Has economics fallen to politics? Court economists like Paul Krugman–we might call them "regime economists"–represent a profession in big trouble. Jeff and Bob discuss.

Is paying down the federal debt a recession trigger? Bob takes on the MMT claim and checks the record, citing US debt payoffs, Canada’s 1990s reforms, and ECB case studies. Conclusion: real wealth beats accounting tricks and paydowns aren’t a mechanical path to recession.

• Read More on Fiscal Austerity: Mises.org/HAP524a
• The Upside-Down World of MMT: Mises.org/HAP524b
• Do Balanced Budgets Cause Depressions?: Mises.org/HAP524c

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Dr. Alex Pollock joins the Human Action Podcast to explain his recent Congressional testimony on the Fed’s growing insolvency and mandate overreach. The Fed now admits to $243 billion in operating losses and nearly $1 trillion in mark-to-market losses, leaving it with negative capital of about $197 billion. Dr. Pollock explains how the central bank transformed itself into “the biggest 1980s-style savings and loan in history” — funding short while buying long, and bleeding cash as interest rates rose.

• Rear Dr. Pollock's Testimony: Mises.org/HAP523a
• Read More from Dr. Pollock: Mises.org/HAP523b

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In this episode of the Human Action Podcast, Bob unpacks Lerner’s Symmetry Theorem—the classic result that, under tight conditions, an import tariff is equivalent to an export tax. He applies the framework to recent 100% China‑tariff headlines, explaining why the dollar might strengthen in theory yet sometimes weakens in practice once retaliation and policy signaling are factored in.

• The Human Action Podcast on Trump's Tariff Strategy: Mises.org/HAP522a
• The Lerner Symmetry Theorem: Mises.org/HAP522b

The 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 tackles growing concerns about artificial intelligence, automation, and mass unemployment. Using the principles of marginal productivity and comparative advantage, he shows how the standard economic arguments still apply—even in the age of ChatGPT and robotics. Responding directly to viral tweets from Matt Walsh, Bob dismantles the popular belief that AI will inevitably destroy human labor markets. He explains why highly skilled labor has always coexisted with less-skilled workers and why new technologies, despite their disruptive effects, tend to improve standards of living for everyone over time.

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Jonathan Newman returns to join Bob in a critique of Eliezer Yudkowsky’s viral theory of investment bubbles. Yudkowsky states that the bad investment during bubbles should be felt before the bubble pops, not after. They argue that his perspective—while clever—fails to consider the Austrian insights on capital structure, time preference, and the business cycle. They use analogies from apple trees to magic mushrooms to show why Austrian economics provides the clearest explanation for booms, busts, and the pain that follows.

• Eliezer Yudkowsky's Theory on Investment Bubbles: Mises.org/HAP520a
• Bob's Article "Correcting Yudkowsky on the Boom": Mises.org/HAP520b
• Bob's on The Importance of Capital Theory: Mises.org/HAP520c
• Joe Salerno on Austrian Business Cycle Theory: Mises.org/HAP520d
• Dr. Newman's QJAE Article on Credit Cycles: Mises.org/HAP520e

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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.

• Professor Ganev's Paper, "Has the barter theory of the origins of money been rejected?": Mises.org/HAP519a

The 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.

• The Social Function of Stock Speculators: Mises.org/HAP518a
• Rothbard's Treatise, Man, Economy, and State: Mises.org/HAP518b
• Bob's Study Guide to Man, Economy, and State: Mises.org/HAP518c

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree