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 walks through three thought experiments to show how expectations of future supply changes ripple into present prices and production decisions in ways that purely mechanical monetary frameworks like MV=PQ can't capture.

Related:

• How Can Mining Asteroids in the Future Make Us Richer Today?: Mises.org/HAP551a
• Bob's 2008 Article on Oil Prices: Mises.org/HAP551b

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree

Bob sits down with Dr. Jonathan Newman to discuss his Mises Academy course for homeschooling families based on Lessons for the Young Economist, using it as a starting point to walk through the full Austrian case against socialism.

Related:

• The Mises Academy: Mises.org/HAP550a
• Dr. Newman's Course, Lessons for the Young Economist: Mises.org/HAP550b
• Bob's Lessons for the Young Economist: Mises.org/HAP550c
• Bob's Lessons for the Young Economist Teacher's Manual: Mises.org/HAP550d
• Dr. Newman's Article, "Star Trek Is Wrong: There Will Always Be Scarcity": Mises.org/HAP550e

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree

Bob argues that many Austro-libertarians (himself included, initially) have been too quick to dismiss the Trump administration's foreign and economic policy as mere incompetence or corruption, without grasping the strategic logic behind it. His thesis: the U.S. national security establishment sees China's rise as an existential threat and believes the window to act is closing fast, making the current flurry of aggressive moves less like random chaos and more like a desperate Hail Mary pass.

Related:

• The Charts and Graphs Mentioned in this Episode: Mises.org/HAP549a
• The Bob Murphy Show, "LEAKED: Trump's Secret Strategy Briefing": Mises.org/HAP549b
• Core Insights, "China Quietly Built a 10,400km Railway to Iran — The US is Terrified": Mises.org/HAP549c
• The Tom Woods Show, "The Venezuela Propaganda, with David Stockman": Mises.org/HAP549d

Celebrate Murray Rothbard's 100th birthday with a free copy of Anatomy of the State. Get yours at Mises.org/HAPodFree

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler. Bob argues that the paper overlooks a crucial prior contribution: Mises' regression theorem, developed in The Theory of Money and Credit, which already solved the circularity problem in monetary theory that the paper claims required Mosler to resolve. Along the way, Bob also explains chartalism, Georgism, and Mises's explanation of the absolute price level.

Related:

• Bob's Paper Critiquing Kevin Carson's Studies in Mutualist Political Economy: Mises.org/HAP548a
• George Charles, “The Mosler-Cantillon-Menger Synthesis”: Mises.org/HAP548b
• MMT vs. Austrian School Debate: Mises.org/HAP548c

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

Bob sits down with researcher Robert Aro to review his recent Mises.org article on why the widely anticipated post-QT crash never materialized. They trace the answer back to the Fed's reverse repo facility, which quietly injected trillions back into the financial system even as the official balance sheet was shrinking, and what the depletion of that buffer might mean for what comes next.

Related:

• Robert's Power & Market Post, "Why the Crash Was Delayed": Mises.org/HAP547a
• Bob’s Article, “The Inverted Yield Curve and Recession”: Mises.org/HAP547b

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

Bob sits down with macro researcher Luke Gromen of Forest for the Trees to discuss the cascading supply chain consequences of a closed Strait of Hormuz. They also touch on why gold is already supplanting the dollar as the world's premier reserve asset, and what the surge in U.S. gold exports over the past five months tells us about where the global monetary order is heading.

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

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