Podcasts about austrian economics

Macro Hive Conversations With Bilal Hafeez

Play Episode Listen Later Mar 20, 2026

Jesús Huerta de Soto traces the Austrian school's intellectual roots from the Spanish scholastics to Rothbard, making the case that anarcho-capitalism is the natural endpoint of the classical liberal tradition.The Ludwig von Mises Memorial Lecture, sponsored by Yousif Almoayyed.The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian school, bringing together leading scholars doing research in this vibrant and influential intellectual tradition.Full Text version of the Lecture (Submitted by Prof. Huerta de Soto):Thank you very much to the Mises Institute and Joe Salerno for his kind introduction as well as for inviting me to deliver this “Ludwig von Mises Memorial Lecture” to celebrate the one hundredth anniversary of Murray N. Rothbard's birthday. It is the second time I visit the Mises Institute to deliver this most important lecture: The first one was almost thirty years ago, back in April 1997, when I delivered a lecture on “The Scholastic Roots of the Austrian School”. In this second opportunity I am very happy to have been able to accept Joe's invitation and to come with a very well represented retinue of ten of my colleagues and doctoral students. All of them are teaching as professors or making their research at our more than twenty-year-old Doctoral and Master Programs in Austrian Economics at King Juan Carlos University back in Madrid, and which is the only one officially approved and with full validity inside the whole European Union. You have already had the opportunity to hear from each one of them a detailed description of the so-called “Madrid Austrian Research Hub” and of all the activities we are developing every year, including the 54 Doctoral Theses on Austrian Economics that have been read up to now in our program. And here you have also copies of the English version of our main books published by Routledge, Edward Elgar, and by the Macmillan Austrian Series edited by my Madrid Colleagues, the German professor Philipp Bagus and the Canadian professor Dave Howden. And you will have the unique opportunity to buy these books that, as you know, have a hefty price of almost 100 pounds each one, at the almost “stolen property” and symbolic price of 5 dollars per copy, thanks to the most generous help of the Spanish Jesús Huerta de Soto Foundation that is helping to finance our participation in this important event.And now what I will do in the next forty minutes is to try to summarize not only my main contributions, but also “The Libertarian Vision of the Scientific and Moral Truth” as we see it from our Austrian School Hub in Madrid. And I will do it by focusing on a series of fundamental points.Precisely, the youngest of all sciences, Economics is the one that has provided Humanity with the most important scientific contributionThe first one is that Economics, being the last science to arrive, or as Mises said, "the youngest of all sciences," has nevertheless achieved the milestone of providing Humanity with the most important scientific contribution. For the first time, and thanks to Economic Science, human beings have discovered and understood that voluntary social cooperation, free from all institutional and systematic external coercion, generates a spontaneous order that cannot be designed nor organized by anyone, and that peacefully and without limits drives the prosperity and expansion of Humankind.This transcendental message of Economic Science, on the one hand, resolves the impossible antithesis of attempting to apply, within the realm of interactions carried out by human beings endowed with free will, the manipulative approach of external entities that human beings have no choice but to use, supported by technology and the natural sciences, in order to dominate the subject of the material world. And on the other hand, this is a radically revolutionary message: for the first time, it has been scientifically demonstrated that states, in any of their forms, are neither necessary nor viable; that Society, understood as a process of voluntary human interactions, does not need anyone to govern it, because it regulates and organizes itself spontaneously; and that the attempt to coordinate Society on the basis of social engineering and state coercive commands is impossible, doomed to failure, and gives rise to all kinds of distortions, social conflicts and violence, that continually hinder and block human progress.Economic science is generalized into a complete Theory of Liberty that makes it possible to reinterpret History and promote the expansion of civilizationThe second point is that Economics has been generalized into a whole Theory of Liberty, understood as the most essential attribute and requirement of human nature. Liberty means that all human actions are carried out voluntarily, based on the principle of non-aggression, and free of external coercion or violence imposed and organized from above by the always minority group of human beings who, under whatever title, exercise any kind of political power.Moreover, Economics dismantles and turns upside down the erroneous and biased account of Thomas Hobbes and his followers. Neither was the "state of nature" a terrifying situation, nor did a supposed "social contract" ever exist or was it necessary to create and maintain a State that would impose order and guarantee peace. What happened was precisely the opposite: natural evolution consisted, above all, in the spontaneous discovery of the great advantages provided by voluntary exchanges and peaceful trade. Systematic and generalized violence, war, and terror arose only with the appearance of States, as coercive institutions composed of the most antisocial and violent human beings, who wanted (and still want) to live at the expense of plundering those citizens who earn their living by working and trading peacefully with each other (Oppenheimer, 1926).Thus, Economics, demonstrates that what Étienne de La Boétie named "voluntary servitude", is an anti-human aberration to which human beings have been subjected for centuries. And that it is not necessary to continue with the resigned habit of obeying the State; nor do governments enjoy an aura of prestige (but are literally "stripped" of any attribute of intellectual or moral superiority); nor is the caste—or “praetorian guard”—of intellectuals, “experts”, and acolytes that surround states and rulers to be regarded as untouchable; nor should we allow ourselves to be seduced and deceived by subsidies or perks, whether supposed or real, with which they seek to purchase the will and secure the loyalty of exploited human beings, so that they will consent, voluntarily and permanently, to their exploitation and servitude (De la Boétie, 1975).Economics is the Science developed by the Austrian School of Economics, which should in fact be known as the Spanish School, as it has its origins in the thinking of our scholastics of the Spanish Golden AgeThe third point is that Economic Science has reached its highest level of development thanks to the Austrian School of Economics. As you know, our school is based on the realism of its analytical assumptions, in the dynamic approach based on the entrepreneurial, creative, and coordinating capacity of every human being, and in the study of the spontaneous and self-regulated order of the social process of voluntary human interactions (Huerta de Soto, 2008). The institutional and multidisciplinary approach of the Austrian School is also very relevant. As a result of the spontaneous social process important institutions emerge which, in turn, make it possible and drive it forward: Law and property rights rooted in human nature and discovered and developed spontaneously outside the state; the family, a basic and essential institution, on which the expansion of Humanity is made possible and consolidated; moral principles, which act as a true "automatic pilot" for liberty and which human beings internalize and transmit from generation to generation, thanks to the family and other community or religious institutions; economic institutions, and in particular, money, which also evolves spontaneously outside the State, and which can and should be considered the social institution par excellence, since by overcoming the problems of barter, it enables the exponential multiplication of voluntary exchanges and human interactions, within which the rest of the social, linguistic, moral, legal, economic, and religious institutions are discovered, shaped, and perfected.Our fourth point is that the first theorists of the spontaneous order emerged in the field of law, led by the great jurists of classical Rome. They were the first ones to understand the organic and evolutionary nature of the social process, and so they became, without being aware of it, the first economists. Their tradition was kept alive throughout the Middle Ages thanks to the Catholic Church and, through thinkers such as Saint Thomas Aquinas, Saint Antoninus of Florence, and Saint Bernardino of Siena, eventually came to influence the Spanish scholastics of the sixteenth and seventeenth centuries gathered around the University of Salamanca. As Rothbard demonstrated (Rothbard, 1976) these thinkers of the Spanish Golden Age should be considered the most immediate precedent of the Austrian School of Economics, which, precisely for this reason, should be called the Spanish School of Economics. And in fact, these Spanish scholastics were already able to articulate the following ten essential principles which constitute the theoretical foundation of the Austrian School:Firstly, the subjective theory of value developed by the Bishop of Segovia, Diego de Covarrubias, who as early as 1555 clearly explained that, although the objective nature of wheat is the same in Spain as in America, its price was higher in America because there human beings subjectively valued it much more highly; from this follows the correct relationship between prices and costs set out by Luis Sarabia de la Calle, in the sense that it is market prices that determine costs and not the other way around, as equilibrium theorists mistakenly believe; the Scholastics also realized that equilibrium models and prices lack realism and theoretical meaning because they presuppose a degree of knowledge “so complex that only God, and in no case human beings, could ever acquire it” (in latin “pretium iustum mathematicum licet soli Deo notum”), as already explained by the Jesuit cardinals Juan de Salas in 1617 and Juan de Lugo in 1643, more than three hundred years earlier than Hayek could conclude that “a science which assumes knowledge that can never be acquired is not a Science”; also the dynamic concept of competition is fundamental, understood as a process of rivalry among sellers based on the dynamic conception of market processes developed by Jerónimo Castillo de Bobadilla and Luis de Molina in 1589 and 1597, and that has nothing to do with the static model of "perfect competition" of equilibrium theorists; and also the important contributions of the Spanish Scholastics related with capital theory, business cycles, and the effects of fiduciary media generated by banks; so, particular emphasis should be placed on the rediscovery of the principle of time preference by Martín de Azpilcueta, following what Lessines had already stated in 1285; as well as on the fact that bankers commit mortal sin when they operate with fractional reserves, creating bank deposits as a form of virtual money (or chirographis pecuniarium, as Luis de Molina said in latin) that only exists in their accounting books and distorts the structure of relative prices, creating bubbles and deep economic crises that ultimately "bring everything crashing down," as Saravia de la Calle and Tomás de Mercado so vividly explained in the 16th Century; and in short, the Scholastic's idea that it is impossible to organize society through coercive commands due to lack of the information that would be required to give them coordinating content; as well as the discovery that inflation is a hidden and very harmful tax that arises from an act of tyranny, since it is neither known nor accepted by citizens, which would even justify the assassination of the King according to the theory of tyrannicide, a contribution originally made by the Castilian Comuneros eventually defeated by the tyrant King Charles V in 1521, and developed by Father Juan de Mariana almost a century later [in 1610].This entire line of proto-Austrian scholastic thought also spread throughout the Americas, especially in the newly founded universities of San Marcos in Lima and Mexico City in 1551 where brilliant disciples of these Scholastics, who had studied at the University of Salamanca itself, came to occupy prominent academic positions. Thus, for example, we should mention the cases of Bartolomé Frías de Albornoz in Mexico, and above all the great Juan de Matienzo, who became judge and president of the Royal Audiencia of Charcas and Lima from 1560 onwards (Popescu, 1997).Finally, the doctrine of our scholastics did spread even to North America two centuries later through the books of Juan de Mariana, who greatly influenced Thomas Jefferson and the founding fathers of the United States.However, the southern part of the continent ultimately proved unable to neutralize the wave of growing statism and centralization that first came with the arrivals of the Habsburgs in Spain, and which was intensified even further after the arrival of the Bourbons with Philip V at the beginning of the eighteenth century (Martínez Marina, 1820). How different and much more prosperous and libertarian might the historical evolution of Spain and Latin America have been, had the statist centralism of the Habsburgs and the Bourbons not prevailed, and had the far more libertarian, local, and decentralized traditional representative institutions of the kingdoms of Castile instead remained predominant—institutions that were dismantled, together with Europe's first libertarian revolution, beginning with the defeat of the Castilian Comuneros at Villalar on April 23, 1521 (Leonard Liggio, 2025).The most important and far-reaching contributions of economic scienceLet us now turn, in greater detail, to the most important contributions of Economics, as developed by the Austrian School.First, human cooperation takes place spontaneously, without the need for anyone to organize it coercively from outside. This is so because human beings are endowed with an entrepreneurial and creative capacity that continually drives them to discover the multiple opportunities for profit that arise in their environment. Each of these opportunities embodies a previous discoordination in human behavior that remains latent until it is discovered and overcome by the corresponding entrepreneurial act. This entrepreneurial act always arises from a creative tension and interpretation of events of the outside world that is essentially subjective and, therefore, cannot be reproduced by any artificial intelligence algorithm; in other words, the same objective events can be interpreted in multiple ways, even contradictory ones, without it being possible to postulate which is correct until the corresponding entrepreneurial process is completed in the form of a subjective profit. In any case, every entrepreneurial act involves, firstly, the creation of information that did not exist before (regarding the profit opportunity that arose from the previous discoordination that had gone unnoticed); secondly, the transmission of that knowledge (directly to the parties involved in the entrepreneurial act and indirectly through a series of institutions and signals such as market prices); and third and finally, the coordination of the previous maladjustments takes place when the parties involved learn motu proprio, that is, voluntarily and for their own benefit, to discipline their behavior according to the needs of others (for example, when they discover that they achieve their ends more effectively by specializing and trading peacefully the mutual results of their efforts). The discovery of the essence of this pure entrepreneurial act, with its elements of creation and transmission of information and the spontaneous coordination of the previous maladjustments continually generated by human coexistence, constitutes the most important contribution that Economic Science has provided to Humanity, and explains why the spontaneous process of voluntary social cooperation that drives the multiplication of human beings and the expansion of civilization does not require any statist system of institutional coercion.Another essential contribution of Economics is the concept of Dynamic Efficiency, understood as the process of unlimited expansion of human creativity and entrepreneurial coordination that arises only within a specific institutional framework of moral and legal norms. This framework is the one grounded on the ethical principle according to which every human being has a natural right to appropriate the results of his entrepreneurial creativity; that is, a property right over what one has created and which did not previously exist, which is the most obvious and important human right. For this reason, (dynamic) Efficiency and Morality and Justice (properly understood) cannot be separated one from the other; or, as we might say, they are two sides of the same coin in the sense that only Justice and Morality induce and generate efficiency; and at the same time, what is dynamically efficient in economic terms cannot be neither unjust nor immoral. All of which, on the other hand, demonstrates the integrated order that exists in the social universe, and highlights the three levels of research (theoretical, ethical, and historical) that complement and reinforce with each other and are essential in our search for truth (Huerta de Soto, 2000).Finally, another key contribution of Economic Science is to have demonstrated the impossibility of socialism, or better, the impossibility of statism, in the sense that it is impossible for the State to achieve and coordinate what it promises for the following four reasons:First, because of the enormous volume of information required for such coordination, which the State cannot acquire because it is dispersed in the minds of the eight billion human beings who participate and interact in the social process every day. Second, given the tacit and inarticulate character of this information (and therefore its inability to be transmitted in an objective manner). Third, because the information that is generated is not "given," nor is it static, but instead changes continuously as a result of human creativity, making it impossible to transmit today information that will only be created tomorrow, and which is precisely the information that the organs of State intervention and the so-called “experts” would need today in order to direct society to achieve their objectives tomorrow. And fourth, and above all, because the coercive nature of State commands blocks the entrepreneurial activity of creating the very information which the State organization itself would need in order to give its commands a coordinating content. In sum, the State is always and everywhere violence and coercion; coercion blocks the entrepreneurial act of creation, discovery, and adjustment of discoordinated human behavior, while at the same time preventing the creation of the information and the emergence of free market prices that make economic calculation and social coordination possible. For this reason, statism is not only unnecessary but is also scientifically impossible.The impact of these essential contributions of Economics on the course of social evolution has so far been very limitedAll of these scientific contributions have so far achieved only a very partial, imperfect, and limited impact on the inertia of a social and political reality that has for centuries been characterized by the coercive power of States and rulers, and by the more or less resigned servitude of the citizens. And despite the very limited nature of this impact to date, which at best has materialized in a series of naïve and "liberal" revolutions aimed, with as much arrogance as lack of success, toward the impossible objective of trying to separate and limit the powers of states and rulers through political constitutions and "liberal democracies" (Rothbard, 2009); Humanity has been propelled as never before in those places and historical moments where it has managed, despite everything, to at least partially free itself from the State and open up some of the new channels of liberty shown by the teachings of Economics. Beginning with the Industrial Revolution, which was but the first chapter of the never-completed "Revolution of Liberty" inspired by Economics. And although what has been achieved in terms of prosperity and standard of living by the now eight billion human beings seems relatively significant—and indeed it is—we cannot even conceive of the standard of living and population size that could be achieved if Humanity were able to take full advantage of and fully implement the teachings of Economic Science.We can be few and poor in a context of servitude and submission to the State, or many and wealthy in a context of liberty (Hayek, 1988, p. 133). The globe is practically empty of human beings (the Earth's current population would fit into an area equivalent to that of the state of Alaska, with a population density equal to that of Brussels). And we cannot even imagine the prosperity that could be achieved in a free market daily driven by eighty billion, or even eight hundred billion, human beings. Economics explains and demonstrates that the increasing prosperity of an ever-growing population of human beings never results from deliberate and coercive State plans, nor from the egalitarian income redistribution, nor from increases in public spending, nor from subsidies, debt, or inflation, but only arises from the free market of the capitalist system. This consists of the process of voluntary exchanges among all human beings who, endowed with an innate entrepreneurial and creative capacity, are able to detect and assess, through the system of free prices, the relative urgency and necessity of each good and service, overcoming the relative scarcity of each and satisfying, every day and in the best humanly possible way, the desires and needs of billions of consumers. Entrepreneurs who succeed in this never-ending process of profit-seeking accumulate significant resources, which, in turn, are saved and invested in capital goods and new technologies that make human beings increasingly productive, boosting their wages and standards of living; a virtuous process of continuously expanding prosperity and population growth that, if not coerced or hindered by the State, has no limits.Therefore, it is crucially important for the future of Humanity that it be able to take full and maximum advantage of the lessons and essential message in pursuit of human liberty that Economics provides. But this will only be possible if we are able to unmask and carefully analyze the powerful forces of the pseudoscientific and counterrevolutionary reaction that has been mobilized to prevent the advance of the theory of liberty derived from Economic Science. Despite their diverse origins, they all converge on the same objective: to attempt to justify and preserve State coercion at all costs under the appearance of scientific legitimacy. They are driven by the "fatal conceit" (Hayek, 1988) of many visionaries, thinkers, and supposed "experts" who believe themselves to be clever enough to correct the spontaneous market order, of course, using the violence and coercive power of the State. Together with a privileged caste of rulers, bureaucrats and acolytes, they continually manipulate a Humanity that is sadly accustomed to serving the State. For all of them, it is vital that statism be maintained and that the message of liberty provided by Economics never prevail.Next, we will list the main reactionary pseudoscientific currents that have infiltrated Economic Science like a lethal virus and constitute, in Hayek's terminology, "the counter-revolution of science" (Hayek, 1955).Pseudoscientific reactionary currents opposed to Economic Science. The role played as “useful innocents” by many libertarian economists of the counterrevolutionary mainstreamFirst, positivism and scientism as pseudoscience. By "scientism" we must understand the improper application of the methods of the natural sciences to the field of Economic Science. Thus, while the natural sciences study their object of research as something external, measurable, and quantifiable, Economics studies the implications of the voluntary actions of human beings. And given the essentially creative nature of human beings, the supposed empirical "evidence" has, at best, only a superficial, partial, and always historically contingent value. In Bastiat's words, of "what is seen" —or rather, what is believed to have been seen— but not "what is not seen" (Bastiat, 1995); and at worst, it always entails the assumption, that human beings are an object of research that can be manipulated as the matter of the external world studied by the natural sciences. This inevitably introduces the idea that to improve the world, the State and its rulers must use their coercive power to manipulate and change the things they believe they see in their historically contingent "empirical photos." But these "empirical photos" cannot capture the underlying dynamic essence of spontaneous social processes, let alone what is already happening spontaneously to solve and coordinate every problem. Therefore, it is not surprising that from the very first steps of Economic Science promoted by the Austrian School, its most violent opponents were the "socialists of the chair" gathered around the German Historical School, reinforced in France by the empiricists of the school of Saint-Simon, the insane Comte, and Durkheim, who sought to create a new and alternative pseudoscience of society. And their unhealthy positivist and ultra-empirical influence has persisted to the present day, first through American Institutionalism and later through the massive compilation of empirical data, for example, in the work of Wesley C. Mitchell or Henry Schultz, the latter, as shown by Professor Salerno, having gone on to exert a decisive influence on his assistant Milton Friedman and, through him, even on the Chicago School itself (Salerno, 2023).Secondly, the pseudoscience of neoclassical economics is characterized by its claim that only its own approach constitutes true “science,” that is, the approach based on the principles of equilibrium, maximization, and constancy. Moreover, in addition to the lack of realism of its assumptions, it adds the reductionism of a mathematical language that has developed in response to the needs and demands of the natural sciences, but which is alien to Economic Science because it does not allow for the subjective concept of time or entrepreneurial creativity. Neoclassical economists develop their pseudoscience based not on real human beings of flesh and blood, but on "ideal types" that are like "robotic penguins" who, even in their most sophisticated dynamic stochastic general equilibrium models are limited to moving and reacting to events and State coercion as if they were characters of a sort of economic video game ("videogame economics"). Yet neoclassical pseudoscience, despite its apparent and ever-increasing sophistication, is not capable of accounting for the immense complexity of the real world and rebels against the idea of spontaneous market order in two ways that are equally harmful to human liberty: on the one hand, by promoting the coercive "social engineering" of central banks, States, and governments to use "fine tuning" to force reality toward to the mathematical optimum of their models; and, on the other hand, by labeling as "market failures" everything they believe they observe in reality that does not coincide, in their empirical studies, with their ghostly models of “perfect” equilibrium and adjustment (Milei, 2023); failures that, according to them, refute the "benefits" of the spontaneous order of the market and human liberty, and justify their elimination as soon as possible by a coercive State authority. Note also how neoclassical pseudoscience needs, and feeds upon, the empirical work of the previous pseudoscience, positivism, in order to justify its conclusions against human liberty and in favor of State coercion, so that positivists and neoclassicists join hands and end up reinforcing each other in their reactionary agenda.Third, Keynesianism and macroeconomics as pseudoscience. The very “macro” approach already entails, inevitably, an obvious bias in favor of justifying State intervention, aggression, and coercion against the spontaneous order of the market and human liberty. As F. A. Hayek pointed out in his Nobel Prize acceptance speech in 1974 (Hayek, 1978), macroeconomists ignore everything they cannot measure, specifically truly relevant economic processes and theories. At the same time, they believe that certain aggregate concepts—which lack genuine economic meaning—possess a “real” existence, that permits to collect empirical information or evidence that can be manipulated and statistically treated. Once again, macroeconomic pseudoscience goes hand in hand with positivist pseudoscience, and the two reinforce with each other in their counterrevolutionary reaction. Furthermore, Keynesianism is particularly harmful: not only does it flatly deny the coordinating capacity of creative entrepreneurship and the spontaneous market order, but it also builds as an alternative explanation a whole model—of course—of equilibrium with permanent unemployment, to justify the coercive intervention of the State in the lives of human beings in the form of all kinds of fiscal and monetary manipulations. Moreover, the macroeconomic and Keynesian pseudoscience feeds upon, and is reinforced by, the pseudoscientific approach of the Neoclassical School, to the point that, the so-called "neoclassical Keynesian synthesis" became, throughout the twentieth century, the main reactionary movement inside Economics. Keynesians and macroeconomists thus become the champions of that intoxication with statism, manipulation, and political power which constitutes the framework, orchestrated by governments and central banks, to which we have, regrettably, become accustomed and in which we are forced to live. This context repeatedly destabilizes the spontaneous market order, generates serious financial and economic crises and social conflicts, and continually hampers the prosperity and advance of civilization.We have left the quasi-religious mysticism of Marxist pseudoscience for last, because Marxism was scientifically dead even before it was born: in fact, it emerged with—and was theoretically demolished by—the subjectivist revolution led by the Austrian School of Economics. From the beginning, the Austrian School's development of time preference and capital theory revealed the contradictions and grave scientific errors of Marxism, while at the same time exposing its pronounced character as an intellectual fraud (Böhm-Bawerk, 1949). This intellectual fraud was historically illustrated by the collapse of the Soviet Union, and of virtually all other communist countries, after many decades of unspeakable human suffering for a large part of the world's population, all of which was perfectly consistent with the theory on the impossibility of statism developed by the Austrian School beginning with the von Mises of 1920 (Mises, 1936), and which was the final nail that forever sealed the coffin of the corpse of Marxist pseudoscience (Huerta de Soto, 2010).Finally, in this context, we must mention the destructive role played by a number of distinguished economists who, although they defend liberty and the market economy, could be described as a kind of "useful innocents" in Mises' terminology (Mises, 1947). This is so because, even though they officially oppose rampant statism and defend liberty, by accepting—even if only partially—some of the postulates of the reactionary pseudoscientific currents we have described, they ultimately end up, often without intending to and much to their regret, providing additional impetus to the statist reaction within our discipline; for example, when they insist on advising States with proposals aimed at making them more efficient and at helping them do somewhat better things that they should not be doing at all. By way of illustration, we should include in this category of “useful innocents”, for example, thinkers as the Karl Popper of The Open Society and Its Enemies (Popper, 1966, p. 366), who came to admire the “scientific capacity” and even the “humanism” of Karl Marx, and who proposed a statist strategy of “piecemeal social engineering”; or George Stigler, when he claimed that only empirical evidence could determine which economic system, socialism or capitalism, might function (Stigler, 1975, pp. 1-13); and, more generally, the members of the Chicago School, led by Gary Becker and Milton Friedman. Becker when defending that only economics developed within the strict limits of equilibrium, constancy, and maximization, typical of the neoclassical pseudoscience, constitutes true "economic science." And even more serious could be considered the case of Milton Friedman, whose very sincere love of liberty and intense and popular media support for free markets stand in sharp contrast to his pseudoscientific approach based on the aggregate method of economics of Keynesian origin, on positivist empiricism, and on the full acceptance of the unrealism of assumptions. Only in this way it can be explained Friedman's litany of scientific errors which, much to his regret, have invariably ended up reinforcing statist interventionism, to the point that Hayek himself was forced to conclude that after Keynes's The General Theory, the book that has done the greatest harm to Economic Science has been Friedman's Essays in Positive Economics (Hayek, 1994, pp. 145).The failure of democracy and classical liberalism: the triumph of statismAs we see, many classical liberals and advocates of liberal democracy have also acted as "useful innocents." The fatal error of classical liberals lies in the failure to realize that their program is theoretically impossible, because it incorporates within itself the seeds of its own destruction, precisely to the extent that it considers necessary and accepts the existence of a State (even if it is "minimal") understood as the monopolistic agency of institutional coercion. Therefore, the great error of classical liberals is very basic: they believe in a program of political action and economic doctrine that aims to limit the power of the State, while at the same time accepting it and even considering state's existence necessary. However Economic Science has already shown that the State is unnecessary, that statism (even in its minimal form) is theoretically impossible, and that, given human nature, once the State exists, it is impossible to limit its power. On the other hand, liberal democracy is a concept as naïve as it is impossible. Mises already warned us that democracy could only function if all its participants accepted the classical liberal principles, which is impossible because democracy itself encourages and amplifies vote-buying and the partisan use of power. So, the inevitable conclusion is that "liberal democracy" is a contradiction in terms as absurd as speaking (following Anthony de Jasay) of a “square circle,” of “hot snow,” or of a “virgin prostitute” (A. de Jasay, 1990). And even Hayek considered democracy unworkable if it is understood as the exercise of absolute power by majorities (Kratos in classical Greek). It should therefore come as no surprise that democracy once and again tends to be a perverse system based on lying and buying votes with money stolen through taxation.The fact is that the State attracts like a magnet the worst passions and vices of human nature, for instance, when individuals try to obtain rents produced by others using the State's coercive power. Moreover, the combined effect of the privileged groups, the phenomena of governmental myopia and vote-buying, the megalomaniacal character of politicians, and the irresponsibility and blindness of bureaucracies generate a dangerous, unstable and explosive cocktail, continually shaken by social, economic, and political crises which, paradoxically, are always used by the political caste to justify further doses of intervention and statism that, instead of solving problems, further aggravate them. Statism therefore corrupts the entire social body and at the same time blocks the spontaneous and free market solutions of social and economic problems.In fact, the State has become the "idol" that almost everyone turns to and worships. Statolatry is the most serious and dangerous social disease of our time. We are educated to believe that all problems can and must be detected and solved by the State. Our destiny depends on the State, and the politicians who control it are expected to guarantee everything our well-being may require. Human beings remain immature and rebel against their own creative nature, which makes their future always uncertain. They demand a crystal ball that assures them not only knowing what will happen, but also that any problems that arise will be solved for them. This "infantilization" of the masses is encouraged by politicians, as it justifies their own existence and ensures their popularity, position of dominance, and capacity to control. In addition, a whole legion of intellectuals, so-called "experts," and social engineers join in this arrogant intoxication of power. Not even the Church and the most respectable religious denominations have been able to realize that statolatry today constitutes the principal threat to the free, moral, and responsible human being; that the State is a false idol of immense power, worshipped by all, and that does not allow Humanity to be free from its control or have moral or religious loyalties beyond those the state can dominate. Furthermore, it is kept hidden from the public that the state is the true source of social conflicts and evils, and "scapegoats" (such as "capitalism" or private property) are blamed for the problems, and they become the goal of the most serious condemnations, even from moral and religious leaders, almost none of whom have realized the deception or dared to denounce that statolatry is the main threat in the present century to religion, morality, and, therefore, to human civilization.Perhaps the main exception within the Church is included in the brilliant biography of Jesus of Nazareth written by Benedict XVI. That the State and political power constitute the institutional incarnation of the Antichrist should be obvious to anyone with a minimal knowledge of history who reads the former Pope's considerations on the most serious temptation that the Evil One can present to us (and I quote Ratzinger literally): "The tempter is not so crude as to propose to us directly the worship of the devil. He merely proposes that we opt for the rational solution, that we prefer a planned and organized world in which God may have a place as a private spiritual matter, but must not be allowed to interfere in our essential purposes. Soloviev attributes to the Antichrist a book entitled The Open Road to World Peace and Prosperity; it becomes the new Bible, and its core message is the worship of well-being and rational planning," by the state (Ratzinger, 2007). And so, we should not be surprised that, for example, the great author of The Lord of the Rings, J. R. Tolkien, whose Catholic anarchism I fully share, went so far as to say that he would arrest anyone for simply daring to pronounce the word "State." Because the State is, always and everywhere, a reality of violence and systematic coercion against the most intimate essence of the human being, which is his capacity to act freely, creatively, and spontaneously; and so, it is unavoidable to conclude that the State is essentially immoral and that statism constitutes the principal threat to humankind.A theological digression: the dismantling of statism as a logical necessity inseparable from the work of GodAnd almost without realizing it, we can go ahead with a theological digression on how dismantling the State is a logical and moral necessity inseparable from the work of God. I fully understand that referring to God in this conference may come as a shock to many of those present, but I would ask that even