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": Mises.org/HAP473aThe 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

Kristoffer Hansen, a Mises Fellow, shares insightful perspectives on fractional reserve banking and free banking. He clarifies Mises' acknowledgment of the benefits of fractional reserve banking, as highlighted by economist Larry White. The conversation explores the historical influence of the Currency School on economic stability and the intricate relationship between commodity-backed money and business cycles. Hansen also discusses the inefficacies of Peel's Act in preventing banking crises and delves into various definitions of inflation, emphasizing Mises' complex views on money.

In response to Murphy's recent article on comparative advantage, economist Jorge Morales Meoqui objected that Murphy was continuing the same erroneous story about Adam Smith vs. David Ricardo. In this episode, Murphy clarifies what is right and wrong in Meoqui's own paper on the topic.Jorge Morales Meoqui's Article on Comparative Advantage: Mises.org/HAP471aThe Bob Murphy Show, Episode 352 on Comparative Advantage: Mises.org/HAP471bBob's Article, "The Beauty and Importance of Comparative Advantage": Mises.org/HAP471cThe 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

Murphy lays out the various camps in the debate over FRB. He endorses the view of Joe Salerno, namely that Mises favored "free banking" as the best means for limiting credit expansion and ensuring banks carry high reserve ratios.Bob's Article in the QJAE on Fractional Reserve Banking: Mises.org/HAP470aJoe Salerno, "Ludwig von Mises as Currency School Free Banker": Mises.org/HAP470bThe 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

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: Mises.org/HAP469aBob's Study Guide to The Theory of Money and Credit: Mises.org/HAP469bPhilipp Bagus, "Entrepreneurial Error Does Not Equal Market Failure" Mises.org/HAP469cThe 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

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: Mises.org/HAP468aRoger Garrison's Famous Lecture, "The Austrian Theory of the Business Cycle": Mises.org/HAP468bRichard Ebeling's Monograph, The Austrian Theory of the Trade Cycle: Mises.org/HAP468cCarilli and Dempster, "Expectations in Austrian Business Cycle Theory: An Application of the Prisoner’s Dilemma": Mises.org/HAP468dThe 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

Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5Tom 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: Mises.org/HAP467a

Donate $5 today to support our Fall Campaign and receive a physical copy of Anatomy of the State: Mises.org/HH5David 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": Mises.org/HAP466aHenderson's Critique of DeLong's Article: Mises.org/HAP466bBob's Journal Aritcle on 1970s Crude Oil Price Controls: Mises.org/HAP466cSubscribe to David's Substack, "I Blog to Differ": 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": Mises.org/HAP465aMark Thornton, "Slavery, Profitability, and the Market Process": Mises.org/HAP465bJeffrey Hummel, "The Political Economy of Slavery, Secession, and Emancipation": Mises.org/HAP465cJeffrey Hummel, "U.S. Slavery and Economic Thought": Mises.org/HAP465dAlan Olmstead, "Cotton, Slavery, and the New History of Capitalism": Mises.org/HAP465eRegistration for the 2024 Mises Institute Supporters Summit is open for Mises Members: Mises.org/SS24

David Graeber, an influential anthropologist renowned for his critiques of economic theory, delves into the origins of money, challenging traditional economist narratives by Carl Menger and Ludwig von Mises. He emphasizes that money's evolution stems from collective human behavior, rather than a singular invention. The discussion highlights practical examples, like the use of cigarettes as currency in a WWII POW camp, and critiques the barter theory, advocating for a deeper understanding of money’s role in facilitating complex trade.