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Robert P. Murphy



Articles by Robert P. Murphy

Does Milton Friedman’s “Plucking Model” Refute Austrian Business Cycle Theory?

9 days ago

Noah Smith has a new Bloomberg column titled, “Milton Friedman Got Another Big Idea Right.” Specifically, Smith points to a new paper that apparently confirms Friedman’s famous “plucking model” of recessions. Here’s how Smith contrasts Friedman’s theory from others, including the Misesian theory of boom-bust: Some [business cycle] theories hold that booms cause busts, because good times …

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Dan Sanchez on How Jordan Peterson Could Help the Joker

16 days ago

Dan Sanchez discusses his provocative article for FEE, in which he explained how Jordan Peterson’s message could help the Joker deal with the genuine suffering in his life without turning to destructive outlets. Although seemingly fanciful, the conversation touches on very weighty matters that are of