The Economist Next Door

Paul Mueller
  • 4.9 (75)
  • NEWS COMMENTARY

The Economist Next Door with host Paul Muller is AIER's newest podcast. It's a plain-spoken guide that makes complex ideas accessible to the "everyman" and "everywoman." No PhD required. In place of partisan spin, we're offering honest analysis and an optimistic spirit and translating academic concepts into clear conversations. Paul Mueller is a Senior Research Fellow at the American Institute for Economic Research. He received his PhD in economics from George Mason University. Previously, Dr. Mueller taught at The King's College in New York City. He has published widely in both academic and popular publications.

  1. 6D AGO ·  VIDEO

    Is the US Dollar Losing Its Dominance?

    In this episode of The Economist Next Door, economist Paul Mueller sits down with AIER Senior Research Fellow Peter C. Earle to explore one of the biggest questions in global finance: Is the U.S. dollar losing its dominance? Drawing on Earle's extensive research into dollarization and international monetary systems, the conversation examines how the dollar became the world's reserve currency, why it remains central to global trade and finance, and what growing efforts to bypass the dollar could mean for America and the world. From the hidden advantages Americans enjoy under dollar dominance to the rise of alternative payment systems and growing efforts to bypass the dollar, Paul and Pete explore how sanctions, Federal Reserve policy, mounting U.S. debt, and technological change are reshaping the global financial order — and what it could mean for America's economic future. Is the dollar's dominance truly fading or simply evolving? Listen and find out!

    48 min

  2. MAY 12

    Do the Ultra-Wealthy Pay Their Fair Share in Taxes?

    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!

    49 min

  3. MAY 5

    Who Is the Greatest Economist of All Time—And Was He an Austrian?

    What is the Austrian school of economics—and why does it still shape debates about markets, money, and government today? In this episode of The Economist Next Door, host Paul Mueller is joined by economists Pete Earle and Jeff Degner to break down one of the most influential—and controversial—traditions in economic thought. From the marginal revolution to modern debates over central banking, they explore how Austrian economists think about prices, knowledge, and human behavior. The conversation covers the socialist calculation debate, the role of interest rates in boom-bust cycles, and why ideas from Mises and Hayek continue to resonate in business, finance, and policy circles today. It also asks a provocative question: Who is the greatest economist to ever live?

    49 min

  4. APR 28

    The Most Powerful Position in Finance? Kevin Warsh and the Future of the Fed

    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

    50 min

  5. APR 21

    What Really Broke the Financial System?

    *]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" data-turn-id= "request-WEB:b70595c4-ead3-4e9e-b84f-33d4452cbec2-9" data-testid= "conversation-turn-20" data-scroll-anchor="true" data-turn= "assistant"> In this episode of The Economist Next Door, host Paul Mueller is joined by AIER colleagues Lydia Mashburn Newman and Pete Earle to discuss the 2008 financial crisis, from the collapse of Bear Stearns to the failure of Lehman Brothers and the emergency response to AIG.  They examine how shifting government actions created uncertainty during the crisis, and how the Federal Reserve's response—near-zero interest rates, liquidity facilities, and large-scale asset purchases—transformed monetary policy and reshaped financial markets for the next decade. How do these monetary decisions and decimal points affect the everyday lives of Americans? Listen and find out!

    42 min

  6. APR 14

    Sex, Marriage, and Markets: What's Driving the Baby Bust?

    *]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" data-turn-id= "request-WEB:87289791-0d59-467b-8082-9e30cfe415ff-5" data-testid= "conversation-turn-12" data-scroll-anchor="true" data-turn= "assistant"> 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.

    46 min

  7. APR 7

    Nobel Prize Insights: Lessons From Vernon Smith on Markets, Morality, and Learning

    In this episode of The Economist Next Door, host Paul Mueller sits down with Nobel Prize–winning economist Vernon Smith to explore how markets actually work—and how people really behave within them. Smith, who received the Nobel Prize in Economics in 2002 for pioneering experimental economics, explains how simple market experiments reveal powerful truths: prices emerge from decentralized interactions, markets converge toward equilibrium even with limited information, and people learn quickly through exchange and experience. The conversation goes beyond economics into philosophy, drawing on Adam Smith's The Theory of Moral Sentiments and The Wealth of Nations. Smith argues that economic order is rooted in moral psychology, social norms, and bottom-up rules formed through everyday human interaction. From asset bubbles to spontaneous order, this episode offers a deeper look at markets not just as engines of wealth, but as systems of discovery, learning, and human cooperation. SHOW NOTES WN - ​An Inquiry into the Nature and Causes of the Wealth of Nations [Cannan Edition (Vol. 1 & 2)](https://oll.libertyfund.org/titles/smith-an-inquiry-into-the-nature-and-causes-of-the-wealth-of-nations-cannan-ed-in-2-vols TMS - https://www.econlib.org/library/Smith/smMS.html Nobel lecture - https://digitalcommons.chapman.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1061&context=esi_pubs Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets - https://www.academia.edu/17750757/Bubbles_Crashes_and_Endogenous_Expectations_in_Experimental_Spot_Asset_Markets Asset Bubbles, Learning and Information - https://www.academia.edu/17767320/Stock_market_bubbles_in_the_laboratory

    42 min

  8. MAR 31

    The Secret Life of the US Energy Grid

    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/

    50 min
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4.9
out of 5
75 Ratings

About

The Economist Next Door with host Paul Muller is AIER's newest podcast. It's a plain-spoken guide that makes complex ideas accessible to the "everyman" and "everywoman." No PhD required. In place of partisan spin, we're offering honest analysis and an optimistic spirit and translating academic concepts into clear conversations. Paul Mueller is a Senior Research Fellow at the American Institute for Economic Research. He received his PhD in economics from George Mason University. Previously, Dr. Mueller taught at The King's College in New York City. He has published widely in both academic and popular publications.

Information

  • Creator
    Paul Mueller
  • Years Active
    2024 - 2026
  • Episodes
    54
  • Rating
    Clean
  • Copyright
    © 2026
  • Show Website
    The Economist Next Door

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