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The Human Action Podcast

Mises Institute
Austrian Economics
Federal Reserve
Inflation
Economics
Mises Institute
Modern Monetary Theory
Tariffs
Ludwig Von Mises
Great Depression
Monetary Policy
Fractional Reserve Banking
Austrian Business Cycle Theory
Economic Policy
Interest Rates
Austrian School
Austrian School Of Economics
GDP
Murray Rothbard
Yield Curve
Friedrich Hayek

The Human Action Podcast features in-depth interviews on current topics in economics through an Austro libertarian lens.

PublishesWeeklyEpisodes566Founded12 years ago
Number of ListenersCategories
PoliticsNewsSociety & Culture

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Artwork for The Human Action Podcast

Latest Episodes

This week, Bob does a deep dive on the accounting argument at the heart of MMT, as a teaser for his chapter in the Mises Institute’s forthcoming book, Anti-MMT: The Errors of Modern Monetary Theory. 

Related:

Coming soon: Anti-MMT: The Errors of Mode... more

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To mark Ludwig von Mises's 145th birthday, Bob reviews the contributions that put Mises in the running for greatest economist of all time.

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This week, Bob talks with professor Matt McCaffrey about a soon-to-be-published, never-before-seen manuscript by Frank A. Fetter, surveying the history of economic thought from Adam Smith to John Stuart Mill. Dr. McCaffrey explains what Fetter saw in... more

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Using Randall Wray's classroom "buckaroo" currency, Bob shows how MMT thinks about money, and the claim that a fiat currency's natural rate of interest is zero. He explains why the Austrian view roots interest in subjective time preference rather tha... more

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Recent Guests

Matt McCaffrey
Editor and promoter of Frank Fetter's History of Economic Thought manuscript
Independent editor, associated with The Human Action Podcast episode about Fetter
Episode: Matt McCaffrey Uncovers Frank Fetter's Lost Book
Patrick Newman
Author of Cronyism, Rise of the Corporatist State, 1849–1929
Mises Institute / Author
Episode: Patrick Newman on the Rise of the Corporatist State
Keith Knight
Libertarian commentator, author, affiliated with the Libertarian Institute
Libertarian Institute
Episode: Keith Knight's Top Ten Problems with Democratic Socialism
Larry Lepard
Author of The Big Print, investment manager, proponent of sound money
The Big Print / Lepard Capital (?)
Episode: From 2008 to the Coming Reset: Larry Lepard's Case for Sound Money
Pol Antràs
Professor of Economics at Harvard University
Harvard University
Episode: A Harvard Economist Tests Austrian Capital Theory
Josh Hendrickson
Economist and co-author of the paper discussed in the episode
Episode: The Fed's Real Job: Propping Up Dollar Reserve Currency Status
Alex Salter
Economist and co-author of the paper discussed in the episode
Episode: The Fed's Real Job: Propping Up Dollar Reserve Currency Status
Emmanuel Maggiori
Author of If You Can Just Print Money, Why Do I Pay Taxes?, economist
Episode: A Scholarly Takedown of MMT: Emmanuel Maggiori on the Theory's Fatal Flaws
Robert Aro
Economist and author featured on mises.org; discussed Why the Crash Was Delayed
Mises Institute / mises.org
Episode: Robert Aro on the Fed's Reverse Repo Trick

Host

Dr. Bob Murphy
Host of The Human Action Podcast; frequent host and moderator known for rigorous economic discussions and critical analysis of monetary policy.

Reviews

4.9 out of 5 stars from 545 ratings
  • Fav

    My favorite podcast. I learn so much. Thanks so much for all you do.

    Apple Podcasts
    5
    jecc47
    United States2 years ago
  • Good, but…

    Oddly, the guests on this program are not always or even usually announced by name in the podcast. Apparently a listing of the guests and topics are found elsewhere. But for people using their phones and subscribing to the podcast through iTunes or other services and listening while driving or walking their dogs, this is of little help. Sometimes the host will start the episode by referring to the guest by their first name only! For me this is a major obstacle to enjoying the show.

    Apple Podcasts
    3
    pblumel
    United States3 years ago
  • Amazing podcast

    Only thing they should do is make it twice as loud and it would be perfect

    Apple Podcasts
    5
    Ricky_Bobby69420
    United States3 years ago
  • Good analysis. An Austrian take on economics and current events. Brings a sane perspective to a clown world.

    Audible
    5
    Anónimo
    United States4 years ago
  • Human Action Pod

    Good analysis. An Austrian take on economics and current events. Brings a sane perspective to a clown world.

    Audible
    5
    Anonymous User
    United States4 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Insightful deep-dives into economic theory and history.
Occasionally critical of guest anonymity in some episodes, but substance remains strong.
Consistently educational and engaging for listeners who want to understand Austrian economics.
A must-listen for fans of libertarian economics and praxeology.
High-quality guests and challenging questions.

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Talking Points

Recent interactions between the hosts and their guests.

Matt McCaffrey Uncovers Frank Fetter's Lost Book
Q: Who is the intended audience for this book, and how accessible is it to non-specialists?
The book is designed for readers with at least an intermediate level of background in Austrian economics or the history of economic thought. It is written to be methodical and careful with primary texts, but the writing is still accessible because the classical economists wrote largely in verbal exposition rather than heavy mathematics, making it approachable for lay readers as well.
Matt McCaffrey Uncovers Frank Fetter's Lost Book
Q: Matt, how did this manuscript come to light and why did you decide to bring it to publication?
I discovered the largely drafted volume among Fetter's papers after he passed away and realized it offered a unique window into the history of economic thought that could illuminate how classical ideas persisted or faded. I spent years transcribing and editing it to prepare it for publication, believing it would provide a valuable complement to more surveys like Rothbard's by giving close textual analysis of Smith, Ricardo, Malthus, and Say.
A Scholarly Takedown of MMT: Emmanuel Maggiori on the Theory's Fatal Flaws
Q: Why do taxes exist in the MMT framework, and how does that align with or contradict conventional economics?
In MMT, taxes are used to legitimize currency and manage inflation or behavior, but the guest points out that the amount and mechanism of tax revenue to stabilize the currency are not fully specified and may be inconsistent with actual fiscal mechanics.
A Scholarly Takedown of MMT: Emmanuel Maggiori on the Theory's Fatal Flaws
Q: What is the fundamental reason to spend time debunking MMT given its claims about money creation and deficits?
MMT presents seductive ideas that can influence public opinion and policy; critiquing it with careful analysis helps prevent simplistic, potentially harmful policy pronouncements while clarifying how money creation interacts with real resources and inflation.
Bob Responds to Randall Wray on Sectoral Balances
Q: What happens if the inflation premium and the default premium on government debt keeps rising, according to the discussion of the debate context?
The host suggests that the standard response is to balance the budget by reducing deficits, which would then have implications for private sector flow and current account balances; Randall Wray's side argues the sectoral balance framework shows why deficits can persist and why a balanced budget could have unintended negative consequences for macroeconomic stability.

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Frequently Asked Questions About The Human Action Podcast

What is The Human Action Podcast about and what kind of topics does it cover?

In-depth interviews on economics from an Austro-libertarian perspective, with frequent focus on monetary policy, financial history, and critiques of mainstream macro theories. Episodes feature prominent economists, libertarian commentators, and scholars who illuminate Austrian economics, central banking, and policy debates—often exploring historical episodes, books, and theoretical arguments through a rigorous, classroom-style lens. Noteworthy is the consistent emphasis on presenting complex ideas clearly, challenging conventional consensus, and connecting theory to current events, guided by a host known for probing questions and thoughtful framing. This mix appeals to listeners who enjoy thorough, evidence-based discussions that push again... more

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These podcasts share a similar audience with The Human Action Podcast:

1. Bob Murphy Show
2. The Tom Woods Show
3. Ron Paul Liberty Report
4. Scott Horton Show - Just the Interviews
5. Provoked with Darryl Cooper and Scott Horton

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The Human Action Podcast launched 12 years ago and published 566 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on The Human Action Podcast?

Recent guests on The Human Action Podcast include:

1. Matt McCaffrey
2. Patrick Newman
3. Keith Knight
4. Larry Lepard
5. Pol Antràs
6. Josh Hendrickson
7. Alex Salter
8. Emmanuel Maggiori

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