
The Human Action Podcast
The Human Action Podcast features in-depth interviews on current topics in economics through an Austro libertarian lens.
Latest episodes

Jul 14, 2025 • 0sec
A Comprehensive Case for Ending the Fed
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

Jul 7, 2025 • 0sec
Essays in Austrian Economics: Honoring Joe Salerno
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

9 snips
Jul 1, 2025 • 0sec
Steve Hanke on Hyperinflation, Currency Boards, and the COVID Lockdown Debacle
Bob hosts Steve Hanke, a renowned economist and scholar at Johns Hopkins University, who shares his expertise on hyperinflation and currency boards. Hanke critiques the COVID lockdowns, arguing they had minimal health benefits but significant economic costs, praising Sweden's laissez-faire approach. He also discusses the mechanics of hyperinflation, promoting currency boards and gold-backed solutions as alternatives to central banks. With historical examples and economic insights, Hanke provides a captivating analysis of government intervention's implications.

7 snips
Jun 22, 2025 • 0sec
Thomas Paine: The American Revolution's Unlikely Hero
In this enlightening discussion, George Ford Smith, an author and scholar specializing in Thomas Paine, dives into the life of an essential figure in American history. He highlights how Paine's compelling writings, like Common Sense, galvanized support for the Revolution. The conversation touches on Paine's philosophical critiques of government and religion, alongside his stark contrasts with contemporaries like Edmund Burke. Smith also reflects on how Paine's legacy has often been overlooked, despite his profound impact on democratic thought and social justice.

8 snips
Jun 14, 2025 • 0sec
The Debate Over the Big Beautiful Bill
Economist Daniel Lacalle, known for his insights on global economic trends and finance, engages in a lively discussion on the Big Beautiful Bill. He argues that, despite its flaws, the bill is a crucial first step in reducing government spending and shielding the private sector from overreach. Lacalle critiques traditional economic forecasts, proposing a more favorable view of growth through deregulation. He also highlights the importance of fiscal responsibility and the need for pro-growth policies to tackle U.S. fiscal challenges.

Jun 11, 2025 • 0sec
New Academic Paper Uses Rothbard's National Output Metric
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

11 snips
May 30, 2025 • 0sec
The Crucial Principle and Data At Stake in the SoHo Immigration Debate
Dive into a heated immigration debate that pits libertarian perspectives against governmental controls. Explore the nuances of property rights and how they shape border policy while advocating for privatized access solutions. Delve into the complexities of state property and its ethical implications, scrutinizing historical injustices. The discussion also challenges stereotypes, revealing that immigrants are often economic contributors. Join a lively examination of civil liberties, public disruption, and the intricate dynamics of immigration welfare consumption.

May 26, 2025 • 0sec
What the New Right Gets Right—and Wrong—About Free Trade
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

May 19, 2025 • 0sec
Why Are US Drug Prices So High?
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

May 12, 2025 • 0sec
Explaining the Quirks in the GDP Report
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