Podcasts about Hayek

Murray N. Rothbard was a system builder in the mode of Ludwig von Mises, Frank H. Knight, and F. A. Hayek. Social, economic, and political problems are intertwined and complex and require a grand theory to address them. For Rothbard, the unifying theme of social theory was liberty.Original article in The Misesian: https://mises.org/misesian/murray-n-rothbard-toward-science-liberty

Kohei Saito, Christoph Sorg and Jan Groos discuss democratic planning in the 21st century.  Future Histories LIVE. This episode is part of the ‘Future Histories LIVE' format. For this, individual episodes are recorded live – that is, in front of an audience – at irregular intervals. This episode is the live recording of a book launch and discussion event that took place on June 11, 2026 at the NACHTASYL Hamburg:  https://www.thalia-theater.de/de/stuecke/creative-construction-and-the-struggle-over-progress-democratic-planning-in-the-21st-century/361 The video recording of the event can be found on our Youtube-Channel:  https://www.youtube.com/channel/UCfRFz38oh9RH73-pWcME6yw Shownotes  Sorg, C. & Groos, J. (2026). Creative Construction. Demokratische Planung im 21. Jahrhundert. Brumaire.  https://brumaireverlag.myshopify.com/products/creative-construction Saito, K. (2026). Am Ende des Fortschritts. Überleben in den Ruinen des Kapitalismus. dtv. https://www.dtv.de/buch/am-ende-des-fortschritts-28534 NACHTASYL Hamburg and Thalia Theater:  http://nachtasyl.de/ https://www.thalia-theater.de/de on Friedrich von Hayek:   https://geschichte.univie.ac.at/de/personen/friedrich-august-von-hayek Saito, K. (2023). Systemsturz. dtv.     https://www.dtv.de/buch/systemsturz-28369 Cédric Durand at the University of Geneva:  https://www.unige.ch/sciences-societe/dehes/membres/cedric-durand Philipp Staab at Humboldt University Berlin:  https://www.sowi.hu-berlin.de/de/lehrbereiche/zukunftarbeit/mitarbeiter_innen/pstaab Jacob Blumenfeld with Critical Theory in Berlin:  https://criticaltheoryinberlin.de/people/jacob-blumenfeld/ on the Dark Enlightenment (or Neo-Reactionary) movement:  https://en.wikipedia.org/wiki/Dark_Enlightenment https://www.populismstudies.org/Vocabulary/dark-enlightenment/ Curtis Yarvin coined the term as Blogger under the pseudonym Mencius Moldbug:  https://en.wikipedia.org/wiki/Curtis_Yarvin Nick Land summarised Yarvin's theories in a book:  https://en.wikipedia.org/wiki/Nick_Land Linus Westheuser and ‘climate populism': https://linuswestheuser.com/ Westheuser, L. & Siebert, J. (2025). Warum wir Klimapopulismus brauchen. Surplus.   https://www.surplusmagazin.de/warum-wir-einen-klimapopulismus-brauchen/ For the chapters on ‘models' by Jakob Heyer, Stefan Meretz and Simon Sutterlütti see:  https://brumaireverlag.myshopify.com/products/creative-construction on Karl Polanyi:  International Karl Polanyi Institute (2019). Karl Polanyi. Life and Works of an Epochal Thinker. Falter.  https://www.karlpolanyisociety.com/ Benanav, A. (2025). Beyond Capitalism I-II. New Left Review.  https://newleftreview.org/issues/ii153/articles/aaron-benanav-beyond-capitalism-1 https://newleftreview.org/issues/ii154/articles/aaron-benanav-beyond-capitalism-2 Herrmann, U. (2024). Das Ende des Kapitalismus. Warum Wachstum und Klimaschutz nicht vereinbar sind – und wie wir in Zukunft leben werden. Kiepenheuer & Witsch.  https://www.kiwi-verlag.de/buch/ulrike-herrmann-das-ende-des-kapitalismus-9783462007015 Neckel, S. (2022). Infrastruktursozialismus: Die Bedeutung der Fundamentalökonomie. In Kapitalismus und Nachhaltigkeit (Ed. S. Neckel, P. Degens, S. Lenz). Campus.  https://www.researchgate.net/publication/362107108_Infrastruktursozialismus_Die_Bedeutung_der_Fundamentalokonomie on Claus Offe and the 'legitimation crisis': Offe, C. (1986). Strukturprobleme des kapitalistischen Staates: Aufsätze zur Politischen Soziologie. Suhrkamp. https://www.amazon.de/Strukturprobleme-kapitalistischen-Staates-Politischen-Soziologie/dp/3518105493 Krippner, G. R. (2012). Capitalizing on Crisis. The Political Origins of the Rise of Finance. Harvard University Press. https://www.hup.harvard.edu/books/9780674066199 Menon, N. (2024). Planning Democracy. How a Professor, an Institute, and an Idea Shaped India. Penguin India.   https://www.penguin.co.in/book/planning-democracy/ Blumenfeld, J. P. (2024). Managing Decline. Cured Quail (3).  https://www.academia.edu/121062536/Managing_Decline Mau, S. (2023). Mute Compulsion. A Marxist Theory of the Economic Power of Capital. Verso.  https://www.versobooks.com/products/2759-mute-compulsion?srsltid=AfmBOooxWbwMWcWT7UUqrlpAT2yXYPK6B5TSR59_IAoxYR_lp_wpSTgf Struwe, A. (2025). Totalität. Marx, Adorno und das Problem kritischer Gesellschaftstheorie. Verbrecher Verlag.  https://www.verbrecherverlag.de/shop/totalitaet/ on Nancy Fraser and the question on ‘demos' (exemplary):  Fraser, N. (2005). Reframing Justice in a Globalizing World. New Left Review.  https://newleftreview.org/issues/ii36/articles/nancy-fraser-reframing-justice-in-a-globalizing-world Rikap, C. (2025). A Progressive Roadmap for Expanding European Digital Sovereignty. Policy Brief. FEPS.  https://feps-europe.eu/publication/a-progressive-roadmap-for-expanding-european-digital-sovereignty/ Related Episodes of Future Histories S03E59 | Cédric Durand on Ecological Planning  https://www.futurehistories.today/episoden-blog/s03/e59-cedric-durand-on-ecological-planning/ S03E53 | Philipp Staab zur Systemkrise   https://www.futurehistories.today/episoden-blog/s03/e53-philipp-staab-zur-systemkrise/ S02E15 | Jakob Heyer zu Grundproblemen einer postkapitalistischen Produktionsweise (Teil 2) https://www.futurehistories.today/episoden-blog/s02/e15-jakob-heyer-zu-grundproblemen-einer-postkapitalistischen-produktionsweise-teil-2/ S02E14 | Jakob Heyer zu Grundproblemen einer postkapitalistischen Produktionsweise (Teil 1) https://www.futurehistories.today/episoden-blog/s02/e14-jakob-heyer-zu-grundproblemen-einer-postkapitalistischen-produktionsweise-teil-1/ S03E51 | Aaron Benanav - Beyond Capitalism II  https://www.futurehistories.today/episoden-blog/s03/e51-aaron-benanav-beyond-capitalism-ii/ S03E50 | Aaron Benanav - Beyond Capitalism I  https://www.futurehistories.today/episoden-blog/s03/e50-aaron-benanav-beyond-capitalism-i/ S02E58 | Søren Mau on Planning and Freedom https://www.futurehistories.today/episoden-blog/s02/e58-soren-mau-on-planning-and-freedom/   — Future Histories Contact & Support If you like Future Histories, please consider supporting us on Patreon: https://www.patreon.com/join/FutureHistories Contact: office@futurehistories.today Instagram: https://www.instagram.com/futurehpodcast/ Mastodon: https://mstdn.social/@FutureHistories English webpage: https://futurehistories-international.com   Episode Keywords #KoheiSaito, #ChristophSorg, #JanGroos, #Interview, #BookEvent, #FutureHistories, #Hamburg, #Planning, #Capitalism, #Socialism, #DarkSocialism, #Economics, #ClimateChange, #ClimateBreakdown, #Democracy, #BigTech, #WartimePlanning, #DemocraticPlanning, #State, #Collapse, #Market, #Investment, #Progress, #Future, #FutureHistoriesInternational    

