The Human Action Podcast

Professor Georgy Ganev joins Bob to explain that, contrary to the claims of David Graeber and the MMTers, the barter origin of money has not been refuted. The anthropological evidence is consistent with the Mengerian story, and Mises' regression theorem remains the only coherent explanation for money's value. Mises.org/HAP519aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In this solo episode, Bob challenges the populist narrative that private equity ownership of homes is the main driver of rising housing costs. He explains the actual role of speculators in stabilizing markets, compares housing to used car dealerships, and critiques proposals like Henry George’s land tax. Bob also points to zoning restrictions and the Federal Reserve’s balance sheet as the real culprits behind skyrocketing prices. Mises.org/HAP518aMises.org/HAP518bMises.org/HAP518cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob talks with economist Jeff Degner about his new book Inflation and the Family. Drawing inspiration from Guido Hülsmann’s The Ethics of Money Production, Professor Degner shows how central bank policies and interest rate manipulation create ripple effects beyond prices and GDP. From marriage formation to fertility decisions and divorce trends, he explains how inflation fosters short-termism, debt culture, and moral hazard within households. Join Jeff Degner and other Mises faculty on November 1st for our first student-only event at Cornerstone University in Grand Rapids, Michigan. Find out more at Mises.org/Cornerstone25 Mises.org/HAP517aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob takes on the hot-button debate over Federal Reserve “independence” in light of Trump’s moves against Fed Governor Lisa Cook. He explains why the Fed has never truly been independent, drawing on the Treasury-Fed Accord of 1951 and the institution’s long history of serving political power. Recalling Elizabeth Warren’s attacks on Jay Powell to insider trading scandals among Fed officials, Bob exposes the hypocrisy of politicians and media figures who cry about independence only when it suits them. He also highlights how the Fed’s structure—unanimous FOMC votes, backroom bailouts, and secrecy over bank rescues—makes it clear the central bank is not a neutral force, but a political engine of inflation and business cycles. Mises.org/HAP516aMises.org/HAP516bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob is joined by Dr. Peter Klein to take a look at the Mises Institute's new book, Hayek for the 21st Century. The discussion highlights Hayek’s insights on tacit knowledge, why markets outperform central planners, the dangers of political power, and how monetary freedom could stop inflation. Along the way, Bob and Peter connect these timeless ideas to today’s debates over technology, government control, and economic liberty. The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In his underappreciated work The Mystery of Banking, Murray Rothbard first explained how a regime of "free banking" would put strict limits on the ability of the private commercial banks to reduce their reserve ratios and inflate the money supply. Then Rothbard showed that the textbook operation of a central bank systematically neutralized the market's safeguards, and paved the way for credit expansion by a cartel of privileged private banks. https://mises.org/HAP514ahttps://mises.org/HAP514bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at https://Mises.org/HAPodFree21st Century Get your free copy at Mises.org/HAPodFree

Bob explains the mechanics of modern banking and how liabilities and assets on bank balance sheets differ from popular assumptions. He shows how interest rates and central bank policy shape lending and deposit behavior, and why private companies move money differently than commercial banks. Bob also critiques the perspectives of Richard Werner, Steve Keen, and George Selgin, showing where their explanations align or fall short. Mises.org/HAP513aMises.org/HAP513bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century Get your free copy at Mises.org/HAPodFree

Bob takes on a proposal for New York City to run its own grocery stores, dismantling the historical myths, economic fallacies, and rhetorical tricks behind the idea. From Flint’s water crisis to “food deserts,” he explains why government control will create shortages, low-quality food, and wasted resources. Mises.org/HAP512aThe 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 and Jonathan Newman respond in detail to Richard Werner’s highly discussed interview with Tucker Carlson. They examine Werner's claims about credit creation theory, fractional reserve banking, and money mechanics. Murphy and Newman also discuss Werner’s recommendations for banking reform, highlighting differences with Mises’s monetary insights and Austrian business cycle theory. Mises.org/HAP511aMises.org/HAP511bMises.org/HAP511cMises.org/HAP511dMises.org/HAP511eThe 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 live at the 2025 Mises University, Bob talks to PhD student Jason Priddle to understand the Genius Act—a landmark piece of legislation aimed at regulating stablecoins. They examine the broader implications of the Genius Act for monetary stability, fractional reserve banking, and the future of financial privacy. Mises.org/HAP510aThe 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

This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform. Mises.org/HAP509aMises.org/HAP509bThe 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 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. Mises.org/HAP508aMises.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

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. Mises.org/HAP507aMises.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

Bob hosts economist and distinguished senior scholar at the Mises Institute, Steve Hanke, to discuss his research on hyperinflations, currency board solutions, and the economic effects of the COVID lockdowns. Hanke explains the findings of his meta-analysis of lockdown impact and explains why Sweden's laissez-faire approach was vindicated. He also draws from decades of experience stopping hyperinflation globally, advocating currency boards and gold-backed solutions as effective alternatives to central banks. Mises.org/HAP506aMises.org/HAP506bThe 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 is joined by author George Ford Smith for a detailed examination into the life and legacy of Thomas Paine. They discuss how Paine’s writings, especially Common Sense and the American Crisis essays, mustered colonial support for independence and even influenced the outcome of the Revolutionary War. Smith explains Paine's life, from early setbacks and struggles in England to becoming a pivotal figure in America’s founding, and why his views ultimately sidelined his historical reputation. Mises.org/HAP505aMises.org/HAP505bThe 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 hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from excessive state intervention. Mises.org/HAP504aMises.org/HAP504bThe 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

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. Mises.org/HAP503aMises.org/HAP503bMises.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

In this episode of the Human Action Podcast, Bob analyzes the key arguments from the recent immigration debate at the Soho Forum between Dave Smith and Alex Nowrasteh. He clarifies the critical issue of how libertarians should approach immigration when the government controls significant property and resources, explores the implications for public property rights, and examines empirical claims made during the debate. Mises.org/HAP502aMises.org/HAP502bMises.org/HAP502cMises.org/HAP502dMises.org/HAP502eThe 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 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. Mises.org/HAP501aMises.org/HAP501bMises.org/HAP501cMises.org/HAP501dMises.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

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. 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