Dr. Rex Pjesky talks with me about what economics has to say about civics. Dr. Pjesky begins by defining what economics is and how he views it. Dr. Pjesky then defines civics and brieflyexplores the academic landscape of research on civics from various disciplines. We explore what economics can have to say about civics given these two definitions. Dr. Pjesky argues that economists are well equipped to approach the issues incivics because economics is a science concerned with coordination between strangers and the fundamental issue in civics is coordinating strangers. Dr. Pjesky introduces the ideas of Nobel Laureate James Buchanan and his pioneeringwork on public choice and how economics applies to civics. We discuss Buchanan and Gordon Tullock’s work in some detail. Dr. Pjesky outlines how this branch of economics applies to elected officials and to regulators, focusing inparticular on corruption and regulatory capture. Finally, we consider whether democracy can survive if political actors are self motivated as Dr. Pjesky argues and we conclude with Dr. Pjesky’s view on cynicism in civics.

SE7: E2

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Professor Ty Garrett joins me to discuss martial arts as a business. We begin with an overview of the business model in martial arts. Mr. Garrett explains how the traditional model of martial arts falls short. We then turn to the model that he employs at his business, where he took inspiration from the Crossfit business model. He lays out how he learned from his first martial arts business and its failure and how that set him up to succeed. Mr. Garrett also discusses the challenges faced in trying to break the mold of the older business model, and how he had to go against conventional wisdom and the opposition of others in the industry. We explore his business model, and how he eventually expanded into being a minority owner in two additional locations across the state. Mr. Garrett provides his perspective on a better way to approach expanding without becoming a minority owner in new locations. We discuss the role of mentors in his development as a martial artist and businessman, and we compare and contrast his experience in college with his experiences with his mentors. Finally, we consider how start power, achievements, and personality is an asset in the martial arts industry. SE7: E1FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/sh... My website: https://econbuffpodcast.wixsite.com/m... Facebook: / econ.buff.1 Amazon Music: https://music.amazon.com/podcasts/043... Substack: https://econbuffpodcast.substack.com/ Thumbnail photo credit: ChatGPT Image Generation Music Credit: DUBONOMICS / @dubonomicsmusic Follow Ty Garrett on Social:Facebook: https://www.facebook.com/amarilloextrememartialarts Ty Garrett: https://www.facebook.com/ty.garrett.18 Extreme Martial Arts: https://extrememartialarts.com/

Dr. Fritz Laux joins me to discuss U.S. tariff policy and the taxation of foreign investment as a possible alternative approach. We begin with an overview of the current administration’s use of tariffs and how those policies are being framed politically and economically. Dr. Laux explains what economists can contribute to the public conversation around tariffs and how economic theory helps us evaluate their effectiveness. We then turn to an alternative strategy that Dr. Laux has proposed—taxing the income that foreign investors earn in U.S. markets. He lays out how such a policy might work in practice, what its intended outcomes would be, and how it compares to tariffs in terms of economic impact. Dr. Laux also discusses why countries typically use tariffs, what their strengths and weaknesses are as a tax, and how they function in addressing trade imbalances. We explore why investment income taxes on foreigners are rarely used, despite their potential, and address the concern that such taxes might discourage foreign capital inflows. Dr. Laux provides his perspective on whether taxing foreign investment would harm U.S. growth or could instead serve as a more targeted and effective tool for managing trade and generating revenue. We discuss the potential revenue such a tax could produce compared to current tariff income, and Dr. Laux draws on international examples to illustrate how other countries have approached foreign investment taxation. Finally, we consider how this kind of tax might work alongside tariff policies, and Dr. Laux breaks down the political and legal hurdles, including conflicts with existing tax treaties, that would need to be addressed for such a policy to move forward.

Dr. Harry Hueston talks with me about what happened at the Butler, Pennsylvania assassination attempt on then candidate for president Donald Trump on July 13, 2024. Dr. Hueston describes what the primary security lapses were that allowed the attempt on Trump’s life to occur. Dr. Hueston presents a detail description of how the gunman managed to bypass security measures and gain a vantage point to fire at Trump. We explore how the Secret Service and local law enforcement coordinated their response once the first shot was fired. Dr. Hueston discusses what we know about the firearm and ammunition used in the attack and compares this to weapons used in past assassination attempts. Dr. Hueston explains how the layout and scene of the event factored into the attempt and what security protocols exist for scanning and securing elevated positions at political events. We discuss the resignation of Secret Service Director Kimberly Cheatle following the incident, and Dr. Hueston lays out what leadership qualities he views as essential for overseeing the protection of high-profile individuals. Finally, we consider an analysis of the sequence of events during the attack and we conclude with Dr. Hueston’s view on how law enforcement agencies balance the need for public accessibility during political events with the imperative of ensuring the safety of the individuals involved.

SE6: E2

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Show Notes: "Assassination in the United States: An Operational Study of Recent Assassins, Attackers, and Near-Lethal Approachers" by Fein and Vossekuil.

Dr. Rex Pjesky talks with me about tariffs. Dr. Pjesky describes what tariffs are and how the incoming administration views them. Dr. Pjesky presents a number of potential uses of tariffs, including revenue generation, negotiation, addressing the trade deficit, as a tool towards achieving national security ends, protecting fledgling industries, and protecting intellectual property. We explore the revenue implications of tariffs on trade and their historical use as revenue generators. Dr. Pjesky argues that economists have not thoroughly researched the use of tariffs as negotiating toosl. Dr. Pjesky explains tariffs might lead to retaliatory tariffs and what that might mean for a trade war. We discuss the conventional wisdom on tariffs in the field of economics. Dr. Pjesky details how tariffs, and other taxes, should be evaluated in light of their impact on the width of the tax base. Finally, we consider the trade offs between an income tax and tariffs and we conclude with Dr. Pjesky’s view on the administration applying broad tariffs across the board next year. SE6: E2 FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/show/econ-buff-podcast Amazon Music: https://music.amazon.com/podcasts/0434c041-ec75-443e-8002-68cfcdd66db6/econ-buff-podcast Facebook: https://www.facebook.com/econ.buff.1 Substack: https://econbuffpodcast.substack.com/ My website: https://econbuffpodcast.wixsite.com/mysite Thumbnail photo credit: Bing AI Image Generation Music Credit: https://www.youtube.com/@UCqXsGBa-OplAomMuPqmmPKg

Dr. Tyler Ransom talks with me about seed oils and their potential role in the American obesity epidemic. Dr. Ransom describes what seed oils are and how they are made. Dr. Ransom presents a hypothesis that increased consumption of these oils has been a major, yet often overlooked, factor driving obesity rates in the U.S. since the 1960s. We explore the trends of the traditional explanations for obesity. Dr. Ransom argues that the trends in sugar consumption, calorie consumption, and exercise do not explain the trends in obesity since the 1960s. Dr. Ransom explains how seed oils have altered metabolism, fat storage, and other biochemical processes, supporting his points with findings from both biochemistry and economics research. We discuss the concept of "imperfect information" and how it has contributed to the overconsumption of seed oils, influenced by interactions among food and drug companies, scientists, government regulators, and healthcare providers. Dr. Ransom details how these groups shape dietary information and impact the food supply. Finally, we consider the broader policy implications of our discussion, highlighting the need for a coordinated approach to address these issues effectively. SE6: E1 FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/show/econ-buff-podcast Amazon Music: https://music.amazon.com/podcasts/0434c041-ec75-443e-8002-68cfcdd66db6/econ-buff-podcast Facebook: https://www.facebook.com/econ.buff.1 Substack: https://econbuffpodcast.substack.com/ My website: https://econbuffpodcast.wixsite.com/mysite Thumbnail photo credit: Bing AI Image Generation Show Notes: Tyler Ransom Profile: https://tyleransom.github.io/ Tucker's Substack: https://tuckergoodrich.substack.com/ Tucker's X: https://x.com/tuckergoodrich Tyler’s Substack: https://tyleransom.substack.com/ Tyler’s X: https://x.com/tyleransom Books mentioned during our conversation: Anthony Hulbert's Omega Balance: https://www.amazon.com/Omega-Balance-Nutritional-Happier-Healthier/dp/1421445778 Cate Shanahan's Dark Calories: https://www.amazon.com/Dark-Calories-Vegetable-Destroy-Health/dp/0306832399 Casey & Calley Means' Good Energy: https://www.amazon.com/Energy-Casey-Means-health-science/dp/B0DKYB1NHF Nina Teicholz's The Big Fat Surprise: https://www.amazon.com/Big-Fat-Surprise-Butter-Healthy/dp/1451624433 Herman Pontzer's Burn: https://www.amazon.com/Burn-Research-Really-Calories-Healthy/dp/0525541527

Dr. Ben Powell talks with me about immigration. Dr. Powell unpacks the question of “what happens if immigrants move to America and then erode the institution?”. Dr. Powell argues that immigrants actually increase economic freedoms in their host country. We explore the idea that economics is downstream of culture. Dr. Powell argues that the immigrants that move to a nation do so because they appreciate and want the values of the nation they to which they move. Dr. Powell discusses the emergent nature of culture and argues that while immigrants will shape culture, they will not reduce economic freedoms. We discuss the people left behind by immigrants and issues like “Brain Drain”. I ask Dr. Powell about assimilation and then we debate the scale of the illegal immigration issue. Finally, I ask Dr. Powell if his views have changed in light of events since 2020 and any concerns he has about mass migration. SE5: E4 FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/show/econ-buff-podcast Amazon Music: https://music.amazon.com/podcasts/0434c041-ec75-443e-8002-68cfcdd66db6/econ-buff-podcast Facebook: https://www.facebook.com/econ.buff.1 Substack: https://econbuffpodcast.substack.com/ My website: https://econbuffpodcast.wixsite.com/mysite Thumbnail photo credit: Bing AI Image Generation Benjamin Powell Profile: https://www.depts.ttu.edu/freemarketinstitute/people/powell.php Wretched Refuse? (Amazon link): https://www.amazon.com/Wretched-Refuse-Political-Immigration-Institutions/dp/1108702457 Alex Nowrasteh (Profile): https://www.cato.org/people/alex-nowrasteh

Dr. Rex Pjesky talks with me about Javier Milei’s speech to the World Economic Forum in January of 2024. Dr. Pjesky explains the importance of the World Economic Forum. Dr. Pjesky highlights how unusual it is to have a professor of economics in a political office. We explore Milei’s use of the arguments that echo great economists of the past such as Miltion Friedman and Israel Kirzner. Dr. Pjesky lays out how Milei argues for decentralized economies and why the field of economics believes collectivism is ineffective for economic policy. Dr. Pjesky discusses the “hockey stick” of economic growth and exponential growth is tied to the industrial revolution. Finally, we explore what economists call the discovery process in markets and the importance of economic freedom to a citizenship. SE5: E3 FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/show/econ-buff-podcast Amazon Music: https://music.amazon.com/podcasts/0434c041-ec75-443e-8002-68cfcdd66db6/econ-buff-podcast Facebook: https://www.facebook.com/econ.buff.1 Substack: https://econbuffpodcast.substack.com/ My website: https://econbuffpodcast.wixsite.com/mysite Thumbnail photo credit: Bing AI Image Generation