Dr. Joe Salerno joins the show for a dynamic look at Human Action Part Four, arguably the meatiest part of the book. Chapters 18, 19, and 20 are where Mises presents the idea of pure time preference, his expanded theory of interest, and the parameters of business cycle theory and malinvestment. Salerno and Jeff Deist consider how time relates to capital; gratitude for society's accumulated wealth; convertibility of capital thanks to stock markets; why holding cash can be productive; originary interest as a ratio, the fallacious classical and Marxist notions of interest, and the boom/bust cycle created by politicians, voters, and bankers who see that inflation "works" for awhile. This is a great discussion of Mises at his best! Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA. Human Action: Mises.org/HumanAction Bob Murphy's Study Guide to Human Action: Mises.org/Study