The Human Action Podcast

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'.