After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth.

Related:

• Is Paying Down Government Debt Bad for the Economy?: Mises.org/HAP545a
• Bob's Article, "Does History Show Government Debt Paydown Causes a Crash?": Mises.org/HAP545b

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

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 explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this phenomenon is the foundation on which the entire Austrian theory of the business cycle is built.

Related:

• Richard Cantillon, An Essay on Economic Theory: Mises.org/HAP544a

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

Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing could finally make central planning viable.

Related:

• Bob's Article, "Socialism: The Calculation Problem Is Not the Knowledge Problem": Mises.org/HAP543a

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

In memory of Roger Garrison, Bob walks through Garrison's famous capital-based macroeconomics diagrams, showing how they translate the Mises-Hayek theory of the boom-bust cycle into the language of modern macroeconomics.

Related:

• Roger Garrison, The Austrian Theory of the Business Cycle: Mises.org/HAP542a
• Roger Garrison, Austrian Macroeconomics: A Diagrammatical Exposition: Mises.org/HAP542b
• The Diagrams Referenced in the Podcast: Mises.org/HAP542c
• Dr. Garrison's PowerPoints: Mises.org/HAP542d

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

In commemoration of Murray Rothbard’s 100th birthday, Bob shares five “greatest hits” from Rothbard’s economics, covering deficits vs. inflation, monopoly theory, excess capacity, the time structure of production, and his reconstruction of utility and welfare economics.

Related:

• Rothbard, Making Economic Sense: Mises.org/HAP541a
• Rothbard, "Toward a Reconstruction of Utility and Welfare Economics": Mises.org/HAP541b
• Rothbard, Man, Economy, and State with Power and Market: Mises.org/HAP541c
• Bob's Study Guide to Man, Economy, and State with Power and Market: Mises.org/HAP541d

Join the Mises Institute on Saturday, April 25 in San Diego, CA to discuss California's fall from grace. Today, it's known for high taxes, bureaucrats, and leftwing billionaires. Is this a warning to the rest of America? Register now at Mises.org/CAHAP

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

Bob uses Trump’s call to ban congressional insider trading as a springboard to explain why, from an Austro-libertarian perspective, insider trading and speculation could help markets work, while still justifying special rules for government employees.

Related:

• Bob's Article "Is Insider Trading Really a Crime?": Mises.org/HAP540a
• The Social Function of Stock Speculators: Mises.org/HAP540b
• The Social Function of Futures Markets: Mises.org/HAP540c
• The Social Function of Call and Put Options: Mises.org/HAP540d

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 Javier Milei’s 2026 address to the World Economic Forum, explaining the Austrian and neoclassical ideas behind Milei’s defense of capitalism—from Rothbard and Kirzner to Pareto efficiency and the welfare theorems.

Related:

• Bob's Breakdown of The Intra-Austrian Debate over Milei: Mises.org/HAP539a

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