Why do economists across the spectrum—even Paul Krugman and Karl Marx—support free trade? Mark Thornton explores this surprising consensus. Do tariffs force people to think more like economists, considering long-term ramifications taught by Bastiat and Hazlitt.

Is it a true understanding of the Austrian perspective, or just a fleeting moment of clarity? Mark suggests economists often compartmentalize principles, opening the door to conflicting ideologies.

Tune in to discover why free trade might be the one issue that forces economists to think straight, and what Austrians can learn from the mainstream.

"Why Smart People Are Rightly Confused About Tariffs" (Unanimity, Episode 4): http://mises.org/U4

“The Twin Deficits” (Minor Issues, Episode 115): https://mises.org/MI_115

"Free Trade in the Twenty-First Century” (Minor Issues, Episode 113): https://mises.org/MI_113

"Tariff Increases vs. Tax Cuts" (Minor Issues, Episode 107): https://mises.org/MI_107

Join us May 15-17, 2025, at the Mises Institute in Auburn, Alabama, for our Revisionist History of War Conference. This is our first history conference in almost thirty years. For more details and to register, visit https://Mises.org/rhw.

Be sure to follow Minor Issues at Mises.org/MinorIssues

In this episode, Mark Thornton explores the looming threat of hyperinflation in the US. With the national debt soaring past $33 trillion and future obligations exceeding $100 trillion, can America avoid a financial crisis where prices skyrocket out of control?

Mark examines historical hyperinflations in leading economies like France and Germany, and how excessive government spending and debt played a role. Drawing on the insights of Ludwig von Mises, Mark dissects the three phases of inflation and what happens when the public loses faith in holding money.

Is hyperinflation merely an accounting problem, or does it portend economic ruin and societal breakdown? Tune in to find out, and to explore the potential consequences for our future.

“Hyperinflation, Money Demand, and the Crack-Up Boom” by Thorsten Polleit: mises.org/MI_116_A

"Hyperinflation and the Destruction of Human Personality” by Joseph T. Salerno: mises.org/MI_116_B

Further Readings on Hyperinflation (Oxford University Mises Society): mises.org/MI_116_C

Economic Policy: Thoughts for Today and Tomorrow by Ludwig von Mises: mises.org/MI_116_D

The Theory of Money and Credit by Ludwig von Mises: mises.org/MI_116_E

Join us May 15-17, 2025, at the Mises Institute for our Revisionist History of War Conference. This is our first history conference in almost 30 years. For more details and to register, visit https://Mises.org/rhw.

Be sure to follow Minor Issues at Mises.org/MinorIssues

You’ve heard endless debate about the trade deficit, but what about its evil twin, the budget deficit? In this episode, Mark Thornton untangles the truth behind the so-called “twin deficits,” revealing why trade imbalances aren’t necessarily bad, and how government borrowing distorts investment, fuels inflation, and weakens long-term prosperity. Mark cuts through the economic fog and shows what’s really dragging us down.

“Trade Deficits and Fiat Currencies” by Robert Murphy: mises.org/MI_115_A

“The Evil Twins: U.S. Federal Budget Deficits and U.S. Trade” by Jane L. Johnson: mises.org/MI_115_B

“The Twin Deficits” by Gary North: mises.org/MI_115_C

"A Dollar as Good as Gold" by Lewis E. Lehrman: mises.org/MI_115_D

Join the Mises Institute on April 26 in Phoenix, Arizona, as we expose the danger and waste of bureaucracy: Mises.org/Phoenix25

Be sure to follow Minor Issues at Mises.org/MinorIssues