The Economist Next Door

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.

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.

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.

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!

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

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.

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/

How did a once-small federal government come to control a third of state budgets and shape everyday life across the country? Host Paul Mueller talks with AIER scholars Tom Savidge and Dave Hebert about the history of federal funding to states—from the Founding through the Great Society—and how Washington gradually became the dominant force in American governance. As the saying goes, he who pays the piper calls the tune. Listen in to discover the real impact of federal dollars on state decision-making. Key Themes: * **The Piper Principle:** Why "voluntary" federal money is never actually free. * **The Identity Crisis:** How mobility and federal expansion have shifted our loyalty from state to nation. * **Legalized Money Laundering:** A deep dive into the $10,000-for-$1,000 Medicaid matching game that is bankrupting the federal treasury while subsidizing state-level expansion. Recommended Reading: A Brief History of Federal Transfers to the States by Thomas Savidge Understanding Medicaid by Thomas Savidge The Return of Quantitative Easing by Paul Mueller Defusing the Social Security Time Bomb by Thomas Savidge Fusionism: Past, Present, and a Conservative Liberal Future by Paul Mueller

Host Paul Mueller interviews AIER President Dr. Sam Gregg and AIER scholar Dr. Dave Hebert on a landmark Supreme Court decision that reshapes presidential tariff authority. In Learning Resources v. Trump, the Court ruled 6–3 that the president cannot use the International Emergency Economic Powers Act (IEEPA) as a blank check to impose tariffs. Paul and his guests break down why the ruling is a win for the rule of law, explore whether tariffs are better seen as foreign policy or taxation, and explain what the "major questions doctrine" really means. They also discuss trade deficits and possible legal workarounds. Will the Supreme Court's ruling prove to be a constitutional reset or just a minor hurdle to the president's trade agenda? Listen and find out!

What's driving the growing infighting on the political right? In this episode of The Economist Next Door, host Paul Mueller is joined by Nathan W. Schlueter and Nikolai Wenzel to revisit fusionism—the postwar effort, associated with Frank Meyer, to reconcile liberty and virtue, free markets and moral order, drawing on a tradition that includes Adam Smith, Edmund Burke, and Alexis de Tocqueville. They examine the Cold War roots of the libertarian–conservative alliance, the rise of post-liberalism, and current disputes over immigration, marriage, and the administrative state. Can liberty and virtue coexist? And does the American founding still offer common ground?

In the debut episode of The Economist Next Door, host Paul Mueller (Senior Research Fellow at AIER) sits down with Samuel Gregg, President of the American Institute for Economic Research, to peel back the layers of modern economic debate. Moving beyond the dry jargon of spreadsheets and data points, Mueller and Gregg explore why the battle for free markets has shifted from a technical argument to a deeply moral one. They discuss the rising tide of "collectivism" appearing on both ends of the political spectrum and why the "everyman" should care about the philosophical foundations of trade, sound money, and individual liberty.

How much have state budgets been taken over by the federal government? Is anything wrong with the Bureau of Labor Statistics? And what's nationalist about trade surpluses? Tony Woodlief joins Econception to discuss. Tony Woodlief is State Policy Network's Senior Executive Vice President and Senior Fellow for SPN's Center for Practical Federalism.

What's the purpose of business? What's the purpose of government? Has 20 years of higher education spending led to better student performance? Dominic Pino is joined by David Bahnsen to explore these questions on the latest episode of Econception. David Bahnsen is the founder and managing partner of The Bahnsen Group, a national private wealth management firm managing over $4 billion in client assets. Prior to launching The Bahnsen Group, he spent eight years as a Managing Director at Morgan Stanley and six years as a Vice President at UBS. Bahnsen is also a contributor to several prominent outlets and a best-selling author.