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What Is Austrian Economics - And Why Every Serious Bitcoin Holder Eventually Goes Down This Rabbit Hole (Part 2)In 1984 Friedrich Hayek said the only way to get sound money back was to introduce something governments can't stop by some sly roundabout way. Bitcoin's first block was mined 25 years later.Part 2 connects the 150 year old Austrian Economics tradition directly to Bitcoin how Satoshi's design choices map onto ideas that were written before his parents were born, why Bitcoin solves the one thing gold couldn't, and what understanding all of this changes about how serious holders think about the asset they're sitting on.If you haven't listened to Part 1 yet start there first.In this episode:Why Satoshi's design is Austrian Economics in code the Genesis Block headline, the P2P Foundation post, and why the cypherpunks who built Bitcoin had been reading Hayek and Rothbard for decades before the whitepaper was publishedWhy gold lost in 1971 and how Bitcoin fixes the one fatal flaw that allowed governments to capture it including Roosevelt's 1933 gold confiscation and what it means for self custody todayWhat the Austrian concept of time preference actually changes about how you hold Bitcoin not whether to hold it, but the mental framework that makes holding through 70% drops feel completely differentIf this landed hit Follow on Apple Podcasts. Apple's algorithm ranks shows based on follows in the first 48 hours after an episode drops. It's how an independent show competes with shows that have been running for a decade. Three seconds. Costs nothing. Genuinely the most useful thing you can do.If you've got questions and don't really have anyone to talk to about Bitcoin...-- Book a free call: [LINK] -- Follow Myles on Instagram: [LINK] -- Check My Personal Website: [LINK]Most people around you - family, friends, colleagues - don't really get it yet. And the internet is full of hype merchants who just want your attention.Book a free call with Myles. It's a genuine conversation, not a sales pitch. No agenda, no pressure - just a calm 15 minutes to talk through where you are and how to think about this properly.You can a Book a call with Myles here with this link. No Sell. Totally free. Secure your Bitcoin properly I came across MicroSeed because I was looking for a simple way to back up a seed phrase properly. Something small, discreet, and durable without needing loads of extra kit. Most options felt overcomplicated or a bit clunky. This didn't.It's a solid, no-nonsense way to secure your Bitcoin and actually take self-custody seriously.If that's something you've been meaning to sort out, you can check out MicroSeed and use code MYLES for a discount from https://microseed.io/shop/Hit follow, so you never miss the latest in...

Der Mensch hat den Staat erschaffen – als Schutzinstrument, als Werkzeug, als Diener. Doch irgendwann hat sich das Verhältnis umgekehrt.In dieser Episode gehe ich der Frage nach, wie Macht entsteht, wie sie sich legitimiert und wie sie sich – Schritt für Schritt, meist unbemerkt – verselbständigt. Von den ersten Häuptlingen über die gottgesalbten Könige bis zum modernen Verwaltungsstaat: Die Mechanismen sind erstaunlich konstant. Nur die Verpackung wechselt.Und ich mache es konkret: Der Digital Services Act, der die Meinungsfreiheit unter dem Deckmantel des Schutzes einschränkt. Die Exit-Taxes in Deutschland, Frankreich und Kanada, die den Bürger zur Steuerquelle erklären. Die deutsche Wehrpflicht-Regelung, die Reisefreiheit als Genehmigungssache behandelt – verpackt im harmlosen Begriff "Karrierecenter".Das sind keine Verschwörungen. Das sind Fakten. Und sie zeigen eine Richtung.Locke, Nozick, Hayek, Hobbes, Nietzsche – sie alle haben diese Dynamik beschrieben. Nicht als Propheten, sondern als präzise Beobachter der menschlichen Natur. Ich greife ihre Argumente auf – aber ich halte sie an die Gegenwart.Die entscheidende Frage ist nicht, ob wir einen Staat brauchen. Wir brauchen ihn. Die Frage ist, ob wir noch wissen, dass wir ihn geschaffen haben – und dass wir ihn deshalb auch begrenzen können.https://www.muellermathias.ch/https://open.substack.com/pub/mathias801

El escritor liberal analiza el futuro de la región y desmonta los mitos totalitarios en su nueva obra, ‘Nazi-Comunismo'. Iberoamérica vive uno de sus momentos políticos más intensos y polarizados de las últimas décadas. Presidentes que generan pasiones globales, batallas ideológicas sin cuartel y países que oscilan entre el colapso y la transformación radical. Además, se suman las recientes elecciones en Colombia y en Perú, así como el fenómeno que causa el presidente argentino, Javier Milei. Esta semana, en Economía para Quedarte sin Amigos, contamos con Axel Kaiser, escritor, pensador liberal, abogado, profesor universitario y presidente de la Fundación para el Progreso de Chile, para analizar el mapa político del continente y presentar su libro Nazi-comunismo, publicado por Editorial Deusto, en el que defiende que nazismo y comunismo son dos caras de la misma moneda. Apoyándose en fuentes primarias, muchas de ellas solo disponibles en alemán, Kaiser argumenta que el nazismo y el marxismo-leninismo comparten cinco elementos esenciales. "La gente no va a poder creer cómo la identidad ideológica criminal del marxismo es la misma que tiene el nazismo", señala Kaiser, que también recuerda que los propios Mises y Hayek ya advirtieron de ello. Que el mismo Mussolini llevara una medalla de Karl Marx en el bolsillo durante años, o que Hitler tomara ideas directamente de Marx para incorporarlas a su matriz ideológica, son datos que el libro documenta con precisión y que explican por qué la descalificación fácil de "facho" sigue siendo una herramienta para cerrar debates.Música Esta semana, la protagonista de nuestra selección musical es el grupo hispano-argentino Los Rodríguez. Y estos son los temas que hemos escuchado: "Sin Documentos" "Para No Olvidar" "Mucho Mejor" "Dulce Condena"

Hayek's Warning We Ignored: Government Planning Doesn't Fix Economies Watch this video at- https://youtu.be/WxW7JRc414Y?si=KYnuRHH_Fst8VMHU John Stossel  and misesmedia 401,851 views Mar 24, 2026 Politicians say they can “fix” the economy. But economists Friedrich Hayek and Ludwig von Mises pointed out how government “fixes" lead to bigger problems. _ _ _ _ _ _ To make sure you receive weekly video from Stossel TV, sign up here: https://www.johnstossel.com/#subscrib... _ _ _ _ _ _ Hayek and Mises predicted the fall of the Soviet Union. They warned that centrally planned economies fail. But today, socialism is popular again. New York and Seattle have elected socialist mayors. Many politicians still believe that government can manage the economy—an idea popularized by economist John Maynard Keynes. Keynes was revered. Politicians love his arguments. But Hayek and Mises warned that government intervention leads to inflation, instability, and boom-bust cycles. They were right. Ryan McMaken of the Mises Institute ‪@misesmedia explains why we should read Hayek and Mises today.   Fear the Boom and Bust: Keynes vs. Hayek - The Original Economics Rap Battle! Watch this video at- https://youtu.be/d0nERTFo-Sk?si=ro3Ri4lyv4l8yqir Radical Discourse 8,838,188 views Jan 23, 2010 Subscribe to our channel:    / econstories   If you enjoyed this video, you should watch this one next:    • EconPop - The Economics of RoboCop   Produced by Emergent Order. Visit us at http://www.emergentorder.com. Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts. Explore more at http://EconStories.tv In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it. DOWNLOAD THE SONG in the highest quality possible here: https://itunes.apple.com/us/album/fea... Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site: http://www.billyandadam.com Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs.

In this episode, Alex speaks with Matt Zwolinski about whether markets are coercive, and why the answer is more complicated than either “markets are voluntary” or “capitalism is coercion.” They discuss Robert Hale's classic argument, the limits of standard libertarian responses, and why a better liberal defence of markets has to take real-world coercion seriously without treating all coercion as morally equal. References: Matt Zwolinski, “Are markets coercive?” Robert L. Hale, “Coercion and Distribution in a Supposedly Non-Coercive State” Thomas Nixon Carver, Principles of National Economy Sohrab Ahmari, Tyranny, Inc.: How Private Power Crushed American Liberty—and What to Do About It F. A. Hayek, The Constitution of Liberty Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support The Curious Task, visit: https://patreon.com/curioustask

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Two hundred and fifty years after Adam Smith published The Wealth of Nations, the economy looks very different from the world he described.Firms are bigger. Production is more centralized. AI and automation are changing what companies can do at scale. And yet markets still matter, perhaps more than ever, in deciding which firms rise, which fall, and how innovation spreads.In this episode of Central Questions, Stefan Ingves speaks with Yueran Ma, Professor of Finance at the University of Chicago Booth School of Business, about the rise of large corporations, the changing role of capital and labor, and what Adam Smith, Karl Marx, and Friedrich Hayek can still teach us about today's economy.They discuss why the largest firms now account for a growing share of output and assets, why employment has not concentrated in the same way, what AI could mean for productivity and inequality, and why financial markets may be crucial for spreading the gains from capital more broadly.Guest: Yueran Ma, Professor of Finance, University of Chicago Booth School of BusinessHost: Stefan Ingves, former Governor of the Riksbank and Senior Fellow at Swedish House of FinanceTopics: Adam Smith, Wealth of Nations, Yueran Ma, Stefan Ingves, Central Questions, Swedish House of Finance, large firms, corporations, AI, automation, capital deepening, productivity, corporate finance, economic growth, financial markets, capitalism, Karl Marx, Hayek, visible hand, invisible hand, firm concentration, monetary policy, innovation, Chicago Booth

Politicians say they can “fix” the economy.But economists Friedrich Hayek and Ludwig von Mises pointed out how government “fixes" lead to bigger problems.Hayek and Mises predicted the fall of the Soviet Union. They warned that centrally planned economies fail.But today, socialism is popular again. New York and Seattle have elected socialist mayors.Many politicians still believe that government can manage the economy—an idea popularized by economist John Maynard Keynes.Keynes was revered. Politicians love his arguments.But Hayek and Mises warned that government intervention leads to inflation, instability, and boom-bust cycles.They were right.In this podcast, Ryan McMaken of the Mises Institute explains why we should read Hayek and Mises today.

Er legt sich lieber mit Investoren an, statt Leute zu entlassen – und hat gemeinsam mit der Luxusmarke Audemars Piguet den wohl größten Hype der Uhren-Geschichte kreiert. Doch bevor Nick Hayek im OMR Podcast dazu kommt, zündet er erstmal genüsslich eine Zigarre an. Dann spricht der Swatch-Group-Chef über… ... die Royal-Pop-Kollaboration von Swatch und Audemars Piguet, Prügeleien vor den Stores und einen besorgten Anruf vom französischen Innenminister ... Konkurrenten von Rolex bis Apple – und warum er weder vor der Schweizer Luxusmarke noch vor der Smartwatch aus Cupertino Angst hat. ... seinen Knallhart-Kurs bei Promi-Geschenken: Ja, sogar VIPs müssen in den Swatch-Shop, wenn sie eine Uhr kaufen wollen ... Ach ja, eine eigene KI hat sein Unternehmen natürlich auch ausgetüftelt und der Chef von Marken wie Swatch, Omega und Tissot findet: Klappt besser als mit ChatGPT. Und falls du dich jetzt fragst: Hat der sie noch alle? Hör selbst…

How does a free, decentralized, volunteer-run encyclopedia produce something more trusted than nearly any for-profit institution? Luigi Zingales and Bethany McLean sit down with Wikipedia co-founder Jimmy Wales to explore how the platform organizes global knowledge.  The conversation unpacks how Wikipedia governs itself without a central authority, why consensus beats voting, and what the deliberate vagueness of its rules actually protects against. But is artificial intelligence a looming threat to this system? Wales questions whether these new technologies can actually verify truth without the human feedback loops that correct traditional platforms.  Can the community-driven approach of Wikipedia teach the broader business world how to survive an era of deep digital skepticism? Tune in to discover if spontaneous human order is truly the ultimate defense against an automated future. Connect with us:

The fiat money system has survived the Great Inflation, the global financial crisis, and a pandemic. But can it survive digital currencies?Bitcoin and the blockchain solved a genuine problem in computer science: how to stop people spending the same money twice. Forty years of successful inflation control means central bank money is stable; that is the stability in stablecoins, attempting to solve the volatility problem. What's next? What if the unit of account itself were indexed to consumer prices? Digitalisation might finally make that approach viable at scale. Price stability, by design.Will we still need cash? Maybe not now, But if you never use it, it may not be there if the blackout comes.The research behind this episode:Stracca, Livio. 2025. Redefining the Monetary Standard in the Digital Age: Digital Innovations and the Future of Monetary Policy. Springer Nature.To cite this episode:Phillips, Tim, and Livio Stracca. 2026. "Redefining the monetary standard." VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestLivio Stracca is Deputy Director General for International and European Relations at the European Central Bank, where he has worked for more than two decades. His research spans monetary economics, international finance, and the implications of digitalisation for central banking, with extensive work on exchange rates, capital flows, and the architecture of the international monetary system. Research cited in this episodeThe double-spend problem. The fundamental challenge in any decentralised digital payment system: how to prevent a participant from spending the same unit of money twice when there is no trusted central authority to verify transactions. Bitcoin's 2008 white paper offered an innovative solution by making the transaction ledger public, cumulative, and computationally expensive to rewrite. The trade-off is that transparency sacrifices privacy; every transaction is visible to all participants in the network.The blockchain. A distributed ledger in which transactions are grouped into sequential blocks, each cryptographically linked to the one before. Reversing any transaction requires rewriting every subsequent block, which demands enormous computational effort. This design solves the double-spend problem in a decentralised network but makes the system slow and costly to operate at scale.The payment trilemma. A framework discussed in the episode and in Stracca's book: any digital payment system can optimise for at most two of three properties simultaneously (universal access, security against fraudulent transactions, and privacy). Cash is the only instrument that escapes the trilemma; digital systems must accept a trade-off among the three, and the choice is often made implicitly by the designer of the system rather than through democratic deliberation.Hayek, Friedrich A. 1976. Denationalisation of Money. London: Institute of Economic Affairs. The classic argument for currency competition: let currencies compete freely and the one providing the most stable prices will win. Economists, including Milton Friedman, largely rejected the proposal on the grounds that money exhibits strong network externalities; the more people use a currency, the more attractive it becomes to the next user, producing a natural tendency towards monopoly. A formal modern revisitation, finding similar conclusions, is Fernández-Villaverde, Jesús, and Daniel Sanches. 2019. "Can Currency Competition Work?" Journal of Political Economy 127 (3): 1017 to 1058.Irving Fisher's compensated dollar. A proposal published in Fisher, Irving. 1913. "A Compensated Dollar." Quarterly Journal of Economics 27 (2): 213–235 (the same year the Federal Reserve was created). Fisher argued for a dollar whose purchasing power was held constant by adjusting its gold content in line with prices. The mechanical details of his proposal are no longer relevant, but its animating idea (indexing the unit of account to a price level) has gained new plausibility in a digital context.The Unidad de Fomento. Chile's inflation-indexed unit of account, in operation since 1967 and updated daily against the consumer price index. It is used widely in long-term contracts, including mortgages, and functions as a security that can be traded. Stracca cites it as evidence that an indexed monetary standard is operationally feasible, and as a prototype for what a digital equivalent might look like at larger scale.The Great Moderation. The period of low and stable inflation in advanced economies running roughly from the mid-1980s until the inflation episode of 2021 to 2023. Economists attribute it to improved monetary policy frameworks, particularly central bank independence, inflation targeting, and (crucially, in Stracca's account) the introduction of interest on reserves, which gave central banks precise control over the short-term interest rate without draining liquidity. Stracca treats the Great Moderation as the benchmark against which any proposed reform of the monetary standard must be judged.Programmable money. A form of digital money in which payment is conditional on an independently verifiable event, potentially confirmed by a machine rather than a human intermediary. Example: a payment that executes automatically when a delivery is confirmed by a sensor. Decentralised ledgers make such conditional payments technically straightforward; traditional banking systems can approximate them but with far greater friction. Stracca notes significant enthusiasm for programmable money but also real scepticism about whether the benefits outweigh the complexity in practice.More VoxTalks Economics episodesStablecoins and Global Imbalances, Gilles Moëc explains why we can think of stablecoins as a radical macroeconomic experiment that has arrived at exactly the moment the US external position is showing signs of stress.Can blockchain decentralise money, contracts, and finance? Bruno Biais on blockchain's potential, its flaws, and its future.Do stablecoins threaten financial stability? Richard Portes thinks so.

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Listen to the full episode In this contribution to an ongoing co-host conversation, Matthew argues that the liberal centre's habit of punching left is a historically conditioned class strategy. From FDR's New Deal—designed to inoculate capitalism against socialism—through Hayek, Buckley, the Birchers, Limbaugh, and the Obama-era "socialist medicine" smear, liberals have accepted the premises of Red Scare attacks, because doing so served their own interest in disciplining the actual left.  The result is a Ratchet Effect that pulls discourse perpetually rightward, and a narrowing of the Overton window to convert anticapitalist politics into psychological pathology.  When the liberal centre engineers conditions in which no structural challenge to capitalism is rational, it can caricature the resulting conflict as hysteria, cultishness, and immaturity. There's also a gendered dynamic going on here, in which the leftist is unreasonable, nitpicky, always demanding too much, focused on minutiae but also big feelings, and always missing the “big picture”. Sometimes the only real division between right wing and liberal responses to the left is the difference between outright hatred and resentful dismissal.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I am delighted to talk with Quinn Slobodian and Ben Tarnoff about their new book, Muskism: A Guide for the Perplexed. This is much more than a biography or popular account of Elon Musk, it is a radical analysis of a deeply disturbing, computational way of seeing the world.  We see a mind that is profoundly troubled by any contagion spreading into seemingly closed systems—it can take the form of racial others, transpeople, “woke” populations, or most generally and dismissively, “Non-Player-Characters.” We talk about the dangers this mindset and its manifestations have on democracy and the public sphere, and argue that what we should do is to “embrace the woke-mind virus as a counter-revolutionary act.”Quinn Slobodian is professor of international history at the Frederick S. Pardee School of Global Studies at Boston University. His books, which have been translated into ten languages, include Globalists: The End of Empire and the Birth of Neoliberalism, Crack-Up Capitalism: Market Radicals and the Dream of a World without Democracy, and Hayek's Bastards: Race, Gold, IQ and the Capitalism of the Far Right . His most recent book, co-authored with Ban Tarnoff, Muskism: A Guide for the Perplexed.  Slobodian is a Guggenheim Fellow for 2025-6; he has been an associate fellow at Chatham House and held residential fellowships at Harvard University and Free University Berlin. Project Syndicate put him on a list of 30 Forward Thinkers and Prospect UK named him one of the World's 25 Top Thinkers.Ben Tarnoff is a writer from Massachusetts. He is the co-author, with Quinn Slobodian, of Muskism: A Guide for the Perplexed.  

While he was never mentioned in West German economic textbooks, his name figured prominently in Commie East Germany. In one of these textbooks, you could also find some detailed criticisms of Western, so-called bourgeois economics and economists, among them Friedman and Hayek, but in particular also Mises, who was singled out as the most wrongheaded, dangerous, and detestable of them all.

The Neuroscience of Resilience: Building Pressure-Proof Leadership with Claire HayekIn a recent episode of The Thoughtful Entrepreneur Podcast, host Josh Elledge sat down with Claire Hayek, the founder of mspteambuilding.ca, neuro-leadership expert, and host of The Neuro Leadership Edge. Claire's unique approach to executive development centers on "mental fitness"—the specialized training required to rewire the brain for calm authority in high-stakes environments. This conversation serves as a strategic masterclass for founders and CEOs who find themselves reacting to the volatility of the market rather than leading through it, offering a neuroscience-backed roadmap for building resilient leadership systems that thrive under pressure.Neuro-Leadership: Shifting from Reactive Stress to Intentional AuthorityThe most significant barrier to effective leadership in high-pressure situations is the biological hardwiring of the human brain. Claire Hayek explains that when stakes are high, the amygdala—the brain's fight-or-flight center—often hijacks the prefrontal cortex, leading to knee-jerk reactions, indecision, or cultural erosion. Mental fitness is the practice of training the brain to override these survival instincts, allowing a leader to remain steady and decisive even when the organization is in crisis. By focusing on neuroplasticity, Claire helps executive teams move away from default stress responses and toward an internal "operating system" that models calm and inspires confidence across the entire workforce.To transition from "firefighting" to intentional authority, leaders must embrace "the power of the pause." Claire advocates for a simple yet transformative neuroscience-backed technique: taking a purposeful one-to-two-second pause followed by deep breathing when pressure mounts. This physical intervention signals the nervous system to shift brain activity back to executive functions, improving clarity and preventing the cultural fallout that occurs when a leader reacts poorly. This practice isn't just about personal composure; it is a strategic leadership tool that influences the collective emotional state of the room, realigning the team toward actionable next steps rather than dwelling on the weight of the stakes.Building a truly pressure-proof organization requires moving beyond traditional social icebreakers and into strategic team development. Claire utilizes hands-on tools like Lego Serious Play to help executive teams co-create protocols and commitments tailored to their unique organizational challenges. This process of co-creation ensures buy-in and alignment, turning resilience from an abstract concept into a repeatable habit. By investing in leadership systems that prioritize mental fitness and functional team building, organizations can avoid the invisible financial losses associated with executive hesitation and poor decision-making, ultimately creating a culture of trust that can weather any storm.About Claire HayekClaire Hayek is the Founder of Mind Soul Purpose (MSP) Team Building and a recognized expert in neuro-leadership. With a background in engineering and a deep fascination with the neuroscience of performance, Claire helps high-level executives and their teams develop the mental fitness required to lead through rapid change. She is the host of The Neuro Leadership Edge podcast and is dedicated to transforming corporate cultures through hands-on, strategic development programs.About MSP Team BuildingMSP Team Building is a leadership development firm that specializes in building resilient, functional teams for global organizations. Moving beyond superficial social events, the company uses science-backed methodologies to help executive teams design customized leadership operating systems. Through workshops, assessments, and ongoing coaching, MSP Team Building delivers a measurable ROI by improving decision-making, retention, and organizational innovation in high-pressure environments.Links Mentioned in This EpisodeMSP Team Building Official Website: mspteambuilding.caClaire Hayek on LinkedIn: linkedin.com/in/clairehayek/Key Episode HighlightsMental Health vs. Mental Fitness: Understanding why training your brain for performance is just as critical as maintaining your well-being.The Amygdala Hijack: How stress overrides rational decision-making and the neuroscience-backed ways to reclaim your prefrontal cortex.The Power of the Pause: A simple 1-2 second method to calm the nervous system and restore executive function during a crisis.Strategic Team Building: Moving beyond icebreakers to co-create leadership protocols that build real functional trust.The Cost of Hesitation: Identifying the invisible losses that occur when a leader freezes under pressure.ConclusionThe conversation with Claire Hayek highlights that leadership excellence is a byproduct of self-management under stress. By understanding the neuroscience of the brain and implementing intentional "mental fitness" practices, leaders can replace reactive chaos with calm authority, fostering a resilient team culture capable of navigating any business challenge.More from The Thoughtful Entrepreneur

On this episode of Virtual Sentiments, Kristen Collins speaks with Henry Farrell about AI, democracy, and political economy. Farrell argues that large language models are best understood not as emerging individual intelligences, but as “social technologies” that process and reorganize vast stores of human cultural information, much like markets, bureaucracies, and democracies process knowledge. The conversation explores deliberative democracy, civil society, Silicon Valley, AI regulation, and the risks of treating politics as an optimization problem. Farrell emphasizes the messiness of democratic life as essential to resisting authoritarianism and building a better future.Henry Farrell is the SNF Agora Professor of International Affairs at Johns Hopkins School of Advanced International Studies. He is the author of various books, including Underground Empire: How America Weaponized the World Economy (Henry Holt and Co., 2023) and Of Privacy and Power: The Transatlantic Fight over Freedom and Security (Princeton University Press, 2019), both coauthored with Abraham Newman, as well as The Political Economy of Trust: Institutions, Interests, and Inter-Firm Cooperation in Italy and Germany (Cambridge University Press, 2009).**This episode was recorded on January 7, 2026**Show Notes:Virtual Sentiments | State Capture and the Meaning of Democracy with Samuel BaggHenry Farrell's Substack, Programmable MutterHenry Farrell and Abraham Newman, The Enshittification of American Power (Wired, 2025)Henry Farrell and Hahrie Han, AI and Democratic Publics (Knight First Amendment Institute, 2025)Farrell, Gopnik, Shalizi, and Evans, Large AI models are cultural and social technologies (Science, 2025)Farrell, Mercier, and Schwartzberg, Analytical Democratic Theory: A Microfoundational Approach (APSR, 2022)Farrell, Where Trump is Vulnerable and How to Act on It (New York Times, 2025)Farrell, The Same Old Fantasies Behind AI and New Technology (Lawfare, 2025)Herbert A. Simon, The Sciences of the Artificial (The MIT Press, 1970)F.A. Hayek, The Use of Knowledge in Society (Liberty Fund, 2013)Cosma Shalizi, The Singularity in Our Past Light-Cone (Three-Toed Sloth, 2010)Andrew Lentini, Reimagining Democracy in the Age of AI (SNF Agora, 2024)Hugo Mercier and Dan Sperber, Why do humans reason? Arguments for an argumentative theory (BBS, 2011)North, Wallis, and Weingast, Violence and Social Orders (Cambridge University Press, 2009)Cory Doctorow, The Bezzle: A Martin Hench Novel (Tor Books, 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.Follow the Hayek Program on Twitter: @HayekProgramLearn more about Academic & Student ProgramsFollow the Mercatus Center on Twitter: @mercatus

Catherine Gu has always been at the center of the shift toward the decentralization of money, a transformation that was once theoretical but is now actively reshaping global financial markets through stablecoins and on-chain infrastructure.Inspired in part by Hayek's vision of competing private forms of money, Catherine's work sits at the intersection of that idea and its real-world implementation. As Head of Product for Digital Assets at the Solana Foundation, she is helping build what is increasingly viewed as the internet capital market, where speed, scale, and global access redefine how value moves. Before joining Solana, she was one of the earliest members of Visa's crypto team, where she spent years bridging traditional finance and blockchain and leading the development of tokenized asset infrastructure designed for financial institutions.In this conversation, Ari and Catherine trace that journey and explore what it means for the future of financial markets. We discuss why Solana has emerged as a critical platform for stablecoin activity, what it means to embed compliance and trust into infrastructure from the outset, and how performance, liquidity, and developer resilience are shaping the next phase of institutional adoption.This is no longer a debate about whether money will evolve. It is a conversation about how that evolution is being built in real time.

