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The government is spending more on interest payments than on national defense. How did America get here? And why do politicians keep spending more than they collect in taxes? On this episode of The Economist Next Door, host Paul Mueller is joined by AIER Research Fellow Tom Savidge and Duke University professor Richard Salsman to explore the political economy of government debt. They examine how excessive borrowing affects inflation, interest rates, affordability, and economic growth; why neither tariffs nor faster growth are likely to solve the problem on their own. The conversation also explores why both political parties have incentives to perpetuate deficits, whether bond markets can force fiscal discipline, and what reforms might help put government finances on a more sustainable path. Is a debt crisis inevitable, or can America change course before the costs become even harder to ignore?

Who really controls corporate America—the shareholders who own companies, or the executives and institutions managing their money? On this episode of The Economist Next Door, AIER's Paul Mueller is joined by Allen Mendenhall of The Heritage Foundation and Steve Soukup of the State Financial Officers Foundation to examine the growing influence of stakeholder capitalism, ESG investing, and political activism in America's financial markets. From BlackRock's enormous influence over corporate decisions to the controversial use of public pension funds, the conversation explores how investment managers can pursue political agendas with money that isn't theirs. The discussion also challenges the promise of ESG investing: Does prioritizing environmental and social goals actually produce better outcomes, or does it undermine profitability, accountability, and shareholder rights? As more financial power becomes concentrated in fewer hands, one question becomes increasingly important: Who gets to decide how your money is used? The Economist Next Door is brought to you by the American Institute for Economic Research (AIER), making complex economic ideas accessible. No PhD required.

What is the difference between investing and speculation? Why do profits matter, and what role do dividends play in building long-term wealth? Paul Mueller sits down with investor and author David Bahnsen to explore the fundamentals of capitalism, the importance of ownership, and why productive enterprise remains the foundation of rising living standards. They also discuss the growing gamification of investing, from day trading and options to sports betting, prediction markets, and crypto, and why the pursuit of quick riches can distract people from the slower, more durable process of creating wealth. Along the way, they examine corporate governance, shareholder engagement, and index funds. They also discuss personal responsibility and how young people can approach wealth-building with greater patience, imagination, and confidence.

What does commerce have to do with civilization? More than economics. In this episode of The Economist Next Door, Paul Mueller is joined by AIER President Sam Gregg and Senior Research Fellow Julia Cartwright to explore the deeper cultural and moral foundations of commercial society. Drawing on Adam Smith, Friedrich Hayek, and others, they discuss how markets, private property, the rule of law, social norms, and entrepreneurship have helped create the conditions for human flourishing. The conversation also examines what makes a civilization flourish, why some societies experience remarkable "golden ages," and why those periods cannot simply be planned into existence. From eighteenth-century Scotland to early twentieth-century Vienna, the guests consider the institutions and habits that allow ideas, creativity, and commerce to thrive. What can the past teach us about preserving and renewing a free society today, and can new technologies help create the conditions for another golden age?

What is post-liberalism, and why has it gained influence on the American right? In this episode of The Economist Next Door, host Paul Mueller speaks with James M. Patterson and Thomas D. Howes, authors of Why Post-Liberalism Failed. They explore the intellectual roots of post-liberalism and its connections to Catholic integralism and European reactionary thought. The guests discuss the movement's critique of liberalism and the role of figures such as Patrick Deneen and JD Vance. They also examine the movement's relationship to conspiracy theories, anti-Semitism, economic nationalism, and historical authoritarian movements. What can the history of post-liberalism teach us about the future of liberal democracy and the changing ideas of the American right? Listen to the full conversation to find out.

Why is housing so expensive in America? On this episode of The Economist Next Door, Paul Mueller sits down with AIER scholars Julia Cartwright and Jason Sorens to unravel the mystery behind America's housing crisis. They explore how supply and demand, zoning restrictions, building regulations, local "busybodies," and federal housing policies have combined to make housing increasingly expensive. They also examine whether gentrification is really the problem, why communities often resist new development, and how restrictions on housing construction can affect everyone from renters to homeowners. So where is the solution? Cartwright and Sorens explain why the most promising answers may not come from Washington, but from states and local communities willing to rethink how housing gets built.

Before 1953, almost nobody called themselves a "conservative." In this episode of The Economist Next Door, host Paul Mueller sits down with Jeff Nelson, director of the Russell Kirk Center for Cultural Renewal, at Kirk's historic home in Mecosta, Michigan. They explore how Russell Kirk's landmark book The Conservative Mind gave shape and name to a tradition that stretched back through the Founding, examine Kirk's friendships and sparring partners — from Hayek and Buckley to T.S. Eliot and Ray Bradbury — and dig into his views on free enterprise, tradition, and the "principle of variety." Along the way, they share personal stories about Kirk's eccentric life in Mecosta, his legendary hospitality, and why his ideas on civil society still matter for anyone thinking about economics, culture, and freedom today.

What happens when a political movement abandons ideas for power? Stephanie Slade, senior editor at Reason and author of Fusionism: Liberty, Virtue, and the Future of the American Right, joins Paul Mueller to discuss the conservative philosophy that shaped the twentieth century—and why it is now under attack. They explore the Fusionist tradition, the relationship between liberty and virtue, the rise of Trumpism and the dissident right, the temptation of authoritarian politics, and the importance of the classical liberal institutions that limit power. They also discuss why young people are increasingly drawn to radical ideas and what defenders of liberty must do to win the battle of ideas.

What makes an entrepreneur? Is it the ability to disrupt entire industries, as Joseph Schumpeter argued, or the alertness to spot opportunities others overlook, as Israel Kirzner emphasized? In this episode of The Economist Next Door, Paul Mueller, Pete Earle, and Jeff Degner explore the Austrian School's distinctive theory of entrepreneurship. They discuss creative destruction, entrepreneurial alertness, arbitrage, innovation, intellectual property, and the role of middlemen in coordinating markets. They also examine a controversial question: Do patents encourage innovation—or can they actually protect incumbents and slow the very process of competition they are supposed to promote? From Henry Ford and the automobile to artificial intelligence and today's technology giants, the conversation explores how entrepreneurs disrupt, adapt, discover, and create value in a constantly changing economy.

Paul Mueller and David Kotter examine one of today's most debated policy proposals: Universal Basic Income (UBI). As advances in artificial intelligence reshape the economy, some argue that unprecedented productivity could make work optional. But what would that mean for the social safety net, individual responsibility, and human flourishing? Drawing from a classical liberal perspective, Paul and David explore the economic and philosophical arguments surrounding UBI, how it compares with alternatives such as a negative income tax, and what these policies could mean for incentives, innovation, economic growth, and opportunity.

While inflation has dominated headlines in recent years, understanding true economic affordability requires looking beyond raw price tags. In this episode of The Economist Next Door, we dive into the gap between headline inflation numbers, consumer perception, and real purchasing power. Joined by economists Dr. Anne Bradley (The Fund for American Studies / Institute for World Politics) and Peter C. Earle (AIER), the discussion re-frames how we measure well-being, considering the actual labor hours required to purchase everyday goods. The group explores why humanity enjoys unprecedented long-term abundance, while consumers simultaneously feel intense pressure in  housing, healthcare, transportation, and food.

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.

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.

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.

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.