Has economics fallen to politics? Court economists like Paul Krugman–we might call them "regime economists"–represent a profession in big trouble. Jeff and Bob discuss.

Bob sits down with Harvard Economics Professor Pol Antràs to discuss his new paper applying Böhm-Bawerk's average period of production to international trade, testing whether countries with lower interest rates tend to export goods requiring longer, more roundabout production processes.

Related:

• Professor Antràs' Paper, "An ‘Austrian’ Model of International Specialization": Mises.org/HAP554a
• Bob's Article, "The Reswitching Question": Mises.org/HAP554b

Bob sits down with economists Alexander Salter and Joshua Hendrickson to discuss their new paper arguing that the standard Austrian critique of the Fed while correct, is fundamentally incomplete. They argue that the Fed's actual institutional role is to backstop U.S. dollar hegemony: the deliberately constructed post-Bretton Woods system in which the dollar serves as the world's reserve currency, U.S. Treasuries as the global safe asset, and the Fed as buyer of last resort for sovereign debt worldwide.

Related:

• Hendrickson & Salter, "Should We End the Fed? Can We?": Mises.org/HAP553a

Bob sits down with economist Emmanuel Maggiori to discuss his new book If You Can Just Print Money, Why Do I Pay Taxes?, a carefully researched, point-by-point critique of Modern Monetary Theory that engages MMT on its own terms, drawing on the MMTers' own textbook, papers, and responses to critics.

Related:

• If You Can Just Print Money, Why Do I Pay Taxes?: Mises.org/HAP552a
• Bob's Mises Daily Article, "The Upside-Down World of MMT": Mises.org/HAP552b
• Jonathan Newman and Bob's MisesU Lecture on MMT: Mises.org/HAP552c

This week, Bob walks through three thought experiments to show how expectations of future supply changes ripple into present prices and production decisions in ways that purely mechanical monetary frameworks like MV=PQ can't capture.

Related:

• How Can Mining Asteroids in the Future Make Us Richer Today?: Mises.org/HAP551a
• Bob's 2008 Article on Oil Prices: Mises.org/HAP551b

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree

Bob sits down with Dr. Jonathan Newman to discuss his Mises Academy course for homeschooling families based on Lessons for the Young Economist, using it as a starting point to walk through the full Austrian case against socialism.

Related:

• The Mises Academy: Mises.org/HAP550a
• Dr. Newman's Course, Lessons for the Young Economist: Mises.org/HAP550b
• Bob's Lessons for the Young Economist: Mises.org/HAP550c
• Bob's Lessons for the Young Economist Teacher's Manual: Mises.org/HAP550d
• Dr. Newman's Article, "Star Trek Is Wrong: There Will Always Be Scarcity": Mises.org/HAP550e

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree

Bob argues that many Austro-libertarians (himself included, initially) have been too quick to dismiss the Trump administration's foreign and economic policy as mere incompetence or corruption, without grasping the strategic logic behind it. His thesis: the U.S. national security establishment sees China's rise as an existential threat and believes the window to act is closing fast, making the current flurry of aggressive moves less like random chaos and more like a desperate Hail Mary pass.

Related:

• The Charts and Graphs Mentioned in this Episode: Mises.org/HAP549a
• The Bob Murphy Show, "LEAKED: Trump's Secret Strategy Briefing": Mises.org/HAP549b
• Core Insights, "China Quietly Built a 10,400km Railway to Iran — The US is Terrified": Mises.org/HAP549c
• The Tom Woods Show, "The Venezuela Propaganda, with David Stockman": Mises.org/HAP549d

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours 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/HAP548a
• George Charles, “The Mosler-Cantillon-Menger Synthesis”: Mises.org/HAP548b
• MMT vs. Austrian School Debate: Mises.org/HAP548c

The Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree