Bob goes solo to discuss a recent Twitter controversy, in which opponents of a proposed tax argued that unrealized capital gains couldn't possibly be a form of income. Bob cites both Austrian theory and corporate accounting practice to respond that all capital gains are income, which is not to say that they ought to be taxed. The dispute is important because understanding the definition of "income" sheds light on the role of market prices in guiding entrepreneurial action.
Bob Talks to David Schizer on the Moore Ruling: Mises.org/HAP431a
Bob's Econlib Article on Capital and Income: Mises.org/HAP431b
Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024
Use code "Action24" for 15% off admission.
Use code "Action24" for 15% off admission.
Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree
Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of many books. His latest is Contra Krugman: Smashing the Errors of America's Most Famous Keynesian. His other works include Chaos Theory, Lessons for the Young Economist, and Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015) which is a modern distillation of the essentials of Mises's thought for the layperson. Murphy is co-host, with Tom Woods, of the popular podcast Contra Krugman, which is a weekly refutation of Paul Krugman's New York Times column. He is also host of The Bob Murphy Show.
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