The Human Action Podcast

In this episode of the Human Action Podcast, Bob unpacks Lerner’s Symmetry Theorem—the classic result that, under tight conditions, an import tariff is equivalent to an export tax. He applies the framework to recent 100% China‑tariff headlines, explaining why the dollar might strengthen in theory yet sometimes weakens in practice once retaliation and policy signaling are factored in.

The Human Action Podcast on Trump's Tariff Strategy: https://Mises.org/HAP522a

The Lerner Symmetry Theorem: https://Mises.org/HAP522b

In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks.

The Mystery of Banking by Murray N. Rothbard: https://mises.org/HAP514a

"How Private Banks Can Create Money, But Not Like the Fed Can" (Human Action Podcast): https://mises.org/HAP514b

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

This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform.

Bob's Mises Article, "Putting the Country Back on Gold": https://Mises.org/HAP509a

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

This week, Bob talks with economist and Mises Institute research fellow, David Howden, co-editor of The Next Generation of Austrian Economics: Essays in Honor of Joe Salerno. They discuss key chapters from the book, highlighting significant contributions from up-and-coming Austrian economists in areas such as monopoly pricing, international economics, and monetary theory.

The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno: https://Mises.org/HAP507a

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

Bob hosts economist and distinguished senior scholar at the Mises Institute, Steve Hanke, to discuss his research on hyperinflations, currency board solutions, and the economic effects of the COVID lockdowns. Hanke explains the findings of his meta-analysis of lockdown impact and explains why Sweden's laissez-faire approach was vindicated. He also draws from decades of experience stopping hyperinflation globally, advocating currency boards and gold-backed solutions as effective alternatives to central banks.

Professor Hanke's Austrian Economics Research Conference Lecture: https://Mises.org/HAP506a

Professor Hanke's IEA Article, "Did Lockdowns Work? The Verdict on COVID Restrictions": https://Mises.org/HAP506b

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

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Bob is joined by author George Ford Smith for a detailed examination into the life and legacy of Thomas Paine. They discuss how Paine’s writings, especially Common Sense and the American Crisis essays, mustered colonial support for independence and even influenced the outcome of the Revolutionary War. Smith explains Paine's life, from early setbacks and struggles in England to becoming a pivotal figure in America’s founding, and why his views ultimately sidelined his historical reputation.

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

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

Vincent Geloso and Chandler Reilly have a new paper in which they use Rothbard's "Private Product Remaining" (PPR) as a lower bound on estimates of national output, to be contrasted with the convention GDP statistics as an upper bound. Bob has the authors explain Rothbard's proposal and how they are trying to introduce it to the economics profession.

The Paper, "National Output Without Government?": https://Mises.org/HAP503a

The Human Action Podcast Episode on Dubious Origins of GDP/GNP: https://Mises.org/HAP503b

The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": https://Mises.org/HAP503c

Economist Alex Tabarrok joins Bob to review Trump’s executive order on prescription drug pricing. They explore how price discrimination works in global pharmaceutical markets, the unintended consequences of importation policies, and why U.S. consumers often pay more—yet benefit most from drug innovation. Tabarrok also critiques the FDA’s role in delaying treatments and explains how regulatory reform, not price caps, could make healthcare more affordable and effective.

Alex's Article, "Econ 101 is Underrated: Pharma Price Controls": https://Mises.org/HAP500a

Bob first reviews the standard libertarian case for legalizing drugs as the way to neutralize the Mexican drug cartels. Then he plays a recent clip where Dave Smith argues that drug prohibition leads to violence because (among other factors) you can't call the cops if someone steals your product. Bob argues that libertarians should stop making this (invalid) argument.

Bob's Lessons for the Young Economist: https://Mises.org/HAP490a

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

Josh Hendrickson is the chair of the Economics Department at the University of Mississippi. He recently brought to Twitter's attention a 41-page document released in November by Stephen Miran, the Harvard PhD whom Trump has nominated as the new chair of the Council of Economic Advisors. The document spells out a strategy of using tariffs and deregulation to Make America Great Again.

The 41-Page Tariff Document: https://Mises.org/HAP487a

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