The Human Action Podcast

Jonathan Newman, a researcher focused on the use of silver as money in ancient Mesopotamia, offers fascinating insights into the origins of currency. He critiques Modern Monetary Theory (MMT) using archaeological evidence that supports Menger's theories. Newman highlights the historical significance of silver beyond barter, arguing that money emerged from market interactions rather than government intervention. He also explores how ancient clay tablets challenge MMT claims, spotlighting the evolution of monetary value and the essential qualities that made silver a trusted medium of exchange.

Patrick Newman joins Bob to discuss one of his talks at the Austrian Economics Research Conference (AERC), where he explained that Simon Kuznets–who developed the method of calculating GNP and GDP statistics–had serious doubts about how to include government expenditures.Patrick's Talk at the 2025 AERC: Mises.org/HAP493aRothbard's Man, Economy, and State: Mises.org/HAP493bBob's 2014 Talk on the Great Depression: Mises.org/HAP493cThe 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/HAPodFreeJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

Bob responds to recent tweets that believe trade deficits are a sign of economic strength. He also includes an op-ed from Robert Barro and a clip from Milton Friedman, to show that even big gun economists can often speak in misleading ways when it comes to trade deficits.Bob's Article on Free Traders Defending Deficits: Mises.org/HAP492aThe FRED Chart Referenced in this Episode: Mises.org/HAP492bBob's 2007 Mises Daily article on Capital Surplus: Mises.org/HAP492cBob's 2007 Mises Daily article Predicting the Recession: Mises.org/HAP492dThe Human Action Podcast Episode on International Trade: Mises.org/HAP492eThe 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/HAPodFreeJoin us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW

The discussion tackles the fear that price deflation could stifle lending and investment. It emphatically argues that recent trends in cryptocurrencies and precious metals, like Bitcoin and gold, offer a different perspective. Examples such as wine production illustrate how falling prices can still lead to robust returns. The conversation also prompts a reassessment of traditional economic views, suggesting that a shrinking monetary supply could coexist with viable investment opportunities.

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: Mises.org/HAP490aPart of the Problem Episode 1233: Mises.org/HAP490bThe 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/HAPodFreeJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

Grove City College has recently digitized its collection of post-war materials—including photos, correspondence, and manuscripts—from the great Austrian economist, Ludwig von Mises. Mises' biographer, Guido Hülsmann, joins Bob to discuss some of the treasures that have been made available online.Explore the Grove City College's Digital Mises Archive: Mises.org/HAP489aDr. Hülsmann's Biography of Mises, The Last Knight of Liberalism: Mises.org/HAP489bMurray's 99th birthday is March 2. Please share pictures of yourself (hashtag #happybirthdayrothbard) reading a Rothbard book or wearing a Rothbard t-shirt. The Mises Institute is celebrating with its Murray99 campaign: Everyone who donates $26 or more using the mises.org/murray99 link will receive a copy of Economic Depressions: Their Cause and Cure, originally published in 1969, and Nations by Consent, originally published in 1994.   The first 26 donors will also receive the Rothbard lapel pin. All donations will fund student scholarships.Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

Some have proposed that the spending cuts identified by DOGE be directed towards a $5000 tax rebate for Americans who pay federal taxes. Critics warn it could be inflationary, just like the COVID-era stimmies. Bob disagrees, explaining that the DOGE spending cuts offset the impact.Rothbard's Making Economic Sense: Mises.org/HAP488aBob's Understanding Money Mechanics: Mises.org/HAP488bJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

Join Josh Hendrickson, Chair of the Economics Department at the University of Mississippi, as he delves into Trump's controversial tariff strategy outlined in a recently surfaced document. He examines the economic theories behind these tariffs and their potential impact on trade and job sustainability. The discussion reveals the complexities of the U.S. dollar's reserve status and critiques traditional economic notions. Hendrickson advocates for informed dialogue over mockery, urging listeners to think critically about the implications of current economic policies.

Erick Brimen is the CEO of Honduras Próspera, which is described as a "start up city" that offers choice in regulatory treatment. It is an exciting application of libertarian theory to the messy real world of existing States.Find Out More about Honduras Próspera: Mises.org/HAP486aJoin the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25The 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

The podcast dives into Trump's bold idea of substituting income tax with tariffs. It examines historical data, revealing that tariffs have traditionally generated far less revenue than income taxes. The discussion addresses the significant cuts to federal spending required for this shift. Various economists weigh in on the potential benefits for domestic workers versus broader economic implications. The complexities and misconceptions surrounding tariffs in economic policy provide a rich backdrop for understanding this controversial proposal.