The Human Action Podcast

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.

Bryan Caplan's Recent Article: https://Mises.org/HAP476a

Bryan Caplan's "Why I Am Not an Austrian Economist": https://Mises.org/HAP476b

Hoppe's Economic Science and the Austrian Method: https://Mises.org/HAP476c

Bob's Cambridge University Press Article on Böhm-Bawerk's Critiques: https://Mises.org/HAP476d

A Modern Guide to Austrian Economics: https://Mises.org/HAP476e

Bob and David Freidman, "The Chicago Vs. Austrian School Debate": https://Mises.org/HAP476f

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.

Bob's Article on Trade Deficits: https://Mises.org/HAP475a

Steve Landsburg on Obama's State of the Union Remarks about Exports: https://Mises.org/HAP475b

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.

Bob Murphy Show, "Scott Horton on American Interference in the 1996 Russian Election": https://Mises.org/HAP473a

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.

Kristoffer’s Article in the QJAE, “Sound Money without Free Banking”: https://Mises.org/HAP472a

Kristoffer and Jonathan Newman’s Article in the QJAE Clarifying Rothbard’s Definition of Inflation: https://Mises.org/HAP472b

Human Action Podcast Episode 470 on the Debate Over Fractional Reserve Banking: https://Mises.org/HAP472c

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.

Full Reserve Banking versus the Real Bills Doctrine: https://Mises.org/HAP469a

Bob’s Study Guide to The Theory of Money and Credit: https://Mises.org/HAP469b

Philipp Bagus, “Entrepreneurial Error Does Not Equal Market Failure” https://Mises.org/HAP469c

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.

Dr. Cwik's New Book, Austrian Business Cycle Theory: An Introduction: https://Mises.org/HAP468a

Roger Garrison's Famous Lecture, "The Austrian Theory of the Business Cycle": https://Mises.org/HAP468b

Richard Ebeling's Monograph, The Austrian Theory of the Trade Cycle: https://Mises.org/HAP468c

Carilli and Dempster, "Expectations in Austrian Business Cycle Theory: An Application of the Prisoner’s Dilemma": https://Mises.org/HAP468d

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

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.

Read More from Tom Luongo: https://Mises.org/HAP467a

Please donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: https://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.

DeLong's Article, "America Has No Alternative to Industrial Policy": https://Mises.org/HAP466a

Henderson's Critique of DeLong's Article: https://Mises.org/HAP466b

Bob's Journal Aritcle on 1970s Crude Oil Price Controls: https://Mises.org/HAP466c

Subscribe to David's Substack, "I Blog to Differ": https://Mises.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.

Josh's Mises Wire Article, "Governments Had a Major Role in Sustaining Slavery": https://Mises.org/HAP465a

Mark Thornton, "Slavery, Profitability, and the Market Process": https://Mises.org/HAP465b

Jeffrey Hummel, "The Political Economy of Slavery, Secession, and Emancipation": https://Mises.org/HAP465c

Jeffrey Hummel, "U.S. Slavery and Economic Thought": https://Mises.org/HAP465d

Alan Olmstead, "Cotton, Slavery, and the New History of Capitalism": https://Mises.org/HAP465e

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.

Bob's Article, "Origin of the Specie": https://Mises.org/HAP464a

R. A. Radford, "The Economic Organisation of a P.O.W": https://Mises.org/HAP464b

Bob's Book, Understanding Money Mechanics: https://Mises.org/HAP464c