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.

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.

• George's Mises Wire Article, "The Failure to Stop Thomas Paine": Mises.org/HAP505a
• George's Mises Wire Article, "Thomas Paine, Liberty's Hated Torchbearer": Mises.org/HAP505b

The 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.

• Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": Mises.org/HAP504a
• Thomas Massie's X Exchange on the Hidden Costs of the BBB: Mises.org/HAP504b
• Bob's Recent Blog Post on the BBB: Mises.org/HAP504c

The 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.

• The Paper, "National Output Without Government?": Mises.org/HAP503a
• The Human Action Podcast Episode on Dubious Origins of GDP/GNP: Mises.org/HAP503b
• The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": Mises.org/HAP503c

The 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.

• Alex Nowrasteh's Cato Article on Immigrants' Welfare and Entitlement Benefits Consumption: Mises.org/HAP502a
• Alex's Cato Article, "Do Immigrants Affect Economic Institutions?": Mises.org/HAP502b
• Alex's Cato Article, "The Fiscal Impact of Immigration in the United States": Mises.org/HAP502c
• The Soho Debate Between Dave Smith and Alex Nowrasteh: Mises.org/HAP502d
• The Human Action Podcast, "Simon Guenzl vs. Dave Smith on Open Borders": Mises.org/HAP502e

The 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.

• Oren Cass on The Tucker Carlson Show: Mises.org/HAP501a
• Oren Cass on The Infineo Podcast: Mises.org/HAP501b
• The Human Action Podcast Episode on Comparative Advantage: Mises.org/HAP501c
• Oren Cass, "Free Trade's Origin Myth": Mises.org/HAP501d
• Oren Cass, "The Truth About Tariffs": Mises.org/HAP501e

The 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.

• Alex's Article, "Econ 101 is Underrated: Pharma Price Controls": Mises.org/HAP500a

The 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

The recent BEA "Advance Estimate" for 1q GDP growth showed a lackluster drop of 0.3 percent, but it included unusually large swings in private inventories and imports, as well as a drop in federal expenditures. Some MAGA fans have argued that once you account for these misleading figures, the report signifies a healthy economy. Murphy mostly disagrees, and shows why the report--taken at face value--does indeed signify poor economic performance.

• Peter St. Onge, "GDP Goes Negative. And it's Glorious.": Mises.org/HAP499a
• The GDP Report: Mises.org/HAP499b
• Human Action Podcast on Unpacking Trumps Tariff Strategy: Mises.org/HAP499c
• Bob's Mises Daily Article, "Inventories Don't Kill Growth — People Kill Growth": Mises.org/HAP499d
• Bob's Article, "Sorry MAGA, the GDP Report Is Not Rosy": Mises.org/HAP499e

The 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