those who do not believe in God, at least for dialectical purposes, make an effort of imagination and, for the next few minutes, imagine that God does indeed exist.And what do we mean by God? We must understand God to be a Supreme Being, Creator out of love for all things. And the most important creature that God has created is precisely the human being: in His image and likeness. And if there is a point of connection between God and man, it is precisely in the creative entrepreneurial ability: the capacity to discover, to see, and to create new things, goals and actions. But now I am going to go one step further and attempt to demonstrate that God is not only the Supreme, loving Creator of all things, but that—moreover—God is libertarian.And what does it mean to say that God is libertarian? It means that God, the Lord of all the Universe, has absolute power over it, and yet He chooses not to use force, but always leaves his creatures free. To the point that He gives human beings the freedom to rebel against Him; even though, again and again, God forgives human beings and allows them to rise up and begin anew.God always lets the universe He has created, flow in a spontaneous manner ("laissez faire, laissez passer, le monde va de lui même" could be the motto of our libertarian God). And this despite the fact that human beings tempt God again and again and demand that He manifest His absolute power, that He give us clear and indisputable signs of His existence and supreme power in order for us to believe in Him. But of course, God does not accept our challenge. Why? Because love and liberty are inseparable, and a forced conversion, for example by an evident cataclysm, would be completely contrary to that liberty with which God has created human beings out of love.Moreover, the Kingdom of God is not of this world; Jesus himself says this to a fearful Roman state official, who was also in charge of judging him: "My kingdom is not of this world." Does this mean that there are two types of kingdoms? The kingdoms of this world or States, which would be legitimate at their own level (remember "render unto Caesar the things that are Caesar's"), and the Kingdom of God, of ("render unto God the things that are God's"). That is the standard interpretation that has prevailed until now, but I think is completely wrong. The Kingdom of God—which is the exact opposite of the kingdoms or States of this world—never makes systematic use of violence and coercion: it is a Kingdom that has already come to us and, moreover, has been given to us freely, in an act of immense mercy and love (Deus caritas est). And just as the hateful institution of slavery came to an end, the Kingdom of God will also dismantle the kingdoms of this world, the states of this world, or as St. Paul said, of every principality, power, and glory (Ephesians 1:21-23), because God is libertarian and man is made in the image and likeness of God.Ludwig von Mises, in his book Interventionism, introduced the term "destructionism" to refer to the economic and social effects of statism. If Evil (represented by statist destructionism in Mises' terminology) were to prevail, the human race and civilization would have disappeared long ago. The fact that, despite everything and the immense power of seduction of statism over humankind, the process of social cooperation continues to unfold and even prosper in certain historical periods and geographical areas, is a clear manifestation that God does not abandon the world nor leave libertarians alone in their struggle against the Evil; and that Good, represented by liberty, the principle of non-aggression, the spontaneous order of the market, entrepreneurial creativity and coordination, and above all, moral principles, always with God's help, prevails and is capable of overcoming Evil, represented by the fatal conceit of the statist ideal and the destruction that it produces.And now I will finish with some thoughts on anarcho-capitalism as the only possible system of social cooperation truly compatible with human natureAnd now I will finish with some thoughts on anarcho-capitalism as the only possible system of social cooperation truly compatible with human nature. The most important intellectual and moral event that is taking place nowadays is the full fusion between Christianity and anarcho-capitalism. Because anarcho-capitalism is the only possible system of social cooperation that is truly compatible with human nature. Anarcho-capitalism is the purest representation of the spontaneous market order in which all services, including law, justice, and public order, are provided through a voluntary process of social cooperation. In this system, no area is closed to the drive of human creativity and entrepreneurial coordination; efficiency and justice in the resolution of problems are simultaneously enhanced, while the conflicts, inefficiencies, and discoordinations generated by the State are eradicated at their root.The progressive abolition of States and their gradual replacement by a dynamic network of private agencies different legal systems, and providing all kinds of prevention and defense services, constitutes the most important social transformation that will take place in the twenty first century. Without forgetting that exactly what prevents us from knowing with precision what the future without the state will look like, the creative nature of entrepreneurship, is what gives us the peace of mind of knowing that any problem will tend to be resolved and overcome, once the entrepreneurial effort and creativity of Humanity are devoted to its solution (Kirzner, 1985).Therefore, the revolution against the “Old Régime” carried out in the eighteenth and nineteenth centuries by the old classical liberals, today finds its natural continuation in the anarcho-capitalist revolution of the twenty-first century. The message of anarcho-capitalism is clearly revolutionary. Revolutionary in terms of its goal: the dismantling of the State and its replacement by a competitive market process consisting of a network of private agencies, associations, and organizations. And revolutionary in terms of its means, especially in the scientific, economic-social, and political fields:a) First, Scientific revolution, in the field of Economic Science, which becomes the general theory of spontaneous market order extended to all social areas. And by contrast and opposition, the theory and analysis of the effects of social discoordination generated by statism in any sphere in which it operates, as well as the study of the transition process from the State towards liberty.b) Second, an Economic and social revolution, as we cannot even imagine today the immense human achievements and discoveries that could be made in an entrepreneurial environment totally free from statism. Today, and despite continuous governmental harassment, an unknown civilization is already developing, with a degree of complexity that is beyond the reach and control of the state, and which will achieve unlimited expansion once it manages to completely rid itself of statism. And when human beings become more and more aware of the perverse nature of the State that restricts them, and of the immense possibilities that are frustrated each day when the State blocks the driving force of their entrepreneurial creativity, the social demand to reform and dismantle the State will multiply creating a future that is largely unknown to us but that will elevate human civilization to heights that we cannot even imagine today.c) And finally, a political revolution in which, although day-to-day political struggle is important, it should not be the top priority. It is true that the least interventionist alternatives must always be supported, in clear alliance with the efforts of classical liberals in their long term impossible democratic limitation of the State (including reforms such as those proposed by Hayek in the third volume of Law, Legislation, and Liberty). But the anarcho-capitalist does not stop at this task, for he knows that he can and must do much more. He knows that the ultimate goal is the total dismantling of the State, and this goal leads all his imagination and political action in everyday life. And here we cannot fail to mention the unprecedented impact of our disciple and follower of our Master Program in Austrian Economics in Madrid, the President of Argentina, Javier Milei, who has done more than anyone else before to disseminate the principles of the Austrian School and the anarcho-capitalist ideal. Principles that he never ceases to quote and explain and defend once and again in all his public appearances, from the United Nations to the Davos Forum; and in all his meetings with other Heads of State, universities, and parliaments, to whom he even gives copies of the most important Austrian works by Mises, Hayek and even myself, as he did, for example, with the two popes, Francis and Leo XIV, with the French President Macron, the Italian Prime Minister Meloni, and even with Elon Musk. For us, it is a great honor that Milei has, to a large extent, emerged from the Austrian School of Madrid and that he continually keeps drawing inspiration from us. This is, without a doubt, much more important than incremental political steps in the right direction—which should of course be welcomed—and that should never fall into a political pragmatism that could betray the ultimate goal of achieving the end of the State (Huerta de Soto, 2010).And all this with tireless enthusiasm in the search for scientific and moral truth, an attitude that, inspired by the immortal work of Miguel de Cervantes, we could describe as follows: "It matters not whether they be giants or windmills, when the plume of our helm is stirred by the winds of tenacity and faith." And always creating a future that, although it may seem distant today, may at any moment witness giant steps that will surprise even the most optimistic among us. History has entered into an accelerated process of change which, although it will never stop, will open a whole new chapter when humankind finally succeeds in ridding itself definitively of the State, reducing it to no more than a dark historical relic of tragic memory.Thank you very much.REFERENCESBASTIAT, Frédéric: Selected Essays on Political Economy, Foundation for Economic Education, New York 1995.DE LA BOÉTIE, Étienne: The Politics of Obedience: The Discourse of Voluntary Servitude, Free Life Editions, Nueva York 1975.BÖHM-BAWERK, Eugen von: Karl Marx and the Close of His System, Augustus M. Kelley, Nueva York 1949."The Exploitation Theory," Capital and Interest, Vol. I: History and Critique of Interest Theories, Libertarian Press, South Holland 1959.HAYEK, Friedrich A. von: The Counter-Revolution of Science, Free Press, New York, 1955.Hayek on Hayek: An Autobiographical Dialogue (eds. Stephen Kresge and Leif Wenar), University of Chicago Press, Chicago 1994.Law, Legislation and Liberty, Vol. III: The Political Order of a Free People, Routledge & Kegan Paul, London 1979.The Fatal Conceit: the Errors of Socialism, The University of Chicago Press, Chicago 1988."The Pretence of Knowledge," in New Studies in Philosophy, Politics, Economics and the History of Ideas, University of Chicago Press, Chicago 1978.HUERTA DE SOTO, Jesús: Socialism, Economic Calculation and Entrepreneurship, Edward Elgar, Cheltenham y Northampton 2010."A Hayekian Strategy to Implement Free Market Reforms," in Theory of Dynamic Efficiency, Routledge, Oxfordshire, 2010.Proyecto Docente, Chapter I: "Ciencia y Economía," Rey Juan Carlos University, Madrid 2000.The Austrian School: Market Order and Creative Entrepreneurship, Edward Elgar, Cheltenham y Northampton 2008.DE JASAY, Anthony: Market Socialism: A Scrutiny, published by the Institute of Economic Affairs, Occasional Paper no. 84, 1990.KIRZNER, Israel: "The Perils of Regulation: A Market Process Approach" in Discovery and the Capitalist Process, University of Chicago Press, 1985.LIGGIO, Leonard: "The Hispanic tradition of Liberty," published in Procesos de Mercado: Revista Europea de Economía Política, vol. XXII, nº 1, Summer 2025, pp. 403-420.MARTÍNEZ MARINA, Francisco: Teoría de las cortes o grandes juntas nacionales de los reinos de León y Castilla, Collado, 1820.MILEI, Javier: Capitalism, Socialism, and the Neoclassical Trap, in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II (editors Howden, D., Bagus, P.), Palgrave Macmillan, Cham, 2023.MISES, Ludwig von: Socialism: An Economic and Sociological Analysis, Jonathan Cape, London 1936.Planned Chaos, Foundation for Economic Education, Irvington-on-Hudson 1947.OPPENHEIMER, Franz: The State, Vanguard Press, Nueva York 1926.POPESCU, Oreste: Studies in the History of Latin American Economic Thought, Routledge, London 1997.POPPER, Karl: The Open Society and its Enemies, Princeton University Press, Princeton 1966.RATZINGER, Joseph. Jesus of Nazareth: From the Baptism in the Jordan to the Transfiguration. Translated by Adrian J. Walker. Doubleday, New York, 2007.ROTHBARD, Murray N.: "New Light on the Prehistory of the Austrian School," in The Foundations of Modern Austrian Economics (editor Edwin G. Dolan), Sheed and Ward, Kansas City 1976, pp. 52–74.Anatomy of the State, Ludwig von Mises Institute, Auburn 2009.SALERNO, Joseph. "Milton Friedman's Views on Method and Money Reconsidered in Light of the Housing Bubble", in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, (editors Howden, D., Bagus, P.), Palgrave Macmillan, Cham, 2023.STIGLER, George: The Citizen and the State, University of Chicago Press, Chicago, 1975, pp. 1-13.

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Kelly Patrick Show 915 Jorge Besada Austrian Economics Overview/Summary Of Common Fallacies

The Kelly Patrick Show

Play Episode Listen Later Mar 17, 2026 185:52

3 hour discussion roughly organized as follows: The intellectual and educational “ethos” of ‘The Austrian School of Economics' with some key quotes by leading thinkers Mises and Hayek. An introduction to ‘Austrian Economics' with a focus on Carl Menger...

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KOL484 | Praxeology, Property Rights & Bitcoin: Bitcoin Infinity Show #192, with Knut Svanholm

Kinsella On Liberty

Play Episode Listen Later Mar 2, 2026

Kinsella on Liberty Podcast: Episode 484. Praxeology, Property Rights & Bitcoin with Stephan Kinsella | Bitcoin Infinity Show #192. With Knut Svanholm. Recorded Jan. 20, 2026. My shownotes and transcript below. Knut's Shownotes: Stephan Kinsella joins the Bitcoin Infinity Show to talk about why praxeology is the hardest science in economics, how Austrian theory explains Bitcoin's unique monetary properties, and whether you can truly own a Bitcoin or merely act as if you do. The conversation covers the foundations of property rights and natural law, the subjective nature of fungibility, and what a hyperbitcoinized future might actually look like. Kinsella and Knut also explore why intellectual property restrictions threaten the very knowledge accumulation that makes humanity richer over time. https://youtu.be/lN9p6ZjCHMY?si=zKXfeG8aqe2eoGfy Segments: 00:00 Welcoming Stephan Kinsella 01:19 Bitcoin and Austrian Economics 05:51 The Importance of Praxeology 11:45 Understanding Human Action and Scarcity 20:50 Hoppe, Mises, Rand, Rothbard 27:29 Means and Ends 35:35 Natural Law and the Non-Aggression Principle 51:31 Crime and Punishment 59:44 The Bitcoin of It All 01:15:46 Bitcoin and the Austrian Perspective 01:21:39 Understanding Bitcoin's Scarcity and Value 01:30:19 Bitcoin and Interest Rates 01:39:31 Visions of the Future 01:46:59 The Future of Bitcoin and Society 01:51:26 Hyperbitcoinization 01:58:11 Wrapping Up Shownotes (Grok) Here are the complete shownotes for the podcast episode, structured with topical headings exactly as they appear in the original shownotes you provided, plus the cleaned-up details from the transcript (speakers, key points, approximate timestamps, and a concise summary of each segment for clarity). Kinsella on Liberty Podcast: Episode 484 Praxeology, Property Rights & Bitcoin with Stephan Kinsella | Bitcoin Infinity Show #192 With Knut Svanholm Recorded: January 20, 2026 Shownotes Stephan Kinsella joins Knut Svanholm on the Bitcoin Infinity Show to discuss why praxeology is the hardest and most rigorous science in economics, how Austrian theory illuminates Bitcoin's unique monetary properties, and whether one can truly "own" a Bitcoin or merely act as if they do. The conversation explores foundational property rights and natural law, the subjective nature of fungibility, visions of a hyperbitcoinized future, and why intellectual property restrictions hinder the knowledge accumulation that drives human prosperity. Segments 00:00 Welcoming Stephan Kinsella Knut introduces Stephan, mentions first seeing him on Robert Breedlove's show discussing IP, shares his own journey into Misesian thought via Bitcoin, and notes writing a beginner's book on praxeology to connect with Mises Institute people. 01:19 Bitcoin and Austrian Economics Discussion of how most enter Austrian economics via libertarianism, but a subset discovers libertarianism/Austrianism through Bitcoin. Stephan shares his Swedish freedom-oriented background and how Bitcoin finally pushed him into deep Mises/Rothbard/Hoppe study. They critique why many Bitcoiners dismiss praxeology as "optional" and explore the corruption of economics into pseudoscience (positivism, econometrics) over the last 70 years, leading to widespread distrust. 05:51 The Importance of Praxeology Stephan explains praxeology as the systematic study of the logic of human action in scarcity—essential because economics is unavoidable for understanding exchange and trade. He confesses early skepticism toward praxeology/epistemology as unnecessary jargon but later appreciated Mises's need for precise terms (praxeology, catallactics). Critiques modern cranks who invent excessive terminology and praises Mises's restraint. 11:45 Understanding Human Action and Scarcity Core of praxeology: purposeful action in scarcity requires purpose + knowledge + scarce means under control. All economic categories (profit/loss, opportunity cost, success/failure) are logically implied in action. Austrian economics unpacks this rationally; modern economics errs by forcing empirical/positivist methods (hypothesize-test-falsify) onto human action, which is misguided. Knut shares his school experience: hard sciences were about understanding, social sciences about memorization and unexamined "why"—praxeology felt like the true hard science for social phenomena. 20:50 Hoppe, Mises, Rand, Rothbard Hoppe's major contribution: bolstering Mises against Randian/Objectivist criticism of Kantian influence. Explains Randian aversion to Kant (skeptical interpretations), Mises's realist use of limited Kantian vocabulary (a priori categories), and how subjectivism in Austrian economics means value tied to purposeful action—not relativism. Hoppe shows praxeology bridges subjective experience and objective causal reality. Rothbard as Aristotelian/Thomist hybrid comfortable with Mises. 27:29 Means and Ends Exploration of hybrid subjective-objective nature of means and ends (rain dance example: subjectively believed, objectively ineffective). Hoppe on no intrinsic characteristics of goods—value depends on actor's valuation (links to Bitcoin fungibility debate: fungibility is subjective; nothing is perfectly fungible, but we treat units as homogeneous). Discussion of acting to shape future universes, competition, and skepticism of quantum multiverse ideas. 35:35 Natural Law and the Non-Aggression Principle Foundations of natural law/NAP: emerge from social living, empathy, division of labor, but scarcity creates conflict potential. Possession = factual control; ownership/rights = normative support justifying force against violators. Law guides when force is justified to stop aggression. Core private law rules: self-ownership, homesteading, contract. Psychopaths treated as technical problems (like lions)—not reasoned with if unresponsive. Hoppe's ATM robber anecdote illustrates occasional moral persuasion vs. force. 51:31 Crime and Punishment Rothbard's Ethics of Liberty: proportional punishment (up to double damage theoretically acceptable, but rarely applied). Stephan clarifies proportionality is required but not mechanical—subjective factors, doubt favors victim, juries/context needed. No formula fits every case; practical justice requires flexibility, burdens of proof, custom. Complexity of unseen harms (e.g., ongoing theft like taxes worse than one-time). Lysander Spooner highwayman analogy. 59:44 The Bitcoin of It All Knut's insight: Bitcoin scarcity via private key secret—control by keeping knowledge hidden, not true "ownership" of data (IP angle). One acts as if owning due to improbability of key compromise or protocol change. Stephan agrees: money only needs to be "good enough"; Bitcoin ~96% good money (better than gold/fiat flaws). Control via key better than physical possession—almost perfectly enforced "law." Gun-to-head scenario: attacker can't know total holdings. 1:15:46 Bitcoin and the Austrian Perspective Bitcoin as abstract ledger entry valued subjectively. Network effects + first-mover advantage. Regression theorem not violated—initial use value collectible (pizza transaction). Human action behind nodes/miners—anti-lie machine making cheating costlier than following. Tendency toward one money due to barter problems; Bitcoin's crypto advantages + longest chain/time make it dominant. 1:21:39 Understanding Bitcoin's Scarcity and Value Knut's "oneshot principle": absolute scarcity + decentralization was a discovery; replicating resistance to replication knowingly is pointless. Bitcoin = "chess" of money—network lock-in. Forks (Cash/SV) fail because changes (e.g., larger blocks) increase node costs → faster centralization. Plan B stock-to-flow model critiqued as subjective value makes predictions unreliable; Bitcoin price can rise indefinitely with productivity ("everything / 21M"). 1:30:19 Bitcoin and Interest Rates Saifedean Ammous's storage-cost theory: in gold standard, very low interest rates could make lending (even negative) preferable to holding due to storage costs. Stephan: plausible for gold (physical costs/risks), but Bitcoin holding cost near-zero → likely always positive interest. In Bitcoin world, artificial low rates vanish; natural rates possibly higher, lower time preference, less borrowing for consumption, more saving/investing. 1:39:31 Visions of the Future Knut: scaling via fewer transactions (bundling, trust, lifetime subs), less consumerism, quality over quantity, less materialism. Expensive to be poor in fiat; Bitcoin incentivizes trust/family-like exchange. Lightning/sub-satoshis handle divisibility—no need for protocol decimal changes. Off-chain trust reduces on-chain load. 1:46:59 The Future of Bitcoin and Society Post-plateau: diversification needed (can't hold 100% money due to risk). Productivity gains (3–15%+ in freer Bitcoin economy) still incentivize hodling/saving. Ever-decreasing supply (losses, burning) + rising demand → perpetual upward pressure. Combined with AI/robotics → unimaginable abundance if survived. 1:51:26 Hyperbitcoinization Gradual like English becoming Europe's second language—younger generations adopt naturally. Cycles for decades, then up forever until fiat dies. Reduces war funding (fiat enables). Hope rational; logic-driven, not activism-dependent. White Pill parallel: authoritarianism collapses under own weight. Long-term optimism for human future. 1:58:11 Wrapping Up Stephan promotes his IP work, libertarian book, upcoming Rothbard 100 essays (March 2 release), Universal Principles of Liberty project, Property and Freedom Society Bodrum meeting (September). Bitcoin conference mentions (BTC Prague, El Salvador, potential Helsinki BTC Hell). Mutual appreciation, plans to meet, end with thanks. Let me know if you'd like any section expanded, condensed, or additional details (e.g., key quotes per segment).

Ep. 347: Raphaël Gallardo on Austrian Economics, Wobbling AI Bubbles, and Trump Risk Parity

Play Episode Listen Later Feb 27, 2026 46:13

Raphaël Gallardo is Chief Economist within the Cross-Asset team at Carmignac. Carmignac is a leading European investment management boutique established in 1989, with over EUR 40 bn in assets under management. Raphaël joined them in 2018. He started his career in 1997 at BNP Paribas, where he spent ten years as a Quantitative Analyst within the Risk Department, a Country-risk Economist, a Financial Engineer specialising in interest rate risk, and ultimately a cross-asset strategist. In 2007, he joined Axa IM as Head of Macroeconomic Research and moved to Rothschild & Cie Gestion in 2012 to occupy the same position. From 2013 to 2018, he was Cross-Asset Strategist at Ostrum Asset Management. Raphaël holds an Engineering Degree from École Nationale Supérieure des Mines de Paris. In this podcast, we discuss: Austrian Economics Framework Three "Wobbling" Bubbles The "Sad" AI Bubble Trump Risk Parity Portfolio Spain's "Virtuous Circle" France's Fiscal Existential Risk Japan's Vicious Circle China's Dual Economy Death of the Risk-Free Asset 2026–2027 Outlook

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Milei Defends Capitalism and Austrian Economics at the WEF

The Human Action Podcast

Play Episode Listen Later Feb 24, 2026

This week, Bob walks through Javier Milei's 2026 address to the World Economic Forum, explaining the Austrian and neoclassical ideas behind Milei's defense of capitalism—from Rothbard and Kirzner to Pareto efficiency and the welfare theorems.Related:Bob's Breakdown of The Intra-Austrian Debate over Milei: Mises.org/HAP539aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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Milei Defends Capitalism and Austrian Economics at the WEF

Play Episode Listen Later Feb 24, 2026

capitalism breakdown world economic forum austrian defends central banks javier milei pareto hayek mises murray rothbard austrian economics taxes and spending kirzner

Perspectives on Peace — Taboo Lines and the Process of Peace

Play Episode Listen Later Feb 18, 2026 98:55

On this episode of the Hayek Program Podcast, Chris Coyne talks with Abigail Hall and Jayme Lemke about Kenneth and Elise Boulding's insights into what it means to build and sustain peace. Drawing on her paper “In Search of Stable Peace,” Hall explores Kenneth Boulding's framework for understanding peace and war, focusing on the roles of strain and strength and the shifting taboo lines that shape movement between stable and unstable peace. Lemke then turns to Elise Boulding's vision of peace as an active, everyday practice, emphasizing the often-overlooked forms of peacebuilding embedded in ordinary social relationships and institutions. Together, the conversations emphasize peace as a process shaped by ideas, institutions, and imagination.Dr. Abigail R. Hall is an Associate Professor of Economics at the University of Tampa and a Senior Affiliated Scholar at the Mercatus Center at George Mason University. She has published numerous books, including her most recent satirical book, How to Run Wars: A Confidential Playbook for the National Security Elite co-authored with Christopher J. Coyne (2024). She holds a PhD in Economics from George Mason University and is an alum of the Mercatus PhD Fellowship.Dr. Jayme Lemke is a Senior Research Fellow and a Senior Fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. She is co-editor of Economy, Polity, and Society, an Associate Editor for the Review of Behavioral Economics, and Secretary of the Society for the Development of Austrian Economics.Show Notes:The Journal of Conflict ResolutionKenneth Boulding's book, Stable Peace (University of Texas Press, 1978)Robert Higgs's book, Crisis and Leviathan: Critical Episodes in the Growth of American Government (Independent Institute, 2025)Elise Boulding's book, Cultures of Peace (Syracuse University Press, 2000)Kenneth Boulding's book, The Image: Knowledge in Life and Society (University of Michigan Press, 1956).Elise Boulding's book, The Underside of History: A View of Women Through Time (SAGE Publications, 1992)Julian Simon's book, The Ultimate Resource 2 (Princeton University Press, 1998)**This episode was recorded September 15, 2025 and December 29, 2025.If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.Check out our other podcast from the Hayek Program! Virtual Sentiments is a podcast in which political theorist Kristen Collins interviews scholars and practitioners grappling with pressing problems in political economy with an eye to the past. Subscribe today!Follow the Hayek Program on Twitter: @HayekProgramFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

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Mises and Hayek Dehomogenized

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Play Episode Listen Later Feb 10, 2026

Today, the term "Austrian economics" is used to designate two very different paradigms.This essay was originally published in 1993 in the Review of Austrian Economics, Volume 6, Number 2.

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Wen Group Chats For NOSTR, Ser? #589 Max Hilebrand.

Once BITten!

Play Episode Listen Later Jan 28, 2026 111:08

You can just build things, so why aren't you? $ BTC 87,608 Block Height 933,984 Today's guest on the show is Max Hilebrand, who joins me to discuss NOSTR, White Noise, The Sovereign Engineering Cohort, Privacy, and more. In this episode, Max discusses the importance of privacy, the evolution and future of NOSTR, and the need for greater involvement in building freedom technologies. Key Topics: Privacy Nostr White Noise and Marmot Protocol Decentralized Communication Sovereign Engineering Cohort (SEC) Austrian Economics Bitcoin Economy Community Involvement Check out my book ‘Choose Life' - https://bitcoinbook.shop/search?q=prince Pleb Service Announcements: Club Orange - Join 19 thousand Bitcoiners on @cluborange https://signup.cluborange.org/co/princey Support the pod via @fountain_app -https://fountain.fm/show/2oJTnUm5VKs3xmSVdf5n CONFERENCES: BTC PRAGUE - 11th - 13th June 2026 http://btcprg.me/BITTEN - Use code BITTEN for - 10% Shills and Mench's: RELAI - STACK SATS - www.relai.me/Bitten Use Code BITTEN BITBOX - SELF CUSTODY YOUR BITCOIN - www.bitbox.swiss/bitten Use Code BITTEN PAY WITH FLASH. Accept Bitcoin on your website or platform with no-code and low-code integrations. https://paywithflash.com/ SWAN BITCOIN - www.swan.com/bitten GEYSER - fund bitcoin projects you love - https://geyser.fund/ PLEBEIAN MARKET - BUY AND SELL STUFF FOR SATS; https://plebeian.market/ @PlebeianMarket ZAPRITE - https://zaprite.com/bitten - Invoicing and accounting for Bitcoiners - Save $40 KONSENSUS NETWORK - Buy bitcoin books in different languages. Use code BITTEN for 10% discount - https://bitcoinbook.shop?ref=bitten SEEDOR STEEL PLATE BACK-UP - @seedor_io use the code BITTEN for a 5% discount. www.seedor.io/BITTEN SATSBACK - Shop online and earn back sats! https://satsback.com/register/5AxjyPRZV8PNJGlM HEATBIT - Home Bitcoin mining - https://www.heatbit.com/?ref=DANIELPRINCE - Use code BITTEN. CRYPTOTAG STEEL PLATE BACK-UP https://cryptotag.io - USE CODE BITTEN for 10% discount. ALL FURTHER LINKS HERE - FOR DISCOUNTS AND OFFERS - https://vida.page/princey - https://linktr.ee/princey21m

What is Austrian economics and why does it matter?

Jerm Warfare: The Battle Of Ideas

Play Episode Listen Later Jan 28, 2026 64:30

This episode was recorded for my UK Column show.American economist Scott, who lives in China (and with whom I met up when I was in Shanghai in 2025), discussed Austrian economics, focusing on individual choice, voluntary exchange, and the damaging effects of money printing which is ultimately theft.The short story is that Austrian economics is superior to other schools of economics, and offers the most amount of prosperity and freedom.➡️ Scott's Substack✉️ Subscribe to my newsletter. It's better than sex.

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The Artist They Called a Traitor - Monika Bravo | Ep. 119

You're The Voice | by Efrat Fenigson

Play Episode Listen Later Jan 25, 2026 91:47

Monika Bravo is a multidisciplinary artist, polymath, writer, evolutionary astrologer, bitcoiner, and freedom maximalist. Born in Bogotá, Colombia, she spent her mid-20s in Europe studying fashion design and photography before moving to New York in 1994. Since 2020, Monika has focused on her public art, trauma & consciousness studies, human design, Austrian economics, somatic practice, and astrology, integrating them into a unique philosophy centered on liberty, value, and self-awareness.This profound conversation explores Monika's transformation from a fragmented artist conforming to the system to a sovereign individual who found wholeness through Bitcoin. We dive into her childhood rebellion against religious conformity, her journey through public art and breaking free from galleries, the moment her artist friends called her a "traitor", and how she integrated the various areas into a unified practice.→ Please like, comment, share & follow — to help me beat the suppressing algo's. Thank you!– SPONSORS –→ Access liquidity without selling your Bitcoin with Ledn — learn more at https://ledn.io/Efrat→ Get your TREZOR wallet & accessories, with a 5% discount, using my code at checkout (get my discount code from the episode - yep, you'll have to watch it): https://affil.trezor.io/SHUn→ Have you tried mining bitcoin? Stack sats directly to your wallet while saving on taxes with Abundant Mines: https://AbundantMines.com/Efrat - Claim your free month of hosting via this link– AFFILIATES –→ Get 10% off on Augmented NAC to detox Spike protein, with the code YCXKQDK2 via this link: https://store.augmentednac.com/?via=efrat (Note, this is not medical advice, please consult your MD)→ Join me at Europe's largest bitcoin conference - BTC Prague, June 11-13, 2026. Code EFRAT for 10% off: http://btcprg.me/EFRAT→ Be good to your eyes & health, and get the Daylight tablet - a healthier, more human-friendly computer, zero blue light & flicker. Use code EFRAT for $25 off: https://bit.ly/Efrat_daylight→ Get a second citizenship and a plan B to relocate to another country with Expat Money, leave your details for a follow up: https://expatmoney.com/efrat→ Watch "New Totalitarian Order" conference with Prof. Mattias Desmet & Efrat - code EFRAT for 10% off: https://efenigson.gumroad.com/l/desmet_efrat→ Join me in any of these upcoming events: https://www.efrat.blog/p/upcoming-events– LINKS –Monika on X: https://x.com/BravoMonikaMonika on Nostr: https://primal.net/monikacoMonika's Website: https://www.studioofendlessideas.com/Efrat's X: https://twitter.com/efenigsonEfrat's Channels: https://linktr.ee/efenigsonWatch on all platforms: https://linktr.ee/yourethevoiceSupport Efrat's work: ⁠https://bit.ly/zap_efrat– CHAPTERS –00:00 - Coming Up..00:56 - How We Met: The 4-Hour Miami Coffee04:36 - Monika's Bio: A True Polymath06:24 - Public Art & Breaking Free From Traditional Art Control11:55 - Ad-Break: Ledn & Trezor14:23 - Monika's Father's Death & Trauma Healing20:40 - Childhood, Schools & Resisting Religion27:22 - From Healing Self to Teaching Others31:48 - Ad-Break: Abundant Minds32:59 - Chart Readings, Astrology Practice & Avoiding Dependency42:01 - The Lowest Point: Suicidal Thoughts on 26th Floor45:25 - Austrian Economics, Bitcoin & Money: How It All Ties Together56:40 - Reading Graphs & Markets Analysis58:42 - Ad-Break: Expat Money & New Totalitarian Order Conference1:07:07 - The State of Human Consciousness & World Events1:15:40 - Monika's View on Trump & His Administration1:22:45 - Monika's Channels & Next Book1:26:00 - Efrat's Chart: Voice as Purpose & Destiny

Perspectives on Peace — What Should Economists Teach?

