Podcasts about value and exchange

Dr. Jonathan Newman joins the Human Action Podcast to discuss his recent QJAE article disputing the claim that 'sticky prices' prevent markets from clearing--i.e., when the quantity supplied equals the quantity demanded. Dr. Newman applies Mises's “plain state of rest” to show that each voluntary exchange equates quantities supplied and demanded, so observed “stickiness” doesn't imply non-clearing markets."There Ain't No Such Thing as a Sticky Price": Mises.org/HAP525aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Dr. Jonathan Newman joins the Human Action Podcast to discuss his recent QJAE article disputing the claim that 'sticky prices' prevent markets from clearing--i.e., when the quantity supplied equals the quantity demanded. Dr. Newman applies Mises's “plain state of rest” to show that each voluntary exchange equates quantities supplied and demanded, so observed “stickiness” doesn't imply non-clearing markets."There Ain't No Such Thing as a Sticky Price": Mises.org/HAP525aThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Is paying down the federal debt a recession trigger? Bob takes on the MMT claim and checks the record, citing US debt payoffs, Canada's 1990s reforms, and ECB case studies. Conclusion: real wealth beats accounting tricks and paydowns aren't a mechanical path to recession.Read More on Fiscal Austerity: Mises.org/HAP524aThe Upside-Down World of MMT: Mises.org/HAP524bDo Balanced Budgets Cause Depressions?: Mises.org/HAP524cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Is paying down the federal debt a recession trigger? Bob takes on the MMT claim and checks the record, citing US debt payoffs, Canada's 1990s reforms, and ECB case studies. Conclusion: real wealth beats accounting tricks and paydowns aren't a mechanical path to recession.Read More on Fiscal Austerity: Mises.org/HAP524aThe Upside-Down World of MMT: Mises.org/HAP524bDo Balanced Budgets Cause Depressions?: Mises.org/HAP524cThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.Original article: https://mises.org/mises-wire/recipes-rothbard-what-chocolate-cake-can-teach-about-economics

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.Original article: https://mises.org/mises-wire/recipes-rothbard-what-chocolate-cake-can-teach-about-economics

Dr. Joe Salerno shows how market‑led falling prices spread growth gains even when nominal wages don't change. The takeaway: don't fear natural deflation—fear policies that target permanent inflation.Sponsored by Murray and Florence Sabrin.Recorded at the Mises Supporters Summit in Delray Beach, Florida, on October 17, 2025.

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

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

A yacht—like any good exchanged on the free market—represents countless value-maximizing exchanges and represents an industry that employs thousands of people to provide goods and services to others.Original article: https://mises.org/power-market/jeff-bezoss-yacht-driver-economic-activity

A yacht—like any good exchanged on the free market—represents countless value-maximizing exchanges and represents an industry that employs thousands of people to provide goods and services to others.Original article: https://mises.org/power-market/jeff-bezoss-yacht-driver-economic-activity

"The word praxeology can be used in two different ways. One is for a science of human action, as developed by Ludwig von Mises and his successors, principally Murray Rothbard. And the other is for the deductive method used in the science of human action."Recorded at the Mises Institute in Auburn, Alabama, on July 21, 2025.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Jeffrey Herbener explains how Austrian price theory reveals the logic of voluntary exchange and subjective value, and why market prices emerge not from production costs, but from personal preferences and economizing choices.Recorded at the Mises Institute in Auburn, Alabama, on July 21, 2025.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Bob responds to recent tweets that believe trade deficits are a sign of economic strength. He also includes an op-ed from Robert Barro and a clip from Milton Friedman, to show that even big gun economists can often speak in misleading ways when it comes to trade deficits.Bob's Article on Free Traders Defending Deficits: Mises.org/HAP492aThe FRED Chart Referenced in this Episode: Mises.org/HAP492bBob's 2007 Mises Daily article on Capital Surplus: Mises.org/HAP492cBob's 2007 Mises Daily article Predicting the Recession: Mises.org/HAP492dThe Human Action Podcast Episode on International Trade: Mises.org/HAP492eThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFreeJoin us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW

