Submit your questions for the next episode at AskAnAustrian.com! Bob Murphy is the author of, among many other works, Choice: Cooperation, Enterprise, and Human Action. He his own podcast, The Bob Murphy Show, and was the co-host of the Contra Krugman podcast. Question 1 @ 0:22—GDP includes government spending. MV therefore includes what government spends. Does M include Fed infusions? Question 2 @ 4:00—What, if any, are the limits to consent under a libertarian/Austrian framework? Question 3 @ 9:49—Should there be government mask mandates to fight COVID-19?  Do Austrian economics or libertarian theory provide any perspectives on this question? Question 4 @ 13:42—In a voluntary society how could nuclear, biological, and chemical weapons be handled in a way that doesn't require a state, but also would stop deranged individuals from using them on peaceful people? Question 5 @ 17:22—Is there any moral limit on free trade? Is there any point at which another country or trading partner violates libertarian principles so egregiously that you cut off relations? Question 6 @ 21: 30—A lot of people are bullish about the current economy, including many libertarians. Are they right or are there reasons to anticipate another crash soon? Question 7 @ 24:03—Assuming it doesn't, why does protectionism not benefit the protected nation's industrial base? Question 8 @ 26:18—If there are no intellectual property laws, why would pharmaceutical companies do expensive research and development? Question 9 @ 28:33—In a truly free market economy would we see the ups and downs in the stock market, or the market in general, that we have been seeing the last 100+ years?

Ask an Austrian

Ask An Austrian, Ep. 3—Bob Murphy

Ask your questions at AskAnAustrian.com for the next episode! Purchase a copy of Dr. Sabrin's Book "Why the Federal Reserve Sucks: It Causes Inflation, Recessions, Bubbles and Enriches the One Percent" Question 1 @ 2:02: In "The Theory of Money and Credit" Mises emphasized that money is not a measure of value, price, or a price index. He called these ideas entirely fallacious and unscientific. What does he mean and how does this principle fit with the concept of economic calculation as laid out in Mises' famous demolition of socialism? Question 2 @ 6:43: The IMF and the Fed are creating massive economic bubbles. What happens to the majority of the world that has been raised out of abject poverty from primarily 1st world intervention and funds? Question 3 @ 9:12: Assuming it doesn't, why does protectionism not benefit or protect a nation's industrial base Question 4 @ 11:55: A lot of people are bullish about the current economy, including many libertarians. Are they right, or are there reasons to anticipate another crash soon? Question 5 @ 15:05: Let's presume by some miracle an Austrian economist is appointed chairman of the Federal Reserve board and due to external political factors, abolition is not possible. What would central banking look like under these conditions? What steps would an Austrian chairmanship take to switch to a free market currency as soon as possible? Question 6 @ 17:11: In a truly free market economy, would we see the ups and downs in the stock market or the market in general that we have seen the past 100 years? Question 7 @ 18:13: Is there a derivation for the existence of time preference or is it a priori? 

Ask An Austrian, Ep. 2—Murray Sabrin

Audio version here: https://anchor.fm/lpmisescaucus Want your questions related to economics, libertarian theory and ethics answered by an Austrian Economist? Submit them at AskAnAustrian.com Become a donor to Mises PAC, join the decentralized Re(Love)ution! - LPMisesCaucus.com/donate You can check out Lucas Engelhardt's work at the Mises Institute (https://mises.org/profile/lucas-m-engelhardt) as well as on his personal website (http://www.lucasmengelhardt.com/) Question Timestaps: 00:15 - Question 1 - What is the best introductory book for the layman who wants to learn the basics of Austrian econ, but doesn't necessarily want to become an expert or read something as extensive as Human Action or ME&S? Question 2 - 4:47 - In the absence of a federal reserve, would prices ever go up? In other words, would the cost of living increase? Question 3 - 7:30 - Am I wrong for saying the U.S dollar does not have a unit of account? Since the U.S dollar is a unit of debt and debt has no standard measurement. How can I logically compare prices than. Question 4 - 12:18 - Why is the petrodollar so important to the USA and if other nations move away from the dollar in global trade will there be an inflationary impact in the USA? Question 5 - 15:52 - What is the Austrian Business Cycle Theory, and what should the Mises Caucus advocate for given an understanding of ABCT?

Ask An Austrian, Ep. 1—Lucas Engelhardt

Got questions about Austrian Economics? We got answers! Ask your favorite economists your most burning questions about Austrian economic theory, or libertarian theory and have them answer them for you.

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Ask An Austrian, Ep. 3—Bob Murphy

Ask An Austrian, Ep. 2—Murray Sabrin

Ask An Austrian, Ep. 1—Lucas Engelhardt