The Human Action Podcast

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.

Dr. Jonathan Newman, an expert on economic policies and government price controls, joins to discuss Kamala Harris's proposals against price gouging. They explore the blurred lines between banning gouging and imposing price controls while critiquing grocery stores as scapegoats amidst rising prices. Newman highlights the historical peaks in grocery pricing and dissects the role of federal monetary policy in inflation. The conversation further considers market-driven solutions during crises and the complexities of price sensitivity in agricultural production.

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.Bob's Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462aHuman Action Podcast Episode 460, "What Does Say’s Law Really Say?": Mises.org/HAP462bDavid Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462cFor the next two weeks only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree

With recent market turbulence and new potential recession indicators emerging, Peter St. Onge joins Bob to examine whether market performance accurately reflects the true state of economic health. There is rising debt, growing entitlements, and ongoing structural issues within the US economy, Bob and Professor St. Onge analyze how these factors contribute to our current economic landscape and whether recent developments are indicative of a 1987-style crash or a 2008-style crash.They also explain the Japanese carry trade, its impact on the dollar and Japanese markets, and the recent market fluctuations, including the significant decline in the Japanese stock exchange and the S&P 500. Dr. St. Onge, "Is it Black Monday or Another 2008?": Mises.org/HAP461aThe 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

Bob goes solo to give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics.J.B. Say's A Treatise on Political Economy: Mises.org/HAP460aJames Mill, "On the Overproduction and Underconsumption Fallacies": Mises.org/HAP460bThe 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

Recorded in front of a live audience at the 2024 Mises University, Bob discusses recent market turbulence with Mark Thornton. They also delve into the Skyscraper theory and the practicality of the Austrian Business Cycle Theory.Mises University is the world’s leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstreamDr. Thornton’s Minor Issues Episode on the Inverted Yield Curve: Mises.org/HAP459aThe Skyscraper Curse: Mises.org/HAP459bDr. Thornton's Article From 2004 on the Housing Market: Mises.org/HAP459cThe Inverted Yield Curve from Understanding Money Mechanics: Mises.org/HAP459dBob’s Econlib Article on Fiscal Austerity and Tax Rates: Mises.org/HAP459eJoin Peter Klein and Ryan McMaken in Albuquerque, New Mexico for a Mises event on strategy, economics, and decentralization of power. Register now: Mises.org/NM24The 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

Prompted by a listener request, Bob gives the standard economic analysis of tariffs and other types of taxes. This is relevant because the populist Right is arguing for a hike in tariffs to fund income tax cuts.Bob's Article, "Carbon Taxes and the 'Tax Interaction Effect'": Mises.org/HAP458aTrump-Biden Tariff Tracker: Mises.org/HAP458bBob and Dave Smith on Open Borders: Mises.org/HAP458cFrédéric Bastiat's Candlestick Makers' Petition: Mises.org/HAP458dJoin Peter Klein and Ryan McMaken in Albuquerque, New Mexico for a Mises event on strategy, economics, and decentralization of power. Register now: Mises.org/NM24The 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