Bob responds to recent tweets that believe trade deficits are a sign of economic strength. He also includes an op-ed from Robert Barro and a clip from Milton Friedman, to show that even big gun economists can often speak in misleading ways when it comes to trade deficits.Bob's Article on Free Traders Defending Deficits: Mises.org/HAP492aThe FRED Chart Referenced in this Episode: Mises.org/HAP492bBob's 2007 Mises Daily article on Capital Surplus: Mises.org/HAP492cBob's 2007 Mises Daily article Predicting the Recession: Mises.org/HAP492dThe Human Action Podcast Episode on International Trade: Mises.org/HAP492eThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFreeJoin us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW

One of the common worries about a hard money like gold or Bitcoin is that large price deflation could make lending and investment impossible because nominal interest rates can't go below 0%. Bob explains why these fears are invalid.The Charts Used in This Episode Can Be Viewed Here: Mises.org/HAP491aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFreeJoin us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW

One of the common worries about a hard money like gold or Bitcoin is that large price deflation could make lending and investment impossible because nominal interest rates can't go below 0%. Bob explains why these fears are invalid.The Charts Used in This Episode Can Be Viewed Here: Mises.org/HAP491aThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFreeJoin us May 15–17, 2025, at the Mises Institute for our Revisionist History of War Conference: Mises.org/RHW

The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story.Original article: The Poor Man of Nippur and Austrian Economic Principles

The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story.Original article: The Poor Man of Nippur and Austrian Economic Principles

One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.Original article: Subjective Valuation Versus Arbitrary Valuation

Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters.Original article: The Missing Secret

Bob looks at the misconceptions and misuses of GDP accounting, explaining why this widely accepted metric often paints a misleading picture of economic health.Bob's 2009 Mises Article on Krugman: Mises.org/HAP482aHuman Action Podcast Episode 481 on Business Cycle Theory: Mises.org/HAP482bBob's Mises Article on GDP: Mises.org/HAP482cThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob looks at the misconceptions and misuses of GDP accounting, explaining why this widely accepted metric often paints a misleading picture of economic health.Bob's 2009 Mises Article on Krugman: Mises.org/HAP482aHuman Action Podcast Episode 481 on Business Cycle Theory: Mises.org/HAP482bBob's Mises Article on GDP: Mises.org/HAP482cThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Matt McCaffrey is a former Mises Institute research fellow with an expertise in the American economist (and Austrian fellow-traveler) Frank Fetter. He joins Bob to discuss his newly published journal article exploring the dispute Fetter had with the august British economist Alfred Marshall over the theory of rent.Dr. McCaffrey's Journal Article: Mises.org/HAP480aFrank Fetter's Capital, Interest, and Rent: Mises.org/HAP480bMatt McCaffrey, “Frank Fetter and the Austrian Tradition in the United States”: Mises.org/HAP480cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America's Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24

Matt McCaffrey is a former Mises Institute research fellow with an expertise in the American economist (and Austrian fellow-traveler) Frank Fetter. He joins Bob to discuss his newly published journal article exploring the dispute Fetter had with the august British economist Alfred Marshall over the theory of rent.Dr. McCaffrey's Journal Article: Mises.org/HAP480aFrank Fetter's Capital, Interest, and Rent: Mises.org/HAP480bMatt McCaffrey, “Frank Fetter and the Austrian Tradition in the United States”: Mises.org/HAP480cFor just $25, you can receive our December Bundle, including three essential reads:Tom DiLorenzo's Axis of Evil: America's Three Worst Presidents, Per Bylund's How to Think About the Economy,and Murray Rothbard's What Has Government Done to Our Money?. Claim your bundle now at Mises.org/HumanAction24

Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services. Original article: Why Austrian Business Cycle Theory Is Better than Keynesianism

Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services. Original article: Why Austrian Business Cycle Theory Is Better than Keynesianism

The iconic Hermès Birkin bag helps illustrate Carl Menger's “Theory of the Good,” and Ludwig von Mises's explanation of human action.Original article: The Secret Economic Theory Behind the $100,000 Birkin Bag

The iconic Hermès Birkin bag helps illustrate Carl Menger's “Theory of the Good,” and Ludwig von Mises's explanation of human action.Original article: The Secret Economic Theory Behind the $100,000 Birkin Bag

Bob discusses common talking points that pro-free-trade economists often use when making the case against tariffs. The purpose is to facilitate discussion so both sides have a deeper understanding of the subtle issues involved.Bob's Article on Trade Deficits: Mises.org/HAP475aSteve Landsburg on Obama's State of the Union Remarks about Exports: Mises.org/HAP475bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob discusses common talking points that pro-free-trade economists often use when making the case against tariffs. The purpose is to facilitate discussion so both sides have a deeper understanding of the subtle issues involved.Bob's Article on Trade Deficits: Mises.org/HAP475aSteve Landsburg on Obama's State of the Union Remarks about Exports: Mises.org/HAP475bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.Original article: Why People Pay Higher Prices for Some Goods Relative to Others

One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.Original article: Why People Pay Higher Prices for Some Goods Relative to Others

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.Bob's Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462aHuman Action Podcast Episode 460, "What Does Say's Law Really Say?": Mises.org/HAP462bDavid Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462cFor the next two weeks only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree

Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.Bob's Journal of Libertarian Studies Article on The Labor Theory of Value: Mises.org/HAP462aHuman Action Podcast Episode 460, "What Does Say's Law Really Say?": Mises.org/HAP462bDavid Ricardo, On the Principles of Political Economy and Taxation: Mises.org/HAP462cFor the next two weeks only, get a FREE copy of Dr. Per Bylund's How to Think About the Economy: Mises.org/HAPodFree

Bob goes solo to give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics.J.B. Say's A Treatise on Political Economy: Mises.org/HAP460aJames Mill, "On the Overproduction and Underconsumption Fallacies": Mises.org/HAP460bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

Bob goes solo to give the historical context and true meaning behind "Say's Law," as well as the caricature presented by Keynesian critics.J.B. Say's A Treatise on Political Economy: Mises.org/HAP460aJames Mill, "On the Overproduction and Underconsumption Fallacies": Mises.org/HAP460bThe Mises Institute is giving away 100,000 copies of Murray Rothbard's, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree

"Price theory is the cornerstone of the foundation of economic calculation, and economic calculation is the foundation upon which rests our understanding of the market economy."Recorded at the Mises Institute in Auburn, Alabama, on July 29, 2024.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

"The word praxeology can be used in two different ways. One is for a science of human action, as developed by Ludwig von Mises and his successors, principally Murray Rothbard. And the other is for the deductive method used in the science of human action."Recorded at the Mises Institute in Auburn, Alabama, on July 29, 2024.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Is equality good and inequality bad?Over the known history of man, increasing economic inequality is associated with rising standards of living for all. Using common analogies, increased economic inequality lifts all boats, and not only increases the size of the economic pie, but also cuts everyone larger pieces of pie.Subscribe to this monthly podcast at Mises.org/Unanimity.Music: “My Universe” ℗ 2006 Kate Higgins (katehiggins.com). Used with permission.

Robert Reich is an economic fallacy machine, and he has begun a ten-week series in which he claims to debunk economic myths. Of course, to do so, he has to create economic myths and present them as factual.Original Article: Debunking Robert Reich's Debunking

Robert Reich is an economic fallacy machine, and he has begun a ten-week series in which he claims to debunk economic myths. Of course, to do so, he has to create economic myths and present them as factual.Original Article: Debunking Robert Reich's Debunking

One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.Original article: Subjective Valuation Versus Arbitrary Valuation

Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters.Original article: The Missing Secret

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor.  Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.   Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree]]>

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission. Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree