About this episode

Lucas Engelhardt discusses the case for free trade and critiques tariffs, emphasizing the economic principles of mutual benefit and comparative advantage.

Economists have agreed on free trade for two centuries; the public and the politicians haven't caught up. Lucas Engelhardt rebuilds the case from scratch—mutual benefit, comparative advantage, and the simple point that drawing a border between two traders destroys none of the gains—then takes apart the arguments for tariffs one by one. Most timely is his treatment of trade deficits: following Mises, he shows a deficit isn't a "loss" but the natural result of Americans choosing goods over cash, and explains why "Liberation Day" tariffs actually made the deficit spike. Recorded at the Mises Institute in Auburn, Alabama, on July 21, 2026. Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

People in this episode

Guest: Lucas Engelhardt

Topics covered

• free trade
• tariffs
• economics
• trade deficits
• Austrian School

Keywords

• free trade
• tariffs
• trade deficits
• comparative advantage
• Austrian economics

Mentioned in this episode

Organizations: Mises Institute

Places: Auburn, Alabama

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