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.

This week, Bob returns to the topic of how the United States could practically abolish the Federal Reserve and transition to a stable monetary system backed by gold. He clarifies common misconceptions about the consequences of ending the Fed, provides historical context for America’s monetary systems, and lays out a realistic path forward for monetary reform.

• Bob's Mises Article, "Putting the Country Back on Gold": Mises.org/HAP509a
• Understanding Money Mechanics: Mises.org/HAP509b

The 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 make a comprehensive case for abolishing the Federal Reserve and explains what life afterward would look like. He dives into the Fed’s marked history, its questionable track record, and the secrecy surrounding its creation and ongoing operations. Bob also outlines a practical, step-by-step approach for transitioning away from the Fed, returning monetary control to a gold standard, and restoring economic stability and transparency.

• Bob's Recent ZeroHedge Debate,"Should We End the Fed?": Mises.org/HAP508a
• Understanding Money Mechanics: Mises.org/HAP508b

The 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

This week, Bob talks with economist and Mises Institute research fellow, David Howden, co-editor of The Next Generation of Austrian Economics: Essays in Honor of Joe Salerno. They discuss key chapters from the book, highlighting significant contributions from up-and-coming Austrian economists in areas such as monopoly pricing, international economics, and monetary theory.

• The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno: Mises.org/HAP507a
• David Gordon's Review of the Book in The Austrian: Mises.org/HAP507b

The 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 hosts Steve Hanke, Distinguished Senior Scholar at the Mises Institute and Professor of Applied Economics at Johns Hopkins University, to discuss his research on hyperinflations, currency board solutions, and the economic effects of the COVID lockdowns. Hanke explains the findings of his meta-analysis of lockdown impact and explains why Sweden's laissez-faire approach was vindicated. He also draws from decades of experience stopping hyperinflation globally, advocating currency boards and gold-backed solutions as effective alternatives to central banks.

• Follow Professor Hanke on X --- @Steve_Hanke
• Professor Hanke's Austrian Economics Research Conference Lecture: Mises.org/HAP506a
• Professor Hanke's IEA Article, "Did Lockdowns Work? The Verdict on COVID Restrictions": Mises.org/HAP506b

The 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 is joined by author George Ford Smith for a detailed examination into the life and legacy of Thomas Paine. They discuss how Paine’s writings, especially Common Sense and the American Crisis essays, mustered colonial support for independence and even influenced the outcome of the Revolutionary War. Smith explains Paine's life, from early setbacks and struggles in England to becoming a pivotal figure in America’s founding, and why his views ultimately sidelined his historical reputation.

• George's Mises Wire Article, "The Failure to Stop Thomas Paine": Mises.org/HAP505a
• George's Mises Wire Article, "Thomas Paine, Liberty's Hated Torchbearer": Mises.org/HAP505b

The 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 hosts economist Daniel Lacalle to analyze the controversial Big Beautiful Bill. Daniel explains why, despite its imperfections, the bill represents a vital first step toward curbing government spending and protecting private-sector prosperity from excessive state intervention.

• Daniel's Article, "The Big Beautiful Bill Is Much Better Than You Think": Mises.org/HAP504a
• Thomas Massie's X Exchange on the Hidden Costs of the BBB: Mises.org/HAP504b
• Bob's Recent Blog Post on the BBB: Mises.org/HAP504c

The 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

Vincent Geloso and Chandler Reilly have a new paper in which they use Rothbard's "Private Product Remaining" (PPR) as a lower bound on estimates of national output, to be contrasted with the convention GDP statistics as an upper bound. Bob has the authors explain Rothbard's proposal and how they are trying to introduce it to the economics profession.

• The Paper, "National Output Without Government?": Mises.org/HAP503a
• The Human Action Podcast Episode on Dubious Origins of GDP/GNP: Mises.org/HAP503b
• The Bob Murphy Show Episode With Alex Salter Criticizing "State Capacity": Mises.org/HAP503c

The 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