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler. Bob argues that the paper overlooks a crucial prior contribution: Mises' regression theorem, developed in The Theory of Money and Credit, which already solved the circularity problem in monetary theory that the paper claims required Mosler to resolve. Along the way, Bob also explains chartalism, Georgism, and Mises's explanation of the absolute price level.Related:Bob's Paper Critiquing Kevin Carson's Studies in Mutualist Political Economy: Mises.org/HAP548aGeorge Charles, “The Mosler-Cantillon-Menger Synthesis”: Mises.org/HAP548bMMT vs. Austrian School Debate: Mises.org/HAP548cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler. Bob argues that the paper overlooks a crucial prior contribution: Mises' regression theorem, developed in The Theory of Money and Credit, which already solved the circularity problem in monetary theory that the paper claims required Mosler to resolve. Along the way, Bob also explains chartalism, Georgism, and Mises's explanation of the absolute price level.Related:Bob's Paper Critiquing Kevin Carson's Studies in Mutualist Political Economy: Mises.org/HAP548aGeorge Charles, “The Mosler-Cantillon-Menger Synthesis”: Mises.org/HAP548bMMT vs. Austrian School Debate: Mises.org/HAP548cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Sometimes, even intellectual heavyweights like Jonah Goldberg can't make out what's going on on the other side of the aisle. Finding himself in need of an interpreter, Jonah turns to Atlantic columnist Tyler Austin Harper for a liberal-inflected look at Hasan Piker, the uses of Marxism, name-checking, human nature, the increasing appeal of the Butlerian Jihad, evolution, taboos, the failures of centrism, limits, and much, much more. Show Notes:—Last Remnant with Tyler Austin Harper—Time to Say Goodbye Pod—Jonah's Los Angeles Times column—Hayek's Bastards: Race, Gold, IQ, and the Capitalism of the Far Right—The United States of Paranoia: A Conspiracy Theory—Jonah's underrated second book—The Rest Is History—Britain in the 70s The Remnant is a production of ⁠The Dispatch⁠, a digital media company covering politics, policy, and culture from a non-partisan, conservative perspective. To access all of The Dispatch's offerings—including access to all of Jonah's G-File newsletters—⁠click here⁠. If you'd like to remove all ads from your podcast experience, consider becoming a premium Dispatch member ⁠by clicking here⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dom, ILL, and Q pull up on Desperado (1995) — Robert Rodriguez's stylish, gun-blazing sequel in the Mexico Trilogy.Starring Antonio Banderas as the legendary El Mariachi and Salma Hayek in her breakout role, this film delivers nonstop action, wild shootouts, and that signature Rodriguez flair.The crew breaks down:The over-the-top action and shootout scenesEl Mariachi as an action heroSalma Hayek's standout performanceThat slick 90s style and energyDoes Desperado still hit like a classic, or is it all style over substance? Tap in and see where the crew lands00:00:00 Non Desperado related00:26:59 Desperado review 01:02:11 Wrap up notes01:10:48 Next week Films

Everyone has an opinion about Elon Musk, who has carved out a uniquely powerful place for himself in the worlds of auto-making, space launch, social media  and even government. But beyond Musk the individual, what do his corporate maneuvers and embrace of authoritarian, anti-humanitarian and white supremacist ideologies tell us about the direction of our society? As Musk's high-stakes lawsuit against Open AI's Sam Altman begins in Oakland this week, we  talk to Ben Tarnoff and Quinn Slobodian about their new book, “Muskism: A Guide for the Perplexed.” Guests: Quinn Slobodian, professor of international history, Boston University; author, "Globalists," "Crack-Up Capitalism," "Hayek's Bastards." Ben Tarnoff, co-author, "Muskism: A Guide for the Perplexed;" author, "Internet for the People: The Fight for Our Digital Future" Learn more about your ad choices. Visit megaphone.fm/adchoices

Bob sits down with researcher Robert Aro to review his recent Mises.org article on why the widely anticipated post-QT crash never materialized. They trace the answer back to the Fed's reverse repo facility, which quietly injected trillions back into the financial system even as the official balance sheet was shrinking, and what the depletion of that buffer might mean for what comes next.Related:Robert's Power & Market Post, "Why the Crash Was Delayed": Mises.org/HAP547aBob's Article, “The Inverted Yield Curve and Recession”: Mises.org/HAP547bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob sits down with researcher Robert Aro to review his recent Mises.org article on why the widely anticipated post-QT crash never materialized. They trace the answer back to the Fed's reverse repo facility, which quietly injected trillions back into the financial system even as the official balance sheet was shrinking, and what the depletion of that buffer might mean for what comes next.Related:Robert's Power & Market Post, "Why the Crash Was Delayed": Mises.org/HAP547aBob's Article, “The Inverted Yield Curve and Recession”: Mises.org/HAP547bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob sits down with macro researcher Luke Gromen of Forest for the Trees to discuss the cascading supply chain consequences of a closed Strait of Hormuz. They also touch on why gold is already supplanting the dollar as the world's premier reserve asset, and what the surge in U.S. gold exports over the past five months tells us about where the global monetary order is heading.The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Dr. Mark Thornton, Senior Fellow at the Mises Institute and Austrian economist, returns to the show to deliver a sweeping macro warning rooted in Austrian business cycle theory. After 16 years of Fed-fueled boom, he argues we are somewhere in the middle of a cycle that ends in crisis. He unpacks the Cantillon Effect and its direct link to the K-shaped economy, explains why gold is both a canary in the coal mine and a personal financial fire extinguisher, and makes the case that the petrodollar is unraveling in real time — pushing us further down what he calls "the highway to hyperinflation." Despite the dark outlook, Dr. Thornton closes with genuine optimism: Austrian economics is experiencing a rebirth, and the bottom-up solutions it champions are resonating louder than ever.LinksX: https://x.com/DrMarkThorntonFree Hayek book: https://store.mises.org/Hayek-for-the-21st-Century-P11367.aspxMises Institute: https://mises.org/profile/mark-thorntonTimestamps: 0:00 Intro and welcome Dr. Mark Thornton 1:24 – 16 years of boom: What the Fed has really been doing 3:45 – The K-shaped economy and who's actually winning 6:32 – Where are we in the cycle? Signposts that worry him most 8:17 – Private equity, private credit & "sequestered capital" 10:20 – How Dr. Thornton discovered Austrian economics 7:57 – The Cantillon Effect explained: Who gets new money first 20:48 – The Skyscraper Index: Record buildings predict crises 23:25 – Bubbles, billionaires & trillion-dollar fortunes 25:23 – Federal Reserve outlook: Rate cuts off the table? 27:15 – Kevin Warsh, the Fed's "real mandate" & what they won't admit29:40 – Gold, silver & oil: What precious metals are telling us now 31:30 – Gold as a "canary in the coal mine" AND a "fire extinguisher" 37:02 – Are gold and silver going much higher from here? 38:24 – Why record stock markets are actually dangerous 40:45 – The highway to hyperinflation: Has anything changed? 44:46 – The end of the petrodollar and US reserve currency status 47:16 – BRICS, crypto & the unraveling of dollar dominance 49:39 – The Middle East war's hidden impact on food, fertilizer & global supply chains 53:46 – Where to find the Mises Institute & parting thoughts

Mises described the problem, Hayek proposed the direction, Kirzner explains why the market will not stop. And the market, as so many times before, has already found the first step.Original article: https://mises.org/mises-wire/ex-nihilo-no-more

