Critics of Austrian economics often claim that real economic events are too complex to be dealt with via free markets. However, because Austrian economics is based upon understanding human action, it better explains why economic intervention routinely fails.

Narrated by Millian Quinteros.

Audio Mises Wire

Simple Counters to Simplistic Critiques of Austrian Economics | Eduard Bucher

Central to the paradigm of Austrian Economics is the action axiom. People act, and they act purposefully. That knowledge alone permits us to construct an entire set of theories that explains economic life.

Narrated by Millian Quinteros.

Understanding the Action Axiom: How It Shapes the Structure of Society

Vegas expected Renato “Sound Money” Moicano to lose his UFC fight against Benoit Saint Denis. Instead, he won and used the opportunity to promote the work of another Austrian economist. This time, it was Hans-Hermann Hoppe.

Narrated by Millian Quinteros.

Underdog Moicano Wins UFC Fight, Bashes Macron in France, Promotes Hoppe

“In 1988, Murray Rothbard wrote a great monograph called Ludwig von Mises: Scholar, Creator, Hero. I'd like to concentrate today on the third of the qualities, Mises as a hero.”

Narrated by Millian Quinteros.

Ludwig von Mises, Hero | Llewellyn H. Rockwell Jr.

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

Unpacking Mises: Fractional Reserve Banking and the Currency School

As Murray Rothbard often noted, freedom of association is a fundamental right, what he called a “subset of private property rights.” Unfortunately, our modern cancel culture has taken aim at this right, taking away the voluntary nature of human interaction.

Narrated by Millian Quinteros.

Freedom of Association and Cancel Culture | Wanjiru Njoya

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

How Can Mining Asteroids in the Future Make Us Richer Today?

Bill Peterson, the great essayist and economist, pens this tribute to his colleague and teacher. 

Narrated by Jim Vann.

Mises in America

Sharpening the Student Mind–and Yours: The Second Mile

Ludwig von Mises: Thoughts and Memories

Introduction

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

Clarifying Economists' Arguments About International Trade

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

Responding to Bryan Caplan's Continued Critique of the Austrians

Recorded on 10 May 1962, and aired on 17 May 1962 during the intermission of the U.S. Steel Concert Hour. Mises had been asked to respond to the question: “Are the interests of the American wage earners in conflict with those of their employers, or are the two in agreement?” The affluence of the rich in a capitalistic economy is not at the expense of the poor. Profits are plowed back into enterprise, benefiting the common man. The typical American worker is also a saver and investor.

This rare recording of Mises is made available through the generosity of Bettina Bien Greaves.

U.S. Steel Concert Hour

Wage Earners and Employers

LAISSEZ-FAIRE TYPE BEAT

Mainstream economists often base their analysis upon assumptions that do not square with reality. Austrian economics, on the other hand, is built upon realistic assumptions and the acknowledgement that good economics must reflect human action.

Narrated by Millian Quinteros.

Assumptions in Economics and in the Real World | Frank Shostak

The original Mont Pelerin Society meeting in 1947 featured Ludwig von Mises, whose warnings about the dangers of socialism and totalitarianism had gone unheeded. In the wreckage of World War II, the truth of his message should have been obvious. It wasn't.

Narrated by Millian Quinteros.

The Battle on Lake Geneva—Mises vs. the Statists at Mont Pelerin

Keith Smith, MD is an anesthesiologist and founder of the cash-price Surgery Center of Oklahoma. In the wake of the shooting of UnitedHealth CEO Brian Thompson, Keith explains why US health care is so expensive and how to fix it.

The Surgery Center of Oklahoma https://Mises.org/HAP479a
The Story of the $100 Hospital Aspirin: https://Mises.org/HAP479b
Primal Prescription: Surviving the 'Sick Care' Sinkhole: https://Mises.org/HAP479c

The Human Action Podcast

Dr. Keith Smith: What Critics Miss About For-Profit Healthcare

The Mises Institute, founded in 1982, is an educational institution devoted to advancing Austrian economics, freedom, and peace in the classical-liberal tradition. Our website offers many thousands of free books and thousands of hours of audio and video, along with the full run of rare journals, biographies, and bibliographies of great economists.

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