The Economist Next Door

Recent episodes

1. Did the Decline of Community Create a Demand for Socialism? from The Economist Next Door

   Aug 4, 20261 hr 3 min

   What happens when families, churches, neighborhoods, and civic institutions begin to disappear? Economist Paul Mueller and political philosopher Luke Sheahan explore the ideas of Robert Nisbet, the overlooked thinker who warned that people deprived of meaningful community would drift toward loneliness, despair, or political fanaticism. From ancient Rome to the modern welfare state, this episode of The Economist Next Door examines why strong individuals require strong communities—and what we lose when the state replaces them.

2. Social Security Is in Serious Trouble: Can the Program Be Saved? from The Economist Next Door

   Jul 29, 202655 min

   Social Security is facing a serious financial crisis. By 2032, the program's trust fund is projected to be depleted, triggering automatic benefit reductions unless Congress acts. But the problem runs deeper than a looming funding shortfall. Social Security was built for a different era—one with more workers supporting fewer retirees and shorter retirement periods. In this episode of The Economist Next Door , Paul Mueller is joined by Dave Hebert, head of AIER's Economic Freedom Team, for a conversation about why Social Security is struggling, why many proposed fixes may only delay the problem, and what a fundamentally different approach to retirement might look like. They discuss the history of Social Security, the reality behind the trust fund, the challenges of raising taxes or adjusting retirement ages, and whether a system built around personal retirement accounts could provide a more sustainable path forward.

3. The Recession Story We Keep Getting Wrong from The Economist Next Door

   Jul 21, 202646 min

   Recessions are often explained as the inevitable result of excess: too much borrowing, too much speculation, too much optimism, or some hidden imbalance waiting to be corrected. But what if that story is wrong? In this episode of The Economist Next Door , host Paul Mueller talks with Tyler Goodspeed, chief economist at ExxonMobil and author of Recession: The Real Reasons Economies Shrink and What to Do About It , along with AIER President Samuel Gregg, about what 300 years of economic history reveal about downturns. Goodspeed argues that recessions are not predictable corrections caused by the excesses of previous expansions. Instead, they are often triggered by unexpected shocks — from energy crises and natural disasters to financial disruptions — that interrupt economic activity. He explains why the historical record challenges the familiar boom-bust narrative and why recoveries, rather than expansions, are often the true correction. The conversation also explores why humans are drawn to stories of blame and punishment when economies falter. From the Great Depression to the 2008 financial crisis, policymakers and the public have often searched for villains and embraced narratives of moral failure. But those stories can lead to misguided interventions that prolong economic pain. Paul, Tyler, and Sam discuss what this perspective means for today's economy, including debates over AI, technological change, and fears of another boom-bust cycle. They examine why we are quick to identify the next economic villain — and why focusing on long-run growth, resilience, and human flourishing matters far more than trying to eliminate every downturn.

4. How Your Neighbors Are Using AI from The Economist Next Door

   Jul 14, 202659 min

   Artificial intelligence is no longer a distant technology of the future—it is already reshaping how people work, learn, create, and solve problems. In this episode of The Economist Next Door , Paul Mueller explores the practical and philosophical questions surrounding AI with three guests — Jacob Mueller, co-founder of short-term rental management company Renjoy; Nicholas Roseveare, software engineer and developer at Revenue Solutions; and Tanner Thetford, pastor at First Baptist Church of Leadville — who are actively using these tools in their work and daily lives. The conversation goes beyond productivity gains to examine deeper questions about how humans should use AI. Like every powerful tool, the question is not simply whether we use it, but how we use it.

5. Is AI a Threat to Human Flourishing? from The Economist Next Door

   Jul 7, 20261 hr 0 min

   Artificial intelligence is often discussed in terms of productivity, jobs, and economic growth. But the deeper question is a human one: Will AI help us become more fully human? In this episode of The Economist Next Door , Dr. Paul Mueller brings together three guests to examine AI from different angles. They discuss how entrepreneurs, programmers, and educators are using AI today—and wrestle with the harder questions surrounding technology, work, creativity, and human purpose. Will AI free people to pursue more meaningful work, or will it weaken the habits and relationships that make us human? Can artificial intelligence serve as a tool for human flourishing, or will it encourage dependence and disengagement? Listen to this thought-provoking conversation on the economic and moral questions surrounding one of the most transformative technologies of our time.

6. The Declaration's Most Radical—and Consequential—Idea from The Economist Next Door

   Jun 25, 202654 min

   As America approaches the 250th anniversary of the Declaration of Independence, host Paul Mueller sits down with historian Brad Birzer to explore the ideas that gave birth to the American experiment. Together, they examine what made the Declaration such a revolutionary document, why its principles remain relevant nearly two and a half centuries later, and the radical claim at its heart: that all people are created equal and possess rights that no government can rightfully take away. Mueller and Birzer discuss the intellectual influences behind the Declaration, the courage required to sign it, and the enduring importance of natural rights, self-government, and human dignity. They also reflect on how the Declaration transformed political thought around the world and why its message continues to shape debates about liberty today. Join us for a timely conversation about the most radical—and important—idea in the Declaration of Independence.

7. Could Trump Accounts Actually Work? from The Economist Next Door

   Jun 23, 202655 min

   Host Paul Mueller is joined by AIER scholars Tom Savidge and Dave Hebert to discuss one of the most intriguing and controversial provisions in the One Big Beautiful Bill: Trump Accounts. The program would provide government-seeded investment accounts for children, with supporters arguing that it could expand ownership, encourage long-term wealth building, and foster a stronger culture of saving and investing. Are Trump Accounts a meaningful step toward an ownership society, or are they simply another government program destined to fall short of its promises? Paul, Tom, and David debate the merits and drawbacks of the proposal, examining everything from financial literacy and intergenerational wealth to government incentives, philanthropy, and the future of retirement security. Along the way, they spar over whether giving every child a stake in the market could strengthen capitalism, encourage broader participation in wealth creation, and reshape the relationship between citizens and the economy.

8. Economics Is for Everyone from The Economist Next Door

   Jun 16, 202652 min

   In this episode of The Economist Next Door , host Paul Mueller is joined by Tom Savidge and Julia Cartwright of the American Institute for Economic Research (AIER), along with Richard Morrison of the Competitive Enterprise Institute (CEI), to explore how basic economic thinking shows up in everyday life. Using accessible, real-world examples—from wedding dresses and tuxedos to sneakers, thrifted fashion, housing regulations, and consumer choice—the conversation highlights how trade-offs, discounting, incentives, and social norms shape ordinary decisions. It moves from household economics to broader policy debates, including regulation, market variety, and the unintended consequences of quality standards in housing and consumer goods. The episode makes clear that economics, at its core, is not merely a technical discipline for experts, but a practical framework for understanding how people make choices under scarcity, constraints, and competing values in daily life.

9. Congratulations, You Own Your Home. Sort Of. from The Economist Next Door

   Jun 9, 202646 min

   In this episode of The Economist Next Door , host Paul Mueller speaks with economist Vance Ginn about one of the most contentious issues in state and local fiscal policy: property taxes. Ginn argues that property taxes pose a fundamental challenge to private ownership, since homeowners must continue paying taxes on their property even after paying off their mortgage. The conversation explores alternatives to the current system, including the possibility of replacing property taxes with broader sales taxes. Ginn outlines a reform framework that emphasizes spending restraint, tax base broadening, and a gradual "buy-down" approach to reducing reliance on property taxes over time. Mueller and Ginn also discuss how different tax structures shape government behavior, interstate competition, and housing markets, as well as the trade-offs between stability in revenue and economic distortions. Could a consumption-based tax system offer a more transparent and less burdensome foundation for funding local government? Listen and find out!

10. America's Student Debt Crisis, Explained from The Economist Next Door

    Jun 2, 202650 min

    In this episode of The Economist Next Door , Paul Mueller is joined by fellow American Institute for Economic Research scholars Jeff Degner and Dave Hebert to examine the economics behind America's student debt crisis. The conversation explores how decades of federal aid and subsidized student loans helped fuel tuition inflation, reshape university incentives, and transform higher education into a debt-driven consumption economy. The scholars discuss credential inflation, luxury campus amenities, signaling theory, Austrian business cycle theory, and the unintended consequences of government intervention in higher education. They also examine why so many students leave school with debt but no degree, how colleges use price discrimination, and whether reforms such as shorter degree programs, income-sharing agreements, and AI-driven education tools could lower costs and improve outcomes. No PhD required.

11. The Undying Allure of Socialism from The Economist Next Door

    May 26, 202650 min

    In this episode of The Economist Next Door , host Paul Mueller joins scholars Pete Earle and Jeffery Degner to explore why socialism continues to hold intellectual and popular appeal despite a long record of practical failure. The conversation examines the emotional and moral narratives that sustain socialist ideas, from claims about fairness and control to dissatisfaction with perceived inequalities in modern market economies. It also revisits the historical economic debate over central planning versus market coordination, drawing on insights from the Austrian tradition and the calculation debate. The discussion then turns to the core mechanisms of market economies—prices, profits, and dispersed knowledge—and why these remain difficult to replicate through central planning or algorithmic systems, including modern claims about artificial intelligence. Along the way, Paul and his guests unpack how interventions, regulations, and political incentives shape economic outcomes in ways that often obscure the role of markets themselves. The result is a broad examination of socialism's enduring appeal and the persistent challenges it faces in practice.

12. Is the US Dollar Losing Its Dominance? from The Economist Next Door

    May 19, 202648 min

    In this episode of The Economist Next Door , economist Paul Mueller sits down with AIER Senior Research Fellow Peter C. Earle to explore one of the biggest questions in global finance: Is the U.S. dollar losing its dominance? Drawing on Earle's extensive research into dollarization and international monetary systems, the conversation examines how the dollar became the world's reserve currency, why it remains central to global trade and finance, and what growing efforts to bypass the dollar could mean for America and the world. From the hidden advantages Americans enjoy under dollar dominance to the rise of alternative payment systems and growing efforts to bypass the dollar, Paul and Pete explore how sanctions, Federal Reserve policy, mounting U.S. debt, and technological change are reshaping the global financial order — and what it could mean for America's economic future. Is the dollar's dominance truly fading or simply evolving? Listen and find out!

13. Do the Ultra-Wealthy Pay Their Fair Share in Taxes? from The Economist Next Door

    May 12, 202648 min

    In this episode of The Economist Next Door , host Paul Mueller is joined by AIER colleagues Tom Savidge and Julia Cartwright to examine one of the most persistent claims in American politics: that billionaires pay little or nothing in federal taxes while ordinary workers carry the burden. The conversation breaks down the federal tax system — including taxes on income, capital gains, corporate earnings, and payrolls — showing why headlines about the ultra-wealthy often obscure reality. Along the way, the scholars explain why high-income earners still account for a disproportionate share of federal revenue even as the code contains a maze of deductions, exemptions, credits, and loopholes. The scholars explore the deeply convoluted — and often regressive — nature of the tax system, including the compliance costs, incentives, and distortions it creates for workers, investors, and entrepreneurs alike. The discussion touches on the "Bootleggers and Baptists" dynamic in tax policy, where moral arguments about fairness often align with the interests of well-connected groups that benefit from preserving complexity and special carveouts. The episode also examines the Laffer Curve and the idea that excessively high tax rates can discourage productive activity and ultimately reduce economic growth and tax revenue. What would a simpler, less distortionary tax system look like? And why is meaningful reform so difficult? Listen and find out!

14. Who Is the Greatest Economist of All Time—And Was He an Austrian? from The Economist Next Door

    May 5, 202649 min

    What is the Austrian school of economics—and why does it still shape debates about markets, money, and government today? In this episode of The Economist Next Door , host Paul Mueller is joined by economists Pete Earle and Jeff Degner to break down one of the most influential—and controversial—traditions in economic thought. From the marginal revolution to modern debates over central banking, they explore how Austrian economists think about prices, knowledge, and human behavior. The conversation covers the socialist calculation debate, the role of interest rates in boom-bust cycles, and why ideas from Mises and Hayek continue to resonate in business, finance, and policy circles today. It also asks a provocative question: Who is the greatest economist to ever live?

15. The Most Powerful Position in Finance? Kevin Warsh and the Future of the Fed from The Economist Next Door

    Apr 28, 202650 min

    Is the Federal Reserve Chair the most powerful person in the free world? In this episode of The Economist Next Door, host Paul Mueller is joined by Lydia Newman (Director of Monetary Policy, AIER) and William Luther (Director of AIER's Sound Money Project) to analyze the nomination of Kevin Warsh to lead the Federal Reserve. Together, they unpack Warsh's views on inflation, the Fed's nearly $7 trillion balance sheet, and the role of forward guidance—along with what "reform" might actually look like in practice. Along the way, they examine the Fed's evolving footprint in financial markets, the tension between independence and accountability, and whether current policy is contributing to today's affordability challenges. From interest rates and stock markets to grocery bills and housing costs, this episode breaks down how decisions made in Washington ripple through everyday life—and what a different approach to monetary policy could mean for the economy going forward. Shownotes ( https://www.youtube.com/watch?v=seOZ2IWD85s) 0:00 – Is the Fed Chair the most powerful person in finance? 1:24 – Who is Kevin Warsh? 7:17 – Warsh's views on inflation and the balance sheet 12:53 – The problem with forward guidance and dot plots 25:57 – Can one person really change the FOMC? 37:59 – AI, shocks, and the future of the US economy 44:51 – Why the Fed needs to get out of the MBS business 52:35 – Making the Fed boring again In this episode, Paul and his guests discuss the following: The All-Star Nominee: Kevin Warsh's journey from the youngest-ever Fed Governor at 35 to the potential next Chair Monetary Policy Reform: Why Warsh is skeptical of dot plots and favors a laser focus on price stability Shrinking the Footprint: The plan to get the Fed out of the mortgage-backed securities (MBS) business and reduce its outsized role in credit allocation Independence vs. Accountability: Balancing the Fed's need for insulation from politics with the public's right to transparency The K-Shaped Economy: How past Fed policy decisions contributed to the current affordability crisis in housing, healthcare, and education Political Theater: How ongoing criminal investigations and Supreme Court cases are impacting the current transition of power Stay Connected: Follow Paul Mueller: Senior Research Fellow at AIER . Follow The American Institute for Economic Research (AIER) Subscribe: to The Economist Next Door for more deep dives into policy and economics. #FederalReserve #KevinWarsh #Economics #Inflation #InterestRates #MonetaryPolicy #Finance #AIER #Podcast

16. What Really Broke the Financial System? from The Economist Next Door

    Apr 21, 202642 min

    *]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" data-turn-id= "request-WEB:b70595c4-ead3-4e9e-b84f-33d4452cbec2-9" data-testid= "conversation-turn-20" data-scroll-anchor="true" data-turn= "assistant"> In this episode of The Economist Next Door , host Paul Mueller is joined by AIER colleagues Lydia Mashburn Newman and Pete Earle to discuss the 2008 financial crisis, from the collapse of Bear Stearns to the failure of Lehman Brothers and the emergency response to AIG. They examine how shifting government actions created uncertainty during the crisis, and how the Federal Reserve's response—near-zero interest rates, liquidity facilities, and large-scale asset purchases—transformed monetary policy and reshaped financial markets for the next decade. How do these monetary decisions and decimal points affect the everyday lives of Americans? Listen and find out!

17. Sex, Marriage, and Markets: What's Driving the Baby Bust? from The Economist Next Door

    Apr 14, 202645 min

    *]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" data-turn-id= "request-WEB:87289791-0d59-467b-8082-9e30cfe415ff-5" data-testid= "conversation-turn-12" data-scroll-anchor="true" data-turn= "assistant"> In this episode of The Economist Next Door , host Paul Mueller speaks with Jeff Degner and Aidan Grogan about the global fertility crisis and the sharp decline in family formation across advanced economies. Are falling birth rates primarily an affordability problem—or the result of deeper cultural changes? The conversation connects inflation, housing costs, and economic uncertainty with delayed marriage, shifting fertility preferences, and the emergence of dating apps as large-scale matching platforms that alter incentives, selection, and relationship formation. The discussion also introduces the concept of an "inflation culture" and its potential effects on time preference, planning horizons, and family decisions. The episode closes by examining what population decline means for economic growth, social cohesion, and the future of government.

18. Nobel Prize Insights: Lessons From Vernon Smith on Markets, Morality, and Learning from The Economist Next Door

    Apr 7, 202641 min

    In this episode of The Economist Next Door , host Paul Mueller sits down with Nobel Prize–winning economist Vernon Smith to explore how markets actually work—and how people really behave within them. Smith, who received the Nobel Prize in Economics in 2002 for pioneering experimental economics, explains how simple market experiments reveal powerful truths: prices emerge from decentralized interactions, markets converge toward equilibrium even with limited information, and people learn quickly through exchange and experience. The conversation goes beyond economics into philosophy, drawing on Adam Smith 's The Theory of Moral Sentiments and The Wealth of Nations . Smith argues that economic order is rooted in moral psychology, social norms, and bottom-up rules formed through everyday human interaction. From asset bubbles to spontaneous order, this episode offers a deeper look at markets not just as engines of wealth, but as systems of discovery, learning, and human cooperation. SHOW NOTES WN - ​An Inquiry into the Nature and Causes of the Wealth of Nations [Cannan Edition (Vol. 1 & 2)]( https://oll.libertyfund.org/titles/smith-an-inquiry-into-the-nature-and-causes-of-the-wealth-of-nations-cannan-ed-in-2-vols TMS - https://www.econlib.org/library/Smith/smMS.html Nobel lecture - https://digitalcommons.chapman.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1061&context=esi_pubs Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets - https://www.academia.edu/17750757/Bubbles_Crashes_and_Endogenous_Expectations_in_Experimental_Spot_Asset_Markets Asset Bubbles, Learning and Information - https://www.academia.edu/17767320/Stock_market_bubbles_in_the_laboratory

19. The Secret Life of the US Energy Grid from The Economist Next Door

    Mar 31, 202650 min

    In this episode of The Economist Next Door , Paul Mueller is joined by AIER colleagues Julia Cartwright and Ryan Yonk for a wide-ranging conversation on the past, present, and future of American energy. They explore how energy is produced in the United States, why the diversity of U.S. energy sources makes the system unusually robust, and how regulation and subsidies can undermine that strength. The trio compares US and Chinese energy systems, unpacks the politics of "green" mandates and subsidies, and explains why nuclear power—especially advanced and small modular reactors—may be essential for both reliability and decarbonization. Along the way, they discuss the Trump administration's recent energy moves, the backlog of projects waiting to connect to the grid, and why letting markets—not politicians—pick winners is crucial for innovation and affordability. Key Topics Why energy is central to prosperity, productivity, and everyday life How the US generates its electricity today (natural gas, nuclear, coal, wind, solar, hydro) What makes the US energy system unusually robust compared with other countries How global shocks (like conflict near Iran and the Strait of Hormuz) affect US prices US vs. China: production numbers, reliability, central planning, and data skepticism Why regulatory layering, permitting delays, and interconnection bottlenecks stall new projects The mixed legacy of subsidies and mandates for wind, solar, and other favored technologies The role of utilities, "natural monopolies," and why customers often lack real choice How deregulation and competition in some gas and power markets have benefited consumers Nuclear power's promise, the rise of advanced and small modular reactors, and why the US risks falling behind The Trump administration's recent actions on drilling permits, nuclear, and renewable subsidies Why technology-neutral, market-driven policy is better than "energy favoritism" Key Takeaways The United States has a broad, diverse mix of energy sources, which provides resilience even when global markets are disrupted. Heavy regulatory layering, slow permitting, and grid interconnection hurdles have created a large backlog of viable projects that could otherwise expand capacity and lower prices. Subsidies and mandates—whether for fossil fuels, wind, solar, or nuclear—distort markets, pick winners and losers, and often raise costs for consumers while reducing innovation. Comparisons to China's headline energy statistics can be misleading; central planning, unreliable rural grids, and questionable data all complicate the picture. Nuclear energy, especially advanced and small modular designs, is a promising path for abundant, low-carbon power, but US policy on fuel, safety rules, and subsidies heavily shapes what gets built. Long-run energy reliability and affordability are best served by open markets, clear and limited safety regulation, and allowing entrepreneurs and consumers—not bureaucrats—to decide the energy mix. Featured Guests Julia Cartwright – Senior Fellow at AIER, specializing in energy policy and technology-neutral regulation. She has recently written on ending "energy favoritism" and the risks of US policy falling behind China in advanced nuclear. Ryan Yonk – Senior Fellow at AIER and director of student programs, working in the public-choice tradition with a focus on energy and environmental regulation. He is coauthor of The Reality of American Energy: The Hidden Costs of Electricity Policy . Resources & Links Mentioned Ryan Yonk, The Reality of American Energy: The Hidden Costs of Electricity Policy Julia R. Cartwright, "Ending the Era of Energy Favoritism: How Technology-Neutral Policy Can Unlock the US Power Grid," American Institute for Economic Research Julia R. Cartwright, "America Risks Losing the Advanced Nuclear Race to China," AZ Free News • Ryan Yonk, The Reality of American Energy: The Hidden Costs of Electricity Policy https://www.leslibraires.ca/livres/the-reality-of-american-energy-the-hidden-costs-of-electricity-policy-9781440853913 Julia R. Cartwright, "Ending the Era of Energy Favoritism: How Technology-Neutral Policy Can Unlock the US Power Grid," American Institute for Economic Research, 2026. https://aier.org/article/ending-the-era-of-energy-favoritism-how-technology-neutral-policy-can-unlock-the-us-power-grid/ Julia R. Cartwright, "America Risks Losing the Advanced Nuclear Race to China," AZ Free News, January 19, 2026. https://azfreenews.com/2026/01/julia-cartwright-america-risks-losing-the-advanced-nuclear-race-to-china/

20. Taxing Wealth: What Could Go Wrong? from The Economist Next Door

    Mar 24, 202643 min

    In this episode of The Economist Next Door , host Paul Mueller is joined by AIER research fellows Thomas Savidge and Julia Cartwright to examine the push for wealth taxes in the United States and around the world. They explain how wealth taxes differ from traditional taxes on income and consumption, and what history reveals about their real-world effects. Drawing on examples from California, New York, and Europe, the discussion highlights capital flight, revenue volatility, and the unintended consequences of taxing accumulated wealth. The episode also tackles common claims about billionaires "not paying their fair share," unpacks the complexity of the tax code, and explains why taxes aimed at the ultra-wealthy rarely stay confined to their original targets. From the Smaug fallacy to the Tiebout Effect, the conversation introduces listeners to the economic ideas behind the debate—and shows how a seemingly "common sense" policy can carry serious consequences for growth, investment, and living standards.