivalries between New York and San Francisco, and the US versus Europe. Mises.org/HAP467a

Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5 David R. Henderson is a research fellow with the Hoover Institution at Stanford University. He joins Bob to critique a recent Brad DeLong essay, which argued that the US had tried an experiment in "neo-liberalism" and that it failed utterly. Mises.org/HAP466aMises.org/HAP466bMises.org/HAP466cMises.org/HAP466d

In this episode of the Human Action Podcast, Bob welcomes guest Joshua Mawhorter to discuss his recent article on the role of government in sustaining slavery. The conversation covers several key points, including slave patrols, fugitive slave laws, manumission restrictions, and constitutional subsidies. Mawhorter argues that slavery persisted largely due to government intervention rather than free-market mechanisms and highlights the inefficiencies and extensive costs associated with maintaining the institution. They also touch on modern discussions of reparations and the historical patterns of slavery's abolition in other countries. Mises.org/HAP465aMises.org/HAP465bMises.org/HAP465cMises.org/HAP465dMises.org/HAP465eRegistration for the 2024 Mises Institute Supporters Summit is open for Mises Members: Mises.org/SS24

Bob goes solo to explain the contributions of Carl Menger and Ludwig von Mises to monetary theory. He then deals with the critique of David Graeber, who argues that the economists' story of the origin of money is bogus. Mises.org/HAP464aMises.org/HAP464bMises.org/HAP464cGet your ticket to Living Free in an Unfree World in Albuquerque, New Mexico: Mises.org/NM24

Dr. Jonathan Newman joins Bob to analyze Kamala Harris's proposals against price gouging, and how some mainstream economists defend Government price controls. They also address misconceptions about price gouging and the evolving mainstream narrative on inflation. Mises.org/HAP463aMises.org/HAP463bFor the week only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement. Mises.org/HAP462aMises.org/HAP462bMises.org/HAP462cFor the next two weeks only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree

With recent market turbulence and new potential recession indicators emerging, Peter St. Onge joins Bob to examine whether market performance accurately reflects the true state of economic health. There is rising debt, growing entitlements, and ongoing structural issues within the US economy, Bob and Professor St. Onge analyze how these factors contribute to our current economic landscape and whether recent developments are indicative of a 1987-style crash or a 2008-style crash. They also explain the Japanese carry trade, its impact on the dollar and Japanese markets, and the recent market fluctuations, including the significant decline in the Japanese stock exchange and the S&P 500. Mises.org/HAP461aThe 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 give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics. Mises.org/HAP460aMises.org/HAP460bThe 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 in front of a live audience at the 2024 Mises University, Bob discusses recent market turbulence with Mark Thornton. They also delve into the Skyscraper theory and the practicality of the Austrian Business Cycle Theory. Mises University is the world’s leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream Mises.org/HAP459aMises.org/HAP459bMises.org/HAP459cMises.org/HAP459dMises.org/HAP459eJoin Peter Klein and Ryan McMaken in Albuquerque, New Mexico for a Mises event on strategy, economics, and decentralization of power. Register now: Mises.org/NM24 The Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree