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Robert P. Murphy



Articles by Robert P. Murphy

The Inverted Yield Curve and Recession

4 days ago

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in 2021.] The “yield curve” refers to a graph showing the relationship between the maturity length of bonds—such as one month, three months, one year, five years, twenty years, etc.—plotted on the x axis, and …

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Extending AnCap Analysis for Vaccine Passports, Court Rulings, and Desegregation

8 days ago

Using a recent Dave Smith interview of Michael Malice as a springboard, Bob elaborates his understanding of anarcho-capitalist principles to the thorny issues of vaccine passports, court rulings, and desegregation of the Old South. Mentioned in the Episode and Other Links of Interest: Part of the Problem episode from February 20, 2021, “They Don’t Care …

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Clarifying the Economic Framework for Both Camps in the Bitcoin Debate

9 days ago

Bob helps to clarify the Bitcoin debate. On the one hand, the “no intrinsic value” skeptics are ignoring how Austrians deal with gold, while on the other hand, the “HODL forever” enthusiasts would never allow Bitcoin to become a money. Mentioned in the Episode and Other Links of Interest: Bob (and Silas Barta’s) guide to …

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Benjamin Boyce on the Evergreen State Protests and Lessons for America

16 days ago

Benjamin Boyce is a writer, interviewer, and filmmaker who rose to fame by relaying his experiences as a student during the infamous Evergreen State protests in 2017. He talks with Bob about the lessons we can learn as the rest of the country follows the same trajectory of identity politics. Mentioned in the Episode and …

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Josiah Neeley Gives the Other Side on What Happened with the Texas Power Freeze

23 days ago

Josiah Neeley is the Texas Director and Resident Senior Fellow in Energy for the R Street Institute. He has a lively discussion, pushing back on some of Bob’s previously articulated points regarding the recent Texas freeze and blackouts. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewJosiah’s article on …

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Crying Wolf on (Hyper)Inflation?

28 days ago

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in 2021.] In chapter 10 we explained the connection between monetary inflation and price inflation, and warned that there is no simple one-to-one relationship. This fact has been very relevant in the wake of the …

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Gary Wolfram on the Minimum Wage and Other Misguided Policies

March 17, 2021

Gary Wolfram is an economics professor at Hillsdale College, who was both a teacher and colleague of Bob during his two stints at the school (first as a student then as a professor). They discuss Gary’s background as an economist in both academia and the political sphere, and why government intervention hurts the people it …

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What Really Happened With the Texas Power Grid

March 11, 2021

Since the deep freeze in February caused millions of Texas homes to lose their power, partisans have been fighting over the blame. The governor blamed wind turbines and the green agenda, whereas Paul Krugman said the fault was with natural gas. Bob shows the numbers; natural gas was to blame only in the sense that …

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Wind Power Is a Disaster in Texas, No Matter What Paul Krugman Says

March 11, 2021

Normally the boosters of renewable energy point with pride to Texas, yet when wind collapsed during the deep freeze, suddenly even its biggest fans admit that nobody ever thought it could do the same job as natural gas. Original Article: “Wind Power Is a Disaster in Texas, No Matter What Paul Krugman Says” This Audio …

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Dr. Keith Smith Explains the Scam in Medical Pricing and How to Fix It

March 10, 2021

Medical doctor Keith Smith returns to the show to explain how government intervention allows insurance companies to distort health care prices. Rather than merely diagnosing the problem, Smith has formed organizations that are providing affordable care to patients. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewThe Surgery Center …

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Nonviolent Solutions to Social Problems

March 9, 2021

Bob discusses three separate items all related to nonviolence: (1) Gene Sharp’s work, (2) Bob’s old dream of how to topple a tyrant, and (3) the winners of the Louis CK contest. Mentioned in the Episode and Other Links of Interest: Gene Sharp’s book, From Dictatorship to DemocracyThe trailer for the documentary “How to Start …

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Wind Power Is a Disaster in Texas, No Matter What Paul Krugman Says

March 8, 2021

In the wake of February’s tragic power outages in Texas, during which 4.5 million households suffered service interruptions, partisans on both sides have been quick to interpret the events as confirmation of their preferred energy policies. With news images of helicopters deicing frozen turbines, conservatives lambasted Texas’s increasing reliance on wind power as the villain …

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When Is Short Selling Fraudulent?

February 24, 2021

Amid the controversy over GameStop, many cynics argued that something sinister was clearly afoot because the hedge funds had shorted 138 percent of the outstanding shares. In this article I’ll review that particular claim, as well as another seemingly dubious practice, so-called naked short selling. My conclusion is that shorting more than the total outstanding shares isn’t …

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Why Biden and Krugman Are Wrong about the $15 Minimum Wage

February 19, 2021

President Biden claimed during his Super Bowl interview that “all the economics show” that if the government imposes a $15 minimum wage then “the whole economy rises.” For his part, Nobel laureate Paul Krugman has claimed for years that “[t]here’s just no evidence that raising the minimum wage costs jobs, at least when the starting …

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Monetary Inflation and Price Inflation

February 3, 2021

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in 2021.] This chapter explains the connection between the quantity of money and the height of prices quoted in that money. The chapter therefore deals with the phenomenon of “inflation,” but as we …

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David Andolfatto Defends the Fed

January 17, 2021

Ron Paul used the fall in purchasing power since the founding of the Fed to argue that the central bank had hurt regular Americans. Fed economist David Andolfatto disagrees, but Bob pushes back. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewDavid Andolfatto critiques Ron Paul’s argument against the …

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The Fed Won’t Save Us from the Growing Jobs Recession

January 3, 2021

No matter how bleak the economy may be, the Keynesians are likely to say, “It would have been worse without us.”  Original Article: “The Fed Won’t Save Us from the Growing Jobs Recession​” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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Gad Saad on Mind Viruses, and the Evolutionary Explanation for SJWs

December 8, 2020

Gad Saad is Professor of Marketing and holds the Concordia University Research Chair in Evolutionary Behavioral Sciences and Darwinian Consumption. He talks with Bob about his new book, The Parasitic Mind, and its relationship to the culture wars. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewGad Saad’s websiteSaad’s …

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Explaining Kenneth Arrow’s Impossibility Theorem for Social Choice

December 5, 2020

First Bob explains his contest involving Adventures in Pacifism–winner gets 100 smackers. Then he explains the incredibly powerful, and surprisingly Austrian, result by which Kenneth Arrow showed it was impossible to coherently aggregate individual preferences into a social ranking. Mentioned in the Episode and Other Links of Interest: The blog post explaining the rules for …

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Arrow’s Impossibility Theorem Exposes a Big Problem with Democracy

November 2, 2020

Listen to the Audio Mises Wire version of this article. There is arguably nothing more sacrosanct to today’s elites than “democracy”—by which they mean “a political outcome we endorse.” And yet ironically, one of the most surprising and powerful results in social choice theory, namely Kenneth Arrow’s so-called impossibility theorem, shows that even in principle …

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Econtradictions: Bob Discusses Free Trade, Welfare Benefits, Price Gouging, and Utility Theory

October 25, 2020

Bob unveils a new series in which he explains and then evaluates apparent contradictions in the way free-market libertarians handle certain issues. Mentioned in the Episode and Other Links of Interest: Bastiat’s “Petition of the Candlemakers”Bob’s article on price gouging For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, …

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Bob Murphy Analyzes “The Hunt” and “The Purge” Movies as an Anarchist

October 17, 2020

Bob offers his commentary on the movies “The Hunt” and “The Purge”—both produced by Blumhouse Productions—and focuses on whether The Purge storyline offers a challenge to Rothbard’s depiction of anarcho-capitalism. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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A Critique of the Labor Theory of Value

October 15, 2020

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “A Critique of the Labor Theory of …

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A Critique of the Labor Theory of Value

October 10, 2020

[This selection is adapted from “The Labor Theory of Value: A Critique of Carson’s Studies in Mutualist Political Economy,” Journal of Libertarian Studies 20, no. 1 (2006). Please see original for full references and footnotes.] Before proceeding, we should be clear on what an economic theory of value is supposed to do: its task is simply to explain the exchange value …

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Explaining the Plan to Dismantle Schools and the Fed’s Alchemy

October 5, 2020

Bob reads from an article recently tweeted out by the NEA, which calls for an end to schooling as we know it in order to promote anti-racism. He then discusses what the Fed has been up to since the coronavirus panic began. Mentioned in the Episode and Other Links of Interest: The YouTube version of …

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The Fed and the Housing Bubble/Bust

October 1, 2020

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] In chapter 8 we presented Ludwig von Mises’s circulation credit theory of the trade cycle, or what is nowadays referred to as Austrian business cycle theory. In the present chapter, we will …

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Donnie Gebert on The Art of War, 2020

September 25, 2020

Former Military Intelligence Sergeant Donnie Gebert returns to the show, this time to explain some of the major elements of his new book, The Art of War 2020. Gebert draws on his eclectic background to give techniques for navigating the modern world. Mentioned in the Episode and Other Links of Interest: The YouTube version of this …

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Hayek’s Plan for Private Money

September 16, 2020

Hayek’s last proposal for monetary reform calls for privately issued, competing fiat currencies. It’s debatable whether or not this is a good idea. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack. Original Article: “Hayek’s Plan for Private Money”.

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