Play Episode Listen Later Jan 21, 2026 49:45

**This episode was recorded September 29, 2025.On this episode of the Hayek Program Podcast, Chris Coyne speaks with Amy Crockett and Erwin Dekker about how economics shapes our understanding of peace, conflict, and cooperation, drawing on the work of Kenneth Boulding and James Buchanan.First, Coyne speaks with Amy Crockett about her upcoming paper, “Addressing Peace in Undergraduate Economics Textbooks.” Crockett examines how peace is often treated as a background assumption in economics education and presents evidence from introductory and upper-level textbooks on how war, conflict, and policy responses are typically framed, highlighting missed opportunities to emphasize bottom-up, cooperative solutions.Coyne then speaks with Erwin Dekker about his paper, “Kenneth Boulding and James Buchanan on the Public Function of Economics.” Decker discusses how both thinkers understood economics as shaping the public “image” of social life, emphasizing exchange, moral foundations, and the importance of economists addressing citizens rather than policymakers.Together, these conversations show how economic ideas—whether taught in classrooms or communicated to the public—can either reinforce conflict-centered narratives or help sustain cultures of peace and cooperation.This is the fourth episode in a short series of episodes that will feature a collection of authors who contributed to the volume 1, issue 2 of the Markets & Society Journal or to a forthcoming special issue from The Review of Austrian Economics.Dr. Erwin Dekker is Senior Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics and a Senior Research Fellow at the Mercatus Center at George Mason University. He has published numerous books, including Realizing the Values of Art (Palgrave Macmillan, 2023), Jan Tinbergen (1903-1994) and the Rise of Economic Expertise (Cambridge University Press, 2021), and The Viennese Students of Civilization: The Meaning and Context of Austrian Economics Reconsidered (Cambridge University Press, 2016).Dr. Amy Crockett is a Senior Lecturer at Vanderbilt University. She earned her Ph.D. and M.A. in economics from George Mason University, an M.A. in teaching from Relay Graduate School of Education, and a B.S. in systems engineering & economics from George Mason University. She is an Alum of the Mercatus PhD Fellowship.Show Notes: Tensions in Political Economy SeriesKenneth Boulding's book, The Image: Knowledge in Life and Society (University of Michigan Press, 1956).Robert Higgs' paper, “Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s” (The Journal of Economic History, 2009).James Buchanan's paper, “Positive Economics, Welfare Economics, and Political Economy” (The Journal of Law & Economics, 1959).James M. Buchanan's Nobel Prize LectureIf you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.Check out our other podcast from the Hayek Program! Virtual Sentiments is a podcast in which political theorist Kristen Collins interviews scholars and practitioners grappling with pressing problems in political economy with an eye to the past. Subscribe today!Follow the Hayek Program on Twitter: @HayekProgramFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

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Austrian Economics: Your Ultimate Survival Toolkit for the Financial Reset

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Play Episode Listen Later Dec 18, 2025

Connor O'Keeffe joins Rob Kientz on The Freedom Report for a wide-ranging conversation on Austrian economics, government power, and why today's affordability crisis is no accident. From inflation and interventionism to the failures of both political parties, Connor explains how decades of policy decisions have reshaped the economy, and why everyday Americans are paying the price. Connor and Rob also explore how real change actually happens, why crises accelerate power grabs, and what individuals can do to push back and build alternatives before the next shock hits.The original episode is available at https://youtu.be/5pl8sIOvTSA

Bitcoin: Independence Reimagined Summary | Bitcoin Infinity Academy #29

Play Episode Listen Later Dec 18, 2025 52:26

This episode of the Bitcoin Infinity Academy summarizes Independence Reimagined and looks forward to the future courses. Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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#150: Indoctrination Wars: Taking Back Control of What Your Kids Actually Learn with Mises Institute Economist, Dr. Newman

The Homeschool How To

Play Episode Listen Later Dec 13, 2025 42:03 Transcription Available

Homeschooling isn't just about math lessons and reading charts—it's about who gets to shape how your kids see the world.In this episode, I'm joined by Dr. Jonathan Newman from the Mises Institute, a homeschooling dad, economist, and libertarian who breaks down why he and his wife chose to keep their kids out of government schools, how they approach reading and “adulting” skills at home, and why there's really no such thing as a “neutral” education.We talk about:Teaching kids to read with Teach Your Child to Read in 100 Easy Lessons—and why it works for some kids and not othersThe big differences between boys and girls when it comes to focus, readiness, and timelinesWhy homeschooling is so much more efficient than public school (and what to do with all that extra time together)The “adulting crisis” and how kids actually learn real-life skills like changing a tire, paying bills, and mailing a letterWhat Austrian economics is, why the Mises Institute exists, and how Jonathan teaches multiple perspectives instead of one government-approved narrativeCapitalism vs. socialism, and why socialist systems struggle to get food, prices, and production rightIndoctrination, values, and why parents—not the state—should decide which ideas get center stage in their child's educationIf you're a Christian, liberty-minded, or simply skeptical of the one-size-fits-all system and the stories your kids are being told about history, money, and government, this conversation will give you a lot to think about.Follow Dr. Jonathan Newman on X - @NewmanJ_RDiscover free books, articles, and lectures on economics and liberty at Mises.orgLearn more about Green Ember: Helmer in the Dragon Tomb—the new prequel book from S. D. Smith—and explore the companion video game now available on Steam: sdsmith.com/helmer Perfect for parents seeking meaningful, courage-building stories for kids ages 8–12.

Laws and Effects - Independence Reimagined Chapter 13 | Bitcoin Infinity Academy #28

The Ricochet Audio Network Superfeed

Play Episode Listen Later Dec 11, 2025 59:20

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 13: Laws and Effects Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-13-laws-and-effects Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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Acton Line: Peter Boettke Is Teaching the Humanistic Foundations of Austrian Economics

Play Episode Listen Later Dec 10, 2025 62:49

In this episode, Dan Hugger speaks with Peter J. Boettke, Distinguished University Professor of Economics at George Mason University, as well as the director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University, about the importance of the history of economic thought […]

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Perspectives on Peace – From Milorg to El Salvador: Kenneth Boulding's Lessons on War and Peace

Play Episode Listen Later Dec 10, 2025 45:42

On this episode, Chris Coyne speaks with Brigitta Jones, Nathan Goodman, and Karla Segovia about Kenneth Boulding's insights on war, peace, and the political economy of conflict applied to contemporary questions about military organization and the dynamics of civil conflict.First, Jones discusses her coauthored paper with Coyne, “The Political Economy of Milorg,” which uses Boulding's concept of Milorg to examine the entanglement of public agencies and private firms in the military sector. She highlights how knowledge problems, incentives, and political processes shape what the military produces and how those decisions affect the broader economy. Goodman and Segovia then join Coyne to discuss their paper, “Unstable Peace in El Salvador,” coauthored with Abby Hall. Drawing on Boulding's framework, they examine how shifting expectations, beliefs, and “taboo lines” eroded the country's fragile peace, highlighting how strains such as land concentration, poverty, repression, and escalating violence contributed to the outbreak of civil war.Together, these conversations illustrate how Boulding's insights illuminate both the functioning of the modern military-industrial landscape and the complex processes through which societies move between peace and war. This is the third episode in a short series of episodes that will feature a collection of authors who contributed to the volume 1, issue 2 of the Markets & Society Journal or to a forthcoming special issue from The Review of Austrian Economics.Brigitta Jones is a PhD student in Economics at George Mason University. Her research interests include the welfare state of the United States.Dr. Nathan P. Goodman is a Senior Research Fellow and Senior Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. His research broadly focuses on political economy, public choice, market process economics, New Institutional Economics, and defense economics.Dr. Karla Segovia is a program manager for Research & Programs and a Research Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University, where she works on the Markets & Society conference and journal. She is also an adjunct professor at Northern Virginia Community College.Show Notes:Kenneth Boulding's book, Stable Peace (University of Texas Press, 1978)Kenneth Boulding's book, The Image: Knowledge in Life and Society (University of Michigan Press, 1956).U.S. Congressional Testimony by Kenneth Boulding (1969)**This episode was recorded October 27, 2025.If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.Check out our other podcast from the Hayek Program! Virtual Sentiments is a podcast in which political theorist Kristen Collins interviews scholars and practitioners grappling with pressing problems in political economy with an eye to the past. Subscribe today!Follow the Hayek Program on Twitter: @HayekProgramFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

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The Secular Individual - Independence Reimagined Chapter 12 | Bitcoin Infinity Academy #27

Play Episode Listen Later Dec 4, 2025 49:18

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 12: The Secular Individual Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-12-the-secular-individual Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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Dr. Mark Thornton: Early Innings for Gold, Silver Manipulation, Black Swans & Failing Markets

Palisade Radio

Play Episode Listen Later Dec 2, 2025 58:19

Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. The discussion centers on the current state of precious metals, monetary policy, and economic systems, with a particular focus on gold and silver’s role in the global financial landscape. Thornton argues that gold is fundamentally money, and governments have only recently forced their way into replacing commodity money with fiat currency. He suggests that the current precious metals market is still in its early stages, with central bank buying and distrust in the US dollar driving significant interest. The gold and silver markets are experiencing growing pains, with increasing investor attention and potential for further price appreciation. The conversation delves into the fundamental differences between Austrian and Keynesian economics. Thornton criticizes Keynesian economics as a state-controlled ideology that promotes government spending and manipulates interest rates, whereas Austrian economics advocates for market-driven monetary systems and private property rights. He highlights how central bank policies create economic bubbles and exacerbate wealth inequality by favoring asset-rich individuals. Thornton sees potential for a significant monetary transformation, potentially triggered by the current precious metals bull market. He believes the collision between Western and Eastern financial markets, coupled with the rise of cryptocurrencies, could lead to a fundamental restructuring of monetary systems. The possibility of a return to a gold standard or a gold-backed settlement currency is discussed as a potential future scenario. The economist also warns about potential economic bubbles in artificial intelligence and private equity, arguing that the Federal Reserve’s monetary policies have created unsustainable conditions across various sectors. He believes that while central banks have been able to temporarily extend economic cycles, their power is not infinite, and a significant market correction is inevitable. Thornton concludes by emphasizing the importance of understanding Austrian economic principles and encourages listeners to explore the works of economists like Friedrich Hayek to gain deeper insights into monetary systems and economic dynamics. Timestamps: 00:00:00 – Introduction 00:01:19 – Gold as Money 00:04:21 – Central Bank Distrust 00:05:52 – Bull Run Early Stages 00:09:35 – Historical Parallels 1980s 00:14:15 – Return to Gold Standard 00:18:16 – Bond Markets Unraveling 00:24:07 – Austrian vs Keynesian Economics 00:31:19 – Flexible Inflation Targeting 00:33:53 – Silver Monetary Role 00:45:46 – AI Private Equity Bubbles 00:51:11 – Future Recession Outlook 00:55:41 – Concluding Thoughts Guest Links: Website: https://mises.org X: https://x.com/DrMarkThornton E-Mail: mailto:mthornton@mises.org YouTube: https://www.youtube.com/results?search_query=mark+thornton+minor+issues Book-Hayek: https://mises.org/library/book/hayek-21st-century-essays-political-economy Dr. Mark Thornton is a Senior Fellow at the Mises Institute and formerly held the Peterson-Luddy Chair in Austrian Economics. He hosts the podcasts Minor Issues and Unanimity and is Book Review Editor of the Quarterly Journal of Austrian Economics. His books include The Economics of Prohibition, Tariffs, Blockades, and Inflation, The Bastiat Collection, and The Skyscraper Curse. He has served on multiple editorial boards, taught economics at several universities, and worked as Assistant Superintendent of Banking and adviser to Alabama Governor Fob James. He holds degrees from St. Bonaventure University and Auburn University and has debated the “War on Drugs” at the Oxford Union. Dr. Thornton has been featured in major outlets such as The Economist, Forbes, New York Times, Wall Street Journal, and USA Today, along with numerous international and regional newspapers. His commentary appears regularly on the Mises Institute's platforms and on programs such as Boom-Bust, the Tom Woods Show, and the Scott Horton Show.

Economics Has Lost Touch with Reality (Part 1) - Steve Keen & Bob Murphy, DemystifySci #384

Demystifying Science

Play Episode Listen Later Nov 30, 2025 82:16

Today's episode opens with a quiet charge, Murphy & Keen circling the walls of money to see what's solid and what's only painted there. Our two very different economists argue over whether banks summon credit from nothing or simply pass along what was saved, each holding a different candle to the same dark machinery. As the conversation rolls, the familiar ghosts of failed forecasts and brittle theories drift about, reminding us how easily economics slips away from the world it tries to explain. By the end, it feels like a steady march through the uneasy heart of the financial system. Still human, still searching, still trying to make sense of the noise. Stay tuned for part two in the coming weeks...PATREON https://www.patreon.com/c/demystifysciPARADIGM DRIFThttps://demystifysci.com/paradigm-drift-showHOMEBREW MUSIC - Check out our new album!Hard Copies (Vinyl): FREE SHIPPING https://demystifysci-shop.fourthwall.com/products/vinyl-lp-secretary-of-nature-everything-is-so-good-hereStreaming:https://secretaryofnature.bandcamp.com/album/everything-is-so-good-here00:00 Go! 00:07:00 Understanding Heterodox Economics00:11:00 Austrian Economics vs. Neoclassical Approaches00:15:00 The Concept of Equilibrium in Economics00:19:00 Complexity Theory & Economic Modeling00:20:12 Critique of Neoclassical Economics00:22:43 Historical Context of Economic Predictions00:25:03 Keynesian vs. Post-Keynesian Economics00:30:12 Influence of Economists in Power Dynamics00:36:40 Economic Models & Crisis Predictions00:38:20 Economic Interests in Crises00:39:56 The Religion of Economic Theories00:44:49 Consequences of Economic Beliefs00:50:10 The Oversight of Banks in Economic Models00:54:32 Challenges of Economic Experimentation00:56:13 Rival Schools of Economic Thought00:57:00 Cycles in Economic Systems01:00:01 Dynamics of Boom and Bust01:02:15 Role of Interest Rates & Money Creation01:05:32 Understanding Fractional Reserve Banking01:11:28 Complexity of Banking & Reserves01:15:03 Dynamics of Banking & Credit Management01:17:50 Critique of Central Banking & the Role of Reserves01:19:54 Reevaluating Economic Models & Banking01:20:50 The Importance of Reserves in Financial Discussions #economics, #macroeconomics, #banking, #economiccrisis , #austrianeconomics , #keynesianeconomics , #complexitytheory, #financialmarkets , #economicpolicy, #monetarypolicy , #financialsystem, #physicspodcast #philosophypodcast MERCH: Rock some DemystifySci gear : https://demystifysci-shop.fourthwall.com/AMAZON: Do your shopping through this link: https://amzn.to/3YyoT98DONATE: https://bit.ly/3wkPqaDSUBSTACK: https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci RSS: https://anchor.fm/s/2be66934/podcast/rssMAILING LIST: https://bit.ly/3v3kz2S SOCIAL: - Discord: https://discord.gg/MJzKT8CQub- Facebook: https://www.facebook.com/groups/DemystifySci- Instagram: https://www.instagram.com/DemystifySci/- Twitter: https://twitter.com/DemystifySciMUSIC: -Shilo Delay: https://g.co/kgs/oty671

The One Shot Principle - Independence Reimagined Chapter 11 | Bitcoin Infinity Academy #26

Play Episode Listen Later Nov 27, 2025 46:05

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 11: The One Shot Principle Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-11-the-one-shot-principle Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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Protection from What - Independence Reimagined Chapter 10 | Bitcoin Infinity Academy #25

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Play Episode Listen Later Nov 20, 2025 42:42

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 10: Protection from What? Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-10-protection-from-what Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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83: Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," includ

The John Batchelor Show

Play Episode Listen Later Nov 13, 2025 7:59

Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," including rent and price controls. Mises argued these policies distort markets, leading to shortages and inefficiency. Binder emphasizes Mises's belief that economic literacy is a primary civic duty necessary for citizens to reject socialism and interventionist panaceas, especially as new generations are exposed to such ideas. 1940

83: Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," includ

The John Batchelor Show

Play Episode Listen Later Nov 13, 2025 11:46

government economics opposition highlighting free markets binder mises ludwig von mises austrian economics austrian school interventionism

Mainstream Mediocrity - Independence Reimagined Chapter 9 | Bitcoin Infinity Academy #24

Play Episode Listen Later Nov 13, 2025 36:08

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 9: Mainstream Mediocrity Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-9-mainstream-mediocrity Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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Perspectives on Peace – Kenneth Boulding and the Everyday Practice of Peace

Play Episode Listen Later Nov 12, 2025 87:34

On this episode, Chris Coyne speaks with Michael Romero, Mikayla Novak, and Anna Claire Flowers about the enduring influence of Kenneth Boulding on how we understand peace and cooperation. Romero discusses his paper “Markets as a Peace Lab,” coauthored with Virgil Storr, which explains how markets act as spaces where individuals cultivate trust, empathy, and peaceful exchange. Novak joins to discuss her paper “Kenneth Boulding's The Image: A Cognitive Basis for Peace Entrepreneurship,” connecting Boulding's insights on human cognition to the creative work of fostering peace. In the final part of the episode, Coyne and Flowers reflect on their coauthored paper “The Family and the Stable Peace,” highlighting how the family serves as a training ground for the habits and relationships that sustain cooperation. Together, these conversations show how Boulding's vision of peace continues to shape research on economics, society, and human flourishing.This is the second episode in a short series of episodes that will feature a collection of authors who contributed to the volume 1, issue 2 of the Markets & Society Journal or to a forthcoming special issue from The Review of Austrian Economics.Dr. Michael R. Romero is Professor of Economics and Business at Thales College. Previously, he was an associate program director for Academic & Student Programs and a Research Fellow for the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. He is an alum of the Mercatus PhD Fellowship.Dr. Mikayla Novak is a Senior Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center at George Mason University. She is a contributing editorial board member of Cosmos + Taxis and recently was the editor of Liberal Emancipation: Explorations in Political and Social Economy (Springer Nature, 2025).Anna Claire Flowers is a PhD student in Economics at George Mason University and is currently a fellow in the Mercatus PhD Fellowship. Her research interests include family economics, in particular the economic significance of family relationships and the economic factors that influence family decision-making.Show Notes:Kenneth Boulding's book, Stable Peace (University of Texas Press, 1978)Kenneth Boulding's book, The Image: Knowledge in Life and Society (University of Michigan Press, 1956).Elise Boulding's book, Cultures of Peace (Syracuse University Press, 2000)Learning for Peace Initiative | United Nations Children's FundThe Review of Austrian EconomicsF.A. Hayek's book, The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology (The University of Chicago Press, 1952)Gerald P. O'Driscoll and Mario Rizzo's book, The Economics of Time and Ignorance (Routledge, 1996)Israel Kirzner's book, The Meaning of the Market Process: Essays in the Development of Modern Austrian Economics (Routledge, 1992)If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.Check out our other podcast from the Hayek Program! Virtual Sentiments is a podcast in which political theorist Kristen Collins interviews scholars and practitioners grappling with pressing problems in political economy with an eye to the past. Subscribe today!Follow the Hayek Program on Twitter: @HayekProgramFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

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Violence and Silence - Independence Reimagined Chapter 8 | Bitcoin Infinity Academy #23

Swan Signal - A Bitcoin Podcast

Play Episode Listen Later Nov 6, 2025 50:46

This episode of the Bitcoin Infinity Academy cover Bitcoin: Independence Reimagined Chapter 8: Violence and Silence Read the chapter on Nostr: https://primal.net/infinity/independence-reimagined-chapter-8-violence-and-silence Join the academy at our Geyser page: https://geyser.fund/project/infinity The Bitcoin Infinity Academy is an educational project built around Knut Svanholm's books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter's ideas. You can join the discussions by signing up for one of the courses on our Geyser page! Connect with Us: https://www.bitcoininfinityshow.com/ https://bitcoininfinitystore.com https://primal.net/infinity https://primal.net/knut https://primal.net/luke https://twitter.com/BtcInfinityShow https://twitter.com/knutsvanholm https://twitter.com/lukedewolf

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Inside the Mind of Satoshi with Phil Champagne

Play Episode Listen Later Oct 30, 2025 61:28

Celebrating White Paper Day Eve, the 17th anniversary of the Bitcoin white paperGuest Phil Champagne discusses the second edition of The Book of Satoshi, which now includes newly released private email exchanges from early Bitcoin contributors revealed through the COPA v. Craig Wright lawsuitChampagne explains how these emails deepen our understanding of Satoshi Nakamoto's thinking and confirm that Bitcoin's creator was likely a single individual, not a teamInsights into Satoshi's mindset, motivations, and Austrian economics background—his aim to build a decentralized monetary system free from third partiesDiscussion of Bitcoin's early forum culture, featuring figures like Hal Finney, Gavin Andresen, Martti Malmi, and James DonaldPhil recalls Satoshi's elegant defense of Bitcoin as “digital gold that can be transmitted electronically,” countering Peter Schiff's criticisms before they existedA deep dive into Satoshi's genius in solving the Byzantine Generals Problem and inventing the difficulty adjustment, enabling digital scarcityChampagne reflects on the importance of Satoshi disappearing, decentralizing Bitcoin's ownership and ensuring its neutralityThe hosts discuss how early skepticism and problem-solving exchanges shaped Bitcoin's robust designClosing thoughts on Bitcoin's evolution—Layer 2, privacy, and the belief that today's challenges will be solved just as the “impossible” Byzantine problem once was Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private. Put Bitcoin into your IRA and own your future. Check out swan.com/ira.Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.

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Perspectives on Peace — Peter Boettke on the Life and Legacy of Kenneth E. Boulding