Abdullah Hayek returns to give us an in-depth analysis of the Iran war. He breaks down the positions and goals of the three major players, the Lebanon side of the conflict, how the  conflict is affecting neighboring Arab states and the rest of the world, and how this conflict is likely to affect and change the Middle East in the months and years to come.   Side note: This episode was recorded on Monday, April 6th, before the ceasefire began.   Follow Abdullah's work on X: https://x.com/ahayek99?s=21&t=S8JoQpY3m4n6bFrTo8tLrg 00:00:00 Intro and where the war stands now 00:04:45 Why Iran wants to drag other nations in 00:09:30 How Gulf populations are reacting 00:12:45 The Strait of Hormuz strategy 00:18:30 Europe's angle and Ukraine leverage 00:23:30 What is America actually trying to do? 00:35:30 Why Israel expanded into Lebanon 00:42:15 Is there any path to peace? 00:48:15 Could Gulf states escalate the conflict? 00:55:00 Could Iranians rise up against the regime? 00:57:15 What liberty in the Middle East would really require Watch All Episodes: https://www.youtube.com/playlist?list=PLi78svKlBr_8o0dDOX8DxO_Wwxu6WYhhA Watch Host Favorites: https://www.youtube.com/playlist?list=PLi78svKlBr__Zu40RL7mWxCuOOe54zgy2

After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth.Related:Is Paying Down Government Debt Bad for the Economy?: Mises.org/HAP545aBob's Article, "Does History Show Government Debt Paydown Causes a Crash?": Mises.org/HAP545bThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Cody Cook welcomes Eamonn Butler, British economist and co-founder/director of the Adam Smith Institute, for a timely discussion marking the 250th anniversary of Adam Smith's seminal work, An Inquiry into the Nature and Causes of the Wealth of Nations (published March 9, 1776). Butler, author of primers on Hayek, Friedman, and Mises, shares insights from his work studying and promoting the ideas of Adam Smith.The conversation explores Smith's enduring legacy as the father of modern economics, rooted in the Scottish Enlightenment. Butler explains how The Theory of Moral Sentiments (Smith's earlier work on virtue, sympathy, empathy, and justice) underpins The Wealth of Nations, showing that self-interest in markets—when guided by moral foundations like trust and honesty—produces social harmony via the famous "invisible hand." Rather than benevolence alone, we get our bread from the baker's self-interest, yet this serves society beneficially.Smith's revolutionary ideas shine through: the division of labor (illustrated by his pin factory example boosting productivity dramatically), national wealth as productive capacity (not hoarded gold), the benefits of free trade, opposition to tariffs, monopolies, and mercantilism (which he saw as cronyism enriching the few at others' expense), and limited government to prevent corruption and rent-seeking.Butler also addresses common misconceptions: early capitalism Smith opposed slavery not just morally but economically, arguing it stifles incentives and efficiency. He contrasts this with critics like Thomas Carlyle, who dubbed economics the "dismal science" in defense of hierarchy and authoritarianism. The episode tackles modern critiques from both left and "new right," defending self-interest (prudent and long-term) against charges of short-sighted selfishness, and refuting claims that markets idolize materialism or erode meaning—pointing to how prosperity enables philanthropy, education, leisure, and cultural flourishing.Smith's framework rejects the "man of system" (central planners treating people like chess pieces), favoring emergent order from individual actions under justice. Butler highlights real-world successes: globalization and market liberalization since the 1990s have nearly eradicated extreme poverty for billions, far outperforming decades of socialism.The discussion ties Smith's ideas to Christian liberty, noting his deistic leanings, regular churchgoing, and emphasis on virtue. It compares the 1776 publications: The Wealth of Nations (providing a blueprint for prosperity and freedom) vs. the Declaration of Independence (asserting independence), with Butler arguing Smith's work has greater long-term impact on liberty.This episode offers a refreshing, faith-informed defense of free markets, countering cronyism and statism while celebrating Smith's vision of human flourishing through competition, trust, and voluntary exchange. Perfect for libertarians, Christians, and anyone interested in economics' moral foundations—especially timely in 2026.Links:The Adam Smith InstituteThe Wealth of NationsThe Theory of Moral SentimentsAudio Production by Podsworth Media - https://podsworth.com Use code LCI50 for 50% off your first order at Podsworth.com to clean up your voice recordings and also support LCI!Full Podsworth Ad Read BEFORE & AFTER processing:https://youtu.be/vbsOEODpQGs  ★ Support this podcast ★

This week, Bob explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this phenomenon is the foundation on which the entire Austrian theory of the business cycle is built.Related:Richard Cantillon, An Essay on Economic Theory: Mises.org/HAP544aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing could finally make central planning viable.Related:Bob's Article, "Socialism: The Calculation Problem Is Not the Knowledge Problem": Mises.org/HAP543aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing could finally make central planning viable.Related:Bob's Article, "Socialism: The Calculation Problem Is Not the Knowledge Problem": Mises.org/HAP543aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Hayek and Mises warned that centrally planned economies fail, and that intervention breeds inflation, instability, and boom-bust cycles. Yet socialism is trendy again, and politicians still think they can “manage” the economy. Ryan McMaken joins John Stossel to explain why Hayek and Mises matter now.

In memory of Roger Garrison, Bob walks through Garrison's famous capital-based macroeconomics diagrams, showing how they translate the Mises-Hayek theory of the boom-bust cycle into the language of modern macroeconomics.Related:Roger Garrison, The Austrian Theory of the Business Cycle: Mises.org/HAP542aRoger Garrison, Austrian Macroeconomics: A Diagrammatical Exposition: Mises.org/HAP542bThe Diagrams Referenced in the Podcast: Mises.org/HAP542cDr. Garrison's PowerPoints: Mises.org/HAP542dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

In memory of Roger Garrison, Bob walks through Garrison's famous capital-based macroeconomics diagrams, showing how they translate the Mises-Hayek theory of the boom-bust cycle into the language of modern macroeconomics.Related:Roger Garrison, The Austrian Theory of the Business Cycle: Mises.org/HAP542aRoger Garrison, Austrian Macroeconomics: A Diagrammatical Exposition: Mises.org/HAP542bThe Diagrams Referenced in the Podcast: Mises.org/HAP542cDr. Garrison's PowerPoints: Mises.org/HAP542dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

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.

Not since the Marquis de Lafayette's triumphant 1824 tour of the United States has a return been more welcome than Yuval Levin's to The Remnant. After greeting our patriot hero with laurels and kisses, Jonah Goldberg sets Yuval up for a philosophical tour de force, covering the president's war powers, cultural and institutional change, education in republicanism, the effects of new technology on our Constitutional order, the Scottish Enlightenment, rationalism vs. reason, Hayek vs. Burke, and the new right in the post-Trump world. Show Notes:—Yuval's book, American Covenant—AEI's First Branch Society—Allen Guelzo on The Remnant—Register for LSU's 2026 John Breaux Symposium The Remnant is a production of ⁠The Dispatch⁠, a digital media company covering politics, policy, and culture from a non-partisan, conservative perspective. To access all of The Dispatch's offerings—including access to all of Jonah's G-File newsletters—⁠click here⁠. If you'd like to remove all ads from your podcast experience, consider becoming a premium Dispatch member ⁠by clicking here⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Alex speaks with Nick Cowan about why an “examined education” is better than an unexamined one. Drawing on his paper, Nick argues that exams are valuable not just as external assessments but as opportunities for students to test themselves, build confidence, develop resilience, and discover what they actually know rather than what they merely think they know. References “An Examined Education” — Nick Cowan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6261178 The Theory of Moral Sentiments — Adam Smith https://a.co/d/0iSQvp4l “Why I Am Not a Conservative” — F. A. Hayek https://press.uchicago.edu/books/excerpt/2011/hayek_constitution.html Graduate premium in the UK and debates over higher education quality https://theskillsagenda.substack.com/p/a-declining-graduate-premium Thanks to Our Patrons Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support The Curious Task, visit: https://patreon.com/curioustask  

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...

Ever since Leo Strauss published his magnum opus Natural Right and History, which ends by heavily implying Edmund Burke opened the door for the evils of historicism in the modern world, a great fissure in conservative nerddom erupted between those who align with either titan. Were Strauss' criticism of Burke warranted? Did Burke disavow natural rights and pave the way for the evils of authoritarianism, fascism, Marxism, and progressivism to come? Does a careful, esoteric reading of Natural Right and History reveal the Strauss secret family chili recipe? Saving Elephants has assembled an all-star panel to answer these questions and more.   Representing Edmund Burke: Dr. Gregory Collins is one of the most celebrated Burke scholars of the rising generation. He is a Lecturer in the Department of Political Science and Program on Ethics, Politics, and Economics at Yale University. He recently received the Buckley Institute's 2024 Lux and Veritas Faculty Prize. His first book, Commerce and Manners in Edmund Burke's Political Economy, examined Edmund Burke's understanding of the connection between markets and morals. Greg has also published articles on Adam Smith, F.A. Hayek, Frederick Douglass, Eric Voegelin, Leo Strauss, and Britain's East India Company. His additional writings and book reviews can be found in Modern Age, Law & Liberty, National Affairs, National Review, and University Bookman.  You can follow Greg on Twitter @GregCollins111   Lauren Hall is an author and professor helping people combat overwhelm in an age of extremes. Her writing rejects binary and black-and-white thinking to help people lead more balanced lives, build stronger relationships, and restore individual and civic well-being. Hall is a 2024 Pluralism Fellow with the Mercatus Center's Program on Pluralism and Civil Exchange and serves on the Board of Advisors for the Prohuman Foundation. Her Substack and speaking spread the message of radical moderation to new audiences via public writing, speaking, and podcast interviews. Hall has presented her work on radical moderation at conferences including the Heterodox Academy Conference, the State Policy Network Conference, the Mercatus Center's Pluralism Summit, and various political science and related conferences and has a range of talks and podcast interviews available on radical moderation and other topics. In her "real" job, she is a Professor of Political Science and Associate Dean of Academic Affairs at the Rochester Institute of Technology (RIT) and author of the books Family and the Politics of Moderation (Baylor U. Press, 2014) and The Medicalization of Birth and Death (Johns Hopkins U. Press, 2019). Hall has a PhD in Political Science from Northern Illinois University (2007) and a BA in Philosophy from Binghamton University (2002).   Representing Strauss: Steven F. Hayward is a fellow of the Public Law and Policy Program at Berkeley Law and visiting professor in School of Public Policy at Pepperdine University. Steven frequently writes on a wide range of current topics, including environmentalism, law, economics, and public policy for publications including National Review, Reason, The Weekly Standard, The American Spectator, The Public Interest, the Claremont Review of Books, and the Policy Review at the Hoover Institution.  His newspaper articles have appeared in the New York Times, Washington Post, The Wall Street Journal, the San Francisco Chronicle, the Chicago Tribune, and dozens of other daily newspapers. He is the author of a two-volume narrative history of Ronald Reagan and his effect on American political life, The Age of Reagan: The Fall of the Old Liberal Order, 1964-1980, and The Age of Reagan: The Conservative Counter-Revolution, 1980-1989.  His other books include Index of Leading Environmental Indicators; The Almanac of Environmental Trends; Mere Environmentalism: A Biblical Perspective on Humans and the Natural World, Churchill on Leadership; Greatness: Reagan, Churchill, and the Making of Extraordinary Leaders; Patriotism Is Not Enough; and M. Stanton Evans: Conservative Wit, Apostle of Freedom. Steven has also served as visiting fellow professor, scholar, or lecturer at the Intercollegiate Studies Institute (ISI), Ashland University, Mont Pelerin Society, Pacific Research Institute, The Heritage Foundation, American Enterprise Institute, Georgetown University, The Fund for American Studies, and University of Colorado Boulder. His blog, powerlineblog.com, is one of the nation's most-read political websites.   The international woman of mystery, Lucretia, teaches at the University of Arizona.  Steve and Lucretia—along with John Yoo—host the 3 Whiskey Happy Hour podcast.  

In this episode, Salim S. Hayek, MD, Chair for the Department of Internal Medicine and Chief Transformation Officer, UTMB, discusses how AI driven referral triage and operational redesign can reduce administrative burden and improve patient access. He also shares how health systems can build strong foundations for growth amid financial pressure and regulatory uncertainty.

On the latest episode of Minor Issues, Mark Thornton tackles the “Austrians don't care about the poor” smear, arguing that Austrian monetary theory is designed to explain how political elites rig the system against working people. From Cantillon's original gold mine thought experiment to today's Fed-driven credit expansion, Mark explains how cheap money concentrates wealth and fuels the “K-shaped” economy, while a market-based monetary system would sharply limit this dynamic and restore more durable wage growth and stability.Additional Resources"Share of Net Worth Held by the Top 1%" (Federal Reserve Bank of St. Louis): https://mises.org/MI_168_Graph"Monetary Metals 101: How Gold and Silver Work in a Free Market" (Minor Issues, Episode 141) https://mises.org/MI_141"The K-Shaped Economy" (Minor Issues, Episode 150): https://mises.org/MI_151"Past Tense" (Minor Issues, Episode 83): https://mises.org/MI_83"The Fed vs. the Real Economy" (Minor Issues, Episode 58): https://mises.org/MI_58Order a free paperback copy of Hayek for the 21st Century by F. A. Hayek: https://mises.org/Hayek21Purchase a Minor Issues tumbler today! https://mises.org/MinorIssuesTumblerBe sure to follow Minor Issues at https://Mises.org/MinorIssues

In commemoration of Murray Rothbard's 100th birthday, Bob shares five “greatest hits” from Rothbard's economics, covering deficits vs. inflation, monopoly theory, excess capacity, the time structure of production, and his reconstruction of utility and welfare economics.Related:Rothbard, Making Economic Sense: Mises.org/HAP541aRothbard, "Toward a Reconstruction of Utility and Welfare Economics": Mises.org/HAP541bRothbard, Man, Economy, and State with Power and Market: Mises.org/HAP541cBob's Study Guide to Man, Economy, and State with Power and Market: Mises.org/HAP541dJoin the Mises Institute on Saturday, April 25 in San Diego, CA to discuss California's fall from grace. Today, it's known for high taxes, bureaucrats, and leftwing billionaires. Is this a warning to the rest of America? Register now at Mises.org/CAHAPThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob uses Trump's call to ban congressional insider trading as a springboard to explain why, from an Austro-libertarian perspective, insider trading and speculation could help markets work, while still justifying special rules for government employees.Related:Bob's Article "Is Insider Trading Really a Crime?": Mises.org/HAP540aThe Social Function of Stock Speculators: Mises.org/HAP540bThe Social Function of Futures Markets: Mises.org/HAP540cThe Social Function of Call and Put Options: Mises.org/HAP540dThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

This week, Bob 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