Why Trumpism Might Bring a New Era for Political Parties
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.
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Bob and Jeff make their provocative 2023 predictions for the economy, the Fed, politics, world events, and cultural issues.
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00:00 Introduction
00:56 The Economy
07:24 The Fed
14:02 Politics
25:49 Global Events
35:07 Cultural Events
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https://www.youtube.com/watch?v=asFZ1KCcocU
Ryan McMaken, an economist and editor of Mises.org, joins the show to consider Part Five of Human Action: "Social Cooperation without a Market." This section of the book provides Mises's updated exposition of socialism, the impossible project of substituting 'One Will' for the subjective actions and preferences of everyone in society. Mises gives us the history behind support for socialism, and the enduring appeal of ascribing the best intentions and omniscience to the central state.
Can a socialist system really operate using the division of labor? Can mathematical equations lead us to equilibrium, the final and static price for any good or factor? Can the managerial state make the impossible possible? This is a rewarding discussion of socialism from Mises's brilliant and radical point of view.
Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA.
Human Action: Mises.org/HumanAction
Bob Murphy's Study Guide to Human Action: Mises.org/Study
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https://www.youtube.com/watch?v=NrqSAGwKRvY
In December 2022, the scientific journal Biological Psychiatry published a study that compared adolescent brain scans before and after the COVID-19 pandemic. Teenagers scanned after the pandemic showed reduced cortical thickness, larger hippocampal and amygdala volume, and greater brain aging than those scanned before COVID.
This kind of adolescent brain development, the study noted, was typically associated with “exposure to early life adversity, including violence, neglect, and family dysfunction.” The post-COVID scans showed something new. “As a result of social isolation and distancing during the shutdown,” the study concludes, “virtually all youth experienced adversity in the form of significant departures from their normal routines.”
Early into the COVID-19 outbreak, it was clear that unless somebody was immunocompromised, age was the primary determinant in the risk of severe health complications from the virus, yet for many policymakers, the country needed a one-size-fits-all solution, with no regard to individual circumstances. Prudent policy for a seventy-year-old with respiratory problems, the thinking went, was equally necessary for a healthy family of eight.
The efficacy of masking and isolation mandates remains a matter of controversy, but their unintended consequences are becoming increasingly clear, as more studies come out documenting the harmful effects they had on childhood development.
In 2022, the journal Frontiers in Psychology published an article exploring the implications of masks on infants. “Human faces convey critical information for the development of social cognition,” the authors explained, but “with masks, the facial cues available to the infant are impoverished.” Other studies have documented the consequences. Columbia University researchers found that “babies born during the pandemic showed reduced motor and social-emotional development compared to pre-pandemic babies,” for example, and the medical journal Contemporary Pediatrics reported that pediatric speech disorders more than doubled.
The deleterious effects of isolation mandates on schoolchildren were made visible by a viral photograph of French preschoolers sitting alone in chalk squares during playtime. Numerous studies have since confirmed that children exhibited increased rates of depression, anxiety, and indignation due to the lockdowns. The CDC reported that mental-health related emergency room visits for adolescents had increased by more than thirty percent between 2019 and 2020. Other students have documented the dramatic spike in teenage substance abuse as a coping mechanism while in isolation.
We are still discovering the damage that masking and lockdown mandates subjected children to, which provides a bleak lesson about the dangers of replacing individual autonomy with one-size-fits-all policies in times of crisis. Can you trust even the most expert bureaucrat to design policies that are appropriate for the unique circumstances of your household, or does it make more sense to make your own decisions about what’s best for you and your family?
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Want to learn more?
For more animated content, check out Economics for Beginners at https://BeginEconomics.org.
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https://www.youtube.com/watch?v=rDFDMEFaaXk
Jeff and Bob discuss the effect of rising interest rates on Uncle Sam's ability to service debt—and promote the increasingly less radical idea that a default on Treasury debt is both inevitable and good.
Jeff's article on rising rates: https://Mises.org/HAP351-1
House Budget Committee report on higher interest rates and US debt service: https://Mises.org/HAP351-2
Rothbard on the ethics of debt repudiation: https://Mises.org/HAP351-3
00:00 Introduction
03:06 The 14th Amendment: Is the Debt Legal?
06:58 Repudiating the National Debt
16:07 Cancelling the Intragovernmental Debt
18:41 Defaulting on the Public Debt
25:52 Paying Entitlements
32:50 What a Default Would Look Like
39:57 Modern Monetary Theory (MMT)
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https://www.youtube.com/watch?v=PeBt6yNGnFM
View the full episode at https://Mises.org/RR83
Radio Rothbard is a weekly podcast featuring a cast of Mises Institute voices and special guests. The show tackles politics, current events, culture, media, and of course the predatory state, all from an uncompromising Rothbardian perspective. Radio Rothbard is the weekly anti-politics podcast you won't want to miss!
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Our guest Michael Watson joins Jeff Deist after delivering a provocative paper last week at our research conference comparing Mises and Thomas Aquinas. They discuss Misesian praxeology, Catholicism, charity, altruism, and personal relationships in an attempt to decide what acts lie within and without the scope of economics.
Are humans really super-rational Homo Economicus beings, per John Stuart Mills? No, according to Mises, who posits that we operate under conditions of bounded rationality using means-ends approaches. How do we reconcile our ethical worldviews with value-free economics? And how can we apply economics and praxeology to things like religious faith, love, and even involuntary conditions like slavery and war?
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https://www.youtube.com/watch?v=-bYdK_yw1mE
Human action lies at the core of the application of Austrian economics to business: how do people act and how can we develop the best understanding of why they act that way. We apply that thinking to customers, and we can also apply it to business organizations. If we are able to answer these questions well, we can develop a profitable business model and an effective management model. Our guest Diana Jones has a distinctive perspective about the management model that’s based on understanding people’s personal and private experiences rather than their place in the hierarchy or their formal role in the process.
Show notes: https://mises.org/library/diana-jones-new-management-model-guarding-group-relationships
"Trust-Distance Matrix: Assessing the Cost of Distance in Business Relationships" (PDF): https://Mises.org/E4B_148_PDF
Leadership Levers: Releasing The Power Of Relationships For Exceptional Participation, Alignment, and Team Results by Diana Jones: https://Mises.org/E4B_148_Book
https://Diana-Jones.com
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https://www.youtube.com/watch?v=mnD6EqFb4-A
Mark Packard introduces the concept of value learning. This is the mental process through which the customer advances in response to a value proposition from an entrepreneur or a brand. It’s important for entrepreneurs to understand, monitor and measure the customer’s value learning.
Show Notes: https://mises.org/library/mark-packard-value-learning-process
"Value Is A Learning Process" (PDF): Mises.org/E4E_44_PDF
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In this episode of Radio Rothbard, Ryan McMaken and Tho Bishop take a revisionist Rothbardian lens to American history. Was the American revolution a good thing? Was Andrew Jackson better than Thomas Jefferson? Does a historical narrative really matter? Tune in for this and more!
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