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The Mises Institute, founded in 1982, teaches the scholarship of Austrian economics, freedom, and peace. The liberal intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995) guides us. Accordingly, we seek a profound and radical shift in the intellectual climate: away from statism and toward a private property order.

Videos by Mises Institute

Shawn Needham: How Consumers and Entrepreneurs Co-Navigate Value Uncertainty in Healthcare

Austrian economics provides new insights into value: what it is, how it is created, and who creates it. The insights are summed up by Professors Per Bylund and Mark Packard in our E4B podcast episode #108 (see Mises.org/E4B_108). One of the most vivid images they paint is the picture of entrepreneurship as “the two-sided navigation of radical value uncertainty, both by producers and consumers, in that never-ending quest towards higher value states”.

The market for healthcare provides us with a pertinent example of co-navigation of radical value uncertainty. For consumers, there is no certainty available — they can’t know which doctors or providers will give them the best experience, they don’t know the right means to choose to attain their end (health), and they can’t use the usual

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Daniel McCarthy on the Prospects for Fusionism

Daniel McCarthy joins the show to continue last week’s discussion of the rapid breakdown of America’s political order, with wokeism rising on the Left and Reaganism dying on the Right. McCarthy gives us his critique of the liberal technocratic order, and makes his case for where libertarians go wrong in their utilitarian and acultural approach. His prescription is for a new Right fusionism, with a reinvigorated Rothbardian populism as one critical element. The legacy of Ron Paul’s presidential campaigns, McCarthy explains, is the philosophical critique of welfarism and warfarism. But changing society is a long game—one the Left plays well—so we must do the same.

Find McCarthy’s article Why Libertarians Are Wrong at https://Mises.org/McCarthyArticle

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What Is Socialism?

Economics is the study of human action. Using economics, we can understand how social orders can create different results based on how they allocate resources.

In a market economy, production is guided by enterprises seeking profit and innovation. In a crony economy, the government influences market outcomes by interference and intervention. A third economic system rejects markets entirely in favor of central planning.

This is socialism.

In this system, central planners set the stage and drive the economy while individuals serve less innovative roles in society in exchange for goods, services, and security. While a market economy rewards those who best serve customers, the promise of a socialist economy is that everyone’s needs are taken care of equally.

This is a command economy,

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Yousif Almoayyed: Apply Economic Thinking To Better Manage Your Technology Projects

Does economic knowledge help you manage complex IT projects? Yousif Almoayyed thinks it does. He combines management knowledge with careful project management and principled economic thinking.

Economic thinking utilizes foundational principles to integrate knowledge management and business task management for all kinds of projects. IT projects provide a representative example.

Show notes: https://mises.org/library/yousif-almoayyed-apply-economic-thinking-better-manage-your-technology-projects

A Guide To The Project Management Body Of Knowledge (May 2021): Mises.org/E4B_110_Book

"Economic Thinking About IT Projects" (PDF): Mises.org/E4B_110_PDF

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Taking Rites Seriously: Neither Theocracy nor Liberal Hegemony | Francis Beckwith

The Lou Church Memorial Lecture, sponsored by the Lou Church Foundation. Recorded at the Mises Institute on March 20, 2021. Includes an introduction by Joseph T. Salerno.

The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian School, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. The conference is hosted by the Mises Institute at its campus in Auburn, Alabama, and is directed by Joseph Salerno, professor of economics at Pace University and academic vice president of the Mises Institute.

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Rothbard’s Account of the Action Axiom: A Neo-Aristotelian-Thomistic Defense | Douglas B. Rasmussen

The F. A. Hayek Memorial Lecture, sponsored by Greg and Joy Morin. Recorded at the Mises Institute on March 19, 2021. Includes an introduction by Peter G. Klein.

The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian School, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. The conference is hosted by the Mises Institute at its campus in Auburn, Alabama, and is directed by Joseph Salerno, professor of economics at Pace University and academic vice president of the Mises Institute.

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Donald Devine on the Enduring Tension

Donald Devine is a legend in Washington, DC conservative circles, where he gained fame wrestling civil service bloat as head of Reagan’s Office of Personnel Management. His new book The Enduring Tension: Capitalism and the Moral Order starts with Schumpter’s creative destruction and asks the tough question: can capitalism alone hold America together? Channeling Hayek, Devine argues that markets are critical but not sufficient. Free and equal individualism requires a mythos and a logos, a moral order rooted in God, morality, law, or tradition—otherwise we devolve into warring factions. Bureaucratic, centralized, and unworkable government perversely encourages these factions as America rejects its federalist structure and Thomist underpinnings. This is a challenging and far-ranging book,

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Two Months In: Life in Biden’s America

We’re now living in Biden’s America. But what does that mean? It means a continuation of trends already in place: the long slow decline of America’s institutions, and the public’s faith in them.

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.

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Daniel Lacalle on Freedom or Equality

Our great friend Daniel Lacalle joins the show from Madrid to discuss the post-Covid economy from the framework of his newest book, Freedom or Equality. Real human cooperation happens via markets and property, not government or central bank edicts. Socially beneficial behavior needs the right incentives—without prices and profits, we have no way to measure merit or benefit.

If leaders are serious about economic recovery after lockdowns, they need to dispense with authoritarian controls and let markets work. Lacalle considers interest rates, inequality, stakeholder theory, global debt, and much more in this powerful discussion of today’s economic reality.

Find Freedom or Equality: The Key to Prosperity Through Social Capitalism at https://Mises.org/DLbook

Find free books, daily

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Covid in Florida, Pennsylvania, Colorado: How 3 States Did Lockdowns

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.

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“Taking Rites Seriously: Neither Theocracy nor Liberal Hegemony” | Francis J. Beckwith

The Lou Church Memorial Lecture is sponsored by the Lou Church Foundation.

The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian School, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. The conference is hosted by the Mises Institute at its campus in Auburn, Alabama, and is directed by Joseph Salerno, professor of economics at Pace University and academic vice president of the Mises Institute.

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The Henry Hazlitt Memorial Lecture | Steve Mariotti

The Henry Hazlitt Memorial Lecture is sponsored by Yousif Almoayyed. Featuring the presentation of the Lawrence W. Fertig Prize in Austrian Economics, the O.P. Alford III Prize in Political Economy, and the Gary G. Schlarbaum Prize.

The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian School, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. The conference is hosted by the Mises Institute at its campus in Auburn, Alabama, and is directed by Joseph Salerno, professor of economics at Pace University and academic vice president of the Mises Institute.

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“Rothbard’s Account of the Action Axiom: A Neo-Aristotelian-Thomistic Defense” | Douglas Rasmussen

The F. A. Hayek Memorial Lecture is sponsored by Greg and Joy Morin. Includes introductory remarks by Jeff Deist and Joseph Salerno.

The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian School, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. The conference is hosted by the Mises Institute at its campus in Auburn, Alabama, and is directed by Joseph Salerno, professor of economics at Pace University and academic vice president of the Mises Institute.

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Per Bylund: Austrian Economics is the Science of Business Success

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

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Dr. Patrick Newman on Cronyism in America

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

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How Wall Street Became an Enemy of Free Markets

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/RR_52_Article

"Monetary Policy and Inequality" Karl-Friedrich Israel: https://Mises.org/RR_52_Video

"Speaking Truth to Monetary Power" by Lew Rockwell: Mises.org/RR_52_Article2

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.

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104 Keyhani

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):

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Rothbard’s Case Against the Fed

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

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What Is Cronyism?

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

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In Washington, Fake News Is Everywhere

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.

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Steven Phelan: Embrace Complexity, Pursue Continuous Innovation, Don’t Waste Time on Planning

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

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Rothbard’s America’s Great Depression

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

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What Biden Has Planned for Us

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.

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Dale Caldwell: Entrepreneur Zones Will Drive Accelerated Growth For Cities

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

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Scott Horton on His New Book ‘Enough Already’

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.

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Per Bylund: Silicon Valley Is Bad At Entrepreneurship

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

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The Capitol Riots and the Coming "Counterrevolution"

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.

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Guido Hülsmann on The Ethics of Money Production

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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Jeff Deist: Animating Economics to Serve Real People and Real Businesses

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:

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Ron Paul Liberty Report Live from Lake Jackson, Texas (November 2020)

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_

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

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