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Normally we discuss books on The Human Action Podcast, but this new academic paper by Professor Philipp Bagus is too important to ignore. "COVID-19 and the Political Economy of Mass Hysteria" is the one journal article you need to read this year. In only about ten pages it makes the devastating case that perverse political incentives—along with a nexus of state-connected media and scientists—combine to create and amplify "public health" hysteria. Echoing Hoppe and public choice theory, Bagus explains how politicians enjoy asymmetric rewards for exaggerating risks and creating fear. The result is gross policy errors we will all pay for over many decades. Don't miss this show!

Read Dr. Bagus's paper at Mises.org/BagusPaper
And read Jeff Deist's summary of the paper at Mises.org/DeistBagus
Find Deep Freeze: Iceland's Economic Collapse online at Mises.org/DeepFreeze
Find The Tragedy of the Euro​ online at Mises.org/TragedyEuro

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org​.

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Entrepreneurship is the best pathway for all people out of unsatisfactory economic circumstances.

Mauricio Miller, who arrived in the US as a poor immigrant from Mexico, and who also experienced living in some of America’s worst neighborhoods, spent over 20 years running social services for people growing up and living like he did. His conclusion: social services are the worst policy for such people. It is entrepreneurship that will open up the pathway out of the neighborhoods and out of the traps of low income and limited prospects. Entrepreneurship lifts up individuals, families, and communities.

Job creation programs are not the answer. In the US, people can get jobs, but they are often on a dead-end track that doesn’t generate learning or leverage-able experience — waiter, assistant, security guard, etc. Outside the US, even these jobs might not be available. Often, people with these jobs are entrepreneurs “on the side”, exchanging in the informal economy. This is just another indicator how important entrepreneurship is to upgrading people in low income situations.

Show notes: https://mises.org/library/mauricio-miller-entrepreneurship-path-upwards-anywhere-anyone

'The Alternative: Most of What You Believe About Poverty Is Wrong' by Mauricio Miller: https://Mises.org/E4B_106_Book

Family Independence Initiative: https://FII.org

Community Independence Initiative: https://CIIAlternative.org

Mutuality Platform: https://Mises.org/E4B_106_Mutuality

Tho Bishop and Zachary Yost join Ryan McMaken to discuss Covid politics in three states, and whether anyone is paying any attention to social distancing rules anymore.

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

For any size and any type of business, the generation of value requires more than strategy, planning, and executional excellence. It calls for the establishment, communication, and internalization of value-generation principles, solidly founded and consistently applied.

This concept of the long term, dynamic application of unchanging principles is the essence of the Austrian approach to business.

Snow notes: https://Mises.org/library/bylund-austrian-economics-science-business-success

"Long Term Value Generation as a Science of Business Success" (PDF): https://Mises.org/E4B_105_PDF

QJAE Special Double Edition on Entrepreneurship: https://Mises.org/E4B_105_QJAE

Professor Patrick Newman, known for his incredible work editing Murray Rothbard's The Progressive Era and Conceived in Liberty, just finished a staggering new historical work titled Cronyism: Liberty vs. Power in Early America. Newman joins the show to give us a preview of this tour de force book, which chronicles the special interests and state favoritism embedded in US society almost from the start. The Rothbardian analysis of "liberty vs. power" informs Newman's approach throughout, and history buffs will want to get their hands on this book immediately upon release later in 2021. You will never see the American colonies, revolution, Constitution, or great men like Hamilton, Madison, and Jefferson the same way after reading this book.

Read Rothbard's The Progressive Era at Mises.org/ProgEra

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After decades of financialization and government favors, Wall Street now has little to do with free, functioning markets anymore and has largely become an adjunct of the central bank. Today, entrepreneurship is out, and bailouts are in.

"Financialization: Why the Financial Sector Now Rules the Global Economy" by Ryan McMaken https://mises.org/wire/financialization-why-financial-sector-now-rules-global-economy

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

Our metric for business is value generation.

The scope of Economics For Business is not determined by business size or type — we don’t label firms as small, medium or large, or by the stage of their development, or by industry.

We see business through the lens of entrepreneurship, defined as the intentional pursuit of new economic value. A reasonable proxy metric we can use is growth. Business growth is consequence of generating new economic value. That value is determined by customers, and a growing company is creating more customers and/or adding to its share of customer dollars spent in value exchange.

Show notes: https://mises.org/library/professor-mohammad-keyhani-generativity-new-digital-pathway-business-growth

"How Generative Is Your Business?" (PDF): https://Mises.org/E4B_104_PDF

"A Theory of Digital Firm-Designed Markets: Defying Knowledge Constraints with Crowds and Marketplaces" by Mohammad Keyhani, et al (on JSTOR): https://Mises.org/E4B_104_PDF1

Professor Keyhani's website: https://MohammadKeyhani.com/

Dr. Mark Thornton joins the show to discuss what might just be Murray Rothbard's best book on money and banking: The Case Against the Fed. Written not long before his untimely death, this work is nothing less than a master class on the history of money; he sordid players and interests behind the creation of the Federal Reserve bank; the workings of demand deposits and fractional reserve, inflationism, and the monetary mechanics behind it all. The final pages of the short and penetrating book are especially fascinating, as Rothbard lays out a process for unwinding the Fed and paying off its liabilities using the federal government physical gold holding. End the Fed starts with understanding the Fed, and this book is vital for any lay reader.

Find the online version of the book at Mises.org/RothbardFed

Activists blame “capitalism” for the world’s biggest problems, like the high costs of healthcare. Some even argue that economics itself is simply propaganda for businesses to exploit workers. Government schools often celebrate regulations, subsidies, and other interventions, because they protect consumers against “exploitative” businesses and capitalist “greed.”

The truth is precisely the reverse. The profit-and-loss economy lowers prices and increases the quality of goods through competition, which benefits society as a whole. When government intervenes in this production of goods and services, it does so by passing laws and enacting regulations that benefit and favor certain businesses over others, all in the name of “protecting” the public. This granting of privileges and favored status to people because of their political power or connections is called cronyism. The beneficiaries of cronyism serve the politicians and bureaucrats who appointed them and not the consumers who buy the products from the regulated companies.

For example, imagine you run a small business that produces vegetable soup. Your top priority is satisfying customers. A satisfied customer is a returning customer. To this end you choose your vegetables, recipes, packaging, and distribution based on your best estimates of what the consumer wants. If consumers like and value your vegetable soup, you earn profits. If consumers don’t value it, you suffer losses. Competition and business reputation ensures efficiency and happy customers.

Now imagine that the government decides to regulate the vegetable soup industry. Bureaucrats, not knowledgeable businessmen, now decide the full process of making soups, mandating the quality of the vegetables, the type of ingredients, the techniques for making soup that can be used, and even how you can advertise your soup. To enforce these new regulations, the government requires licenses and compulsory inspections. As a soup producer, you must now spend con..

We're supposed to believe that with Trump gone, political discourse will now be more honest and accurate. The reality is the Washington establishment is built on lies and myths and conspiracy theories. Here are just a few of them, from Russiagate to government spending.

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

How should businesses manage complexity? They shouldn’t. It’s not manageable. No plan survives the first contact with customers is the way Steve Blank famously puts it.

What’s the answer? Don’t plan. Implement an Austrian Business Model (see Mises.org/E4B_103_Video) and embrace the complexity of the marketplace.

Show notes: https://mises.org/library/stephen-phelan-embrace-complexity-pursue-continuous-innovation-dont-waste-time-planning

"The Entrepreneur In A Dancing Rugged Landscape" (on Twitter): https://Mises.org/E4B_103_Twitter

"The Complexity Of Opportunity" by Steven Phelan (PDF): https://Mises.org/E4B_103_Paper1

"Austrian Theories of Entrepreneurship: Insights From Complexity Theory" by Steven Phelan (PDF): https://Mises.org/E4B_103_Paper2

Professor Jonathan Newman joins the show for a look at America's Great Depression, Rothbard's classic explanation of a terrible period in US history. This book provides one of the best short surveys of Austrian business cycle theory, along with deep history surrounding the inflationary run-up of the 1920s and the disastrous mistakes made by the "laissez-faire" Hoover administration in the 1930s. Any serious student of booms and busts needs to read this cautionary tale, as does anyone worried about unconstrained monetary policy in the wake of Covid-19 lockdowns. It can happen here, and it can happen again, if Rothbard's counsel goes unheard.

Find the online version of the book at https://Mises.org/GreatDepression

Receive a discount on America's Great Depression in the Mises Bookstore with code HAPOD15%

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

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Ryan McMaken and Tho Bishop discuss some of the new policies the Biden administration wants to inflict on us, on topics ranging from Bitcoin to foreign policy.

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

Can entrepreneurship be a collaborative undertaking across multiple firms? Entrepreneur Zones are an idea from Dale Caldwell to boost the economic performance of cities, and represent one form of collaborative entrepreneurship. The business platform the Mises Institute is building — Economics For Business — represents another: an online collaboration of entrepreneurs to share knowledge, experience, and practices, while competing individually to be the best at serving customers.

Show notes: https://Mises.org/library/dale-caldwell-entrepreneur-zones-will-drive-accelerated-growth-cities

"The 5 Cs of Entrepreneur Zones" (PDF): https://Mises.org/E4B_102_PDF1

White Paper: "New Jersey Entrepreneur Zones" by Dale Caldwell: https://Mises.org/E4B_102_PDF2

"Dale Caldwell Believes that Jobs Can Drive Societal Change": https://Mises.org/E4B_102_Article1

"Healing Divided Country with Entrepreneurship": https://Mises.org/E4B_102_Article2

"Opportunity Zones… We Need Entrepreneur Zones": https://Mises.org/E4B_102_Article3

"Trauma in Employment": https://Mises.org/E4B_102_Article4

Scott Horton of antiwar.com and the Libertarian Institute has a new book chronicling 20 years of America's "War on Terror." Enough Already is a compelling history of modern US interventionism and a scathing critique of American foreign policy in the Middle East.
Horton joins Jeff Deist for a sobering look at American hubris overseas, along with the blowback and destruction it causes. You don't want to miss this conversation.

Per Bylund and Hunter Hastings discuss the true implications of the current furor over the anti-market behavior of some of the Big Tech companies of Silicon Valley. They are destroying value and consuming capital. Why? How can this happen?

Read Per Bylund’s tweet stream: https://Mises.org/E4E_101_Twitter

Show notes: https://Mises.org/library/bylund-silicon-valley-bad-entrepreneurship

"Silicon Valley is Bad at Entrepreneurship" (PDF): https://Mises.org/E4E_101_PDF

Protocols, Not Platforms: A Technological Approach to Free Speech by Mike Masnick: https://Mises.org/E4E_101_PDF2

Democrats and anti-Trump GOP leaders are calling the Capitol riot a "coup" and "treason." This is in part because if Washington politicians can portray the riot as a grave threat, they can use the riot as an excuse to greatly expand federal power.

Additional Reading

"There Is No Such Thing as Treason" by Ryan McMaken: https://Mises.org/RR_49_01

"The Capitol Riot Wasn’t a Coup. It Wasn't Even Close." by Ryan McMaken: https://Mises.org/RR_49_02

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org.

Guido Hülsmann's The Ethics of Money Production is a masterclass both on the fundamentals of money and the disastrous moral consequences of monetary "policy." Inflation is not only an economic problem which impoverishes us materially, but a deeply corrosive force in society for individuals. There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press.

Podcaster Stephan Livera is a big fan of the book and joins the show to explain why you need to read it.

Guido Hülsmann's The Ethics of Money Production​: Mises.org/Ethics

Listen to Stephan's podcast at StephanLivera.com

Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of economics, at https://Mises.org

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Economics is treated by many as an arid field of mathematical modeling. Human beings are treated as data in the model, almost the way physics regards atoms and molecules. This approach to economics doesn’t help people much; it doesn’t help us understand the world, and isn’t helping us build a better future.

Austrian economics is humanistic; it treats humans as people, pursuing their hopes and dreams, frequently changing, seldom predictable, and never acting like data in a model.

That’s why we see our brand of economics as animating: helping people to understand better how to identify the best means for their chosen ends. For businesspeople, that translates into knowledge, processes and tools to help businesses grow and thrive.

Show notes: https://mises.org/library/jeff-deist-animating-economics-serve-real-people-and-real-businesses

Economics For Business utilizes a journey metaphor for the entrepreneurial process. Take a look at our visual summary at https://Mises.org/E4B_100_PDF.

Presented on Saturday, 7 November 2020, in Angleton, Texas. Watch other videos from this event at https://www.youtube.com/watch?v=tsm7W_knD7U&list=PLALopHfWkFlE4f-YqMCxHt27MKoRINgq_

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Jeff Deist, Ryan McMaken, and Tho Bishop discuss Wednesday's takeover of the US capitol building. What are the potential long term effects, and just how much of a double standard does the American media have?

Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

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The United States has gone through at least six "party systems." Populism, war, or economic crises usually trigger a change from one system to another. Ryan McMaken and Tho Bishop host Patrick Newman.

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard, and subscribe on your favorite podcast platform.

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Why isn’t everyone an entrepreneur? Perhaps we don’t explain it well enough or in language that lets everyone in on the wonders and the thrills of the pursuit of new economic value.

Scott Livengood chooses reframing — thinking in new and different ways about an established concept — to widen the audience for entrepreneurship.

Show notes: https://mises.org/library/scott-livengood-reframes-entrepreneurship-new-audiences

Enjoy Scott Livengood’s book about the culture, concepts, and principles of entrepreneurship: The Startup Of Seinfeld: A Multimedia Approach to Learning Entrepreneurship: Mises.org/E4E_99_Book1

Read the work of Nobel prize-winner Edmund Phelps, mentioned in the podcast introduction, on Mass Flourishing (Mises.org/E4E_99_Book2) and economic Dynamism (Mises.org/E4E_99_Book3).

Tom Woods joins the show for a special year-end show to make the case for becoming a serious reader in 2021!

Read Dr. David Gordon's 2020 book reviews at Mises.org/Gordon2020

Find all episodes of the Human Action Podcast at Mises.org/HAPod

There's no reason to assume 2021 will bring a reversal of 2020's trends. Many of the fights that began in 2020 are likely to intensify in the new year.

Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

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Created 4 years, 1 month ago.

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Category News & Politics

The Mises Institute is the research and educational center of classical liberalism, libertarian political theory, and the Austrian School of economics.