Recent Podcast Episodes
To Smoke or Not to Smoke: The Cigarette Economy in Postwar Germany, 1945–48
Postwar Germany was occupied, in ruins, with an economy in chaos. Germans were reduced to using cigarettes supplied by American GIs as money.
The Theory of Interest
Time is an irreversible flux. Each moment has a unique place in the sequence of moments of time with respect to action.
Minimum Wage
There is no clear basis in economics, ethics, efficiency, or fairness for Minimum Wage Laws.
Calculation and Socialism
In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning.
Measurement in Economics
Karl-Friedrich Israel discusses modern econometrics, utility and welfare economics, and econometrics as a set of descriptive tools.
The Division of Labor and Social Order
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
Subjective Value and Market Prices
This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.
The Birth of the Austrian School
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
Banking
Loan banking versus deposit banking, how deposit banking affects the money supply, and more.
How the Fed Could Bring in a CBDC Through the Back Door
George Gammon warns that the Fed won't have to force the public to adopt a central bank digital currency (CBDC). Instead, the public might clamor for it.