Bob Murphy

Here's your host, Dr.

Bob Murphy.

Matt, welcome back to the Human Action Podcast.

Thanks so much for having me, Bob.

I appreciate it.

Sure thing.

So folks, uh, we've been talking to Matt McCaffrey, who is the editor and the person who brought to life to make it available to us, The Development of Economic Theory from Adam Smith to John Stuart Mill by Frank Fetter, uh, resurrecting it from his manuscript.

So Matt, thanks for spending years bringing this thing, you know, to, to, to our, uh, ability to read it, and thank you for your time here today.

The Bob Murphy Show, episode 533.

Get ready for another episode of The Bob Murphy Show, the podcast promoting free

markets.

free minds, and grateful souls.

It's your source for commentary and interviews conducted by a Christian and economist.

Now here is your host, Bob Murphy.

Hey, everybody.

Welcome back to The Bob Murphy Show.

Here's your host, Dr.

Bob Murphy.

Hey

everybody, welcome back to the Human Action Podcast.

At Columbia University and, you know, it was MMT versus the Austrian school.

Warren Mosler is the godfather of MMT, in case you don't know.

And one of the things he said kind of almost as a throwaway line in that debate was that with a soft currency, Bob, as opposed to like a hard currency like gold.

So with a soft currency, the natural interest rate is zero, right? Whereas you Austrians keep talking about boom-bust cycles and the central bank screwing with things, but don't you understand when a monetary sovereign issues its own fiat currency where there's no cost of production, it's like real resources have to be expended to produce more units of this thing.

The Austrian case against the ban begins with consumer choice.

In his explanation of the concept of consumer sovereignty, Robert P. Murphy explains that Ludwig von Mises regarded consumer spending as a continuing plebiscite directing entrepreneurs toward the goods people value.

In a market, producers retain their position only by persuading customers.

The FCC reverses that relationship.