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 uses clips from his recent interview with Eric Weinstein to explain why Weinstein thinks gauge theory can fix how economists measure the cost of living, unify competing price indices, and handle changing preferences over time, and why Austrians shouldn’t dismiss him as a crank. He summarizes Eric’s claim that standard mathematical economics relies on the simplest kind of derivative, explaining how much of modern economic modeling is using the wrong math.

Related:

• Bob's Interview with Eric Weinstein on the InFi Podcast: Mises.org/HAP530a

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

This week, Bob walks through two related debates: Hoppe’s criticism of Argentina's President Milei for not immediately closing Argentina’s central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises’s distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina’s short-term central bank debt

• Guido Hülsmann and Philipp Bagus' Debate on Mises.org: Mises.org/HAP529a
• The Human Action Podcast Episode with Nicolás Cachanosky: Mises.org/HAP529b
• Bob's Study Guide to The Theory of Money and Credit: Mises.org/HAP529c

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