The Human Action Podcast

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Human Action Part Four with Dr. Joe Salerno

The Human Action Podcast

Tags Austrian Economics OverviewBusiness CyclesCapital and Interest TheoryMoney and Banking

04/03/2020Jeff DeistJoseph T. Salerno

Dr. Joe Salerno joins the show for a dynamic look at Human Action Part Four, arguably the meatiest part of the book.

Chapters 18, 19, and 20 are where Mises presents the idea of pure time preference, his expanded theory of interest, and the parameters of business cycle theory and malinvestment. Salerno and Jeff Deist consider how time relates to capital; gratitude for society's accumulated wealth; convertibility of capital thanks to stock markets; why holding cash can be productive; originary interest as a ratio, the fallacious classical and Marxist notions of interest, and the boom/bust cycle created by politicians, voters, and bankers who see that inflation "works" for awhile. This is a great discussion of Mises at his best! 

Use the code HAPOD for a discount on Human Action from our bookstore:

Additional Resources

Human Action:

Bob Murphy's Study Guide to Human Action:

Note: The views expressed on are not necessarily those of the Mises Institute.

Contact Jeff Deist

Jeff Deist is president of the Mises Institute. He previously worked as chief of staff to Congressman Ron Paul, and as an attorney for private equity clients. Contact: email; Twitter.

Contact Joseph T. Salerno

Joseph Salerno is academic vice president of the Mises Institute, professor emeritus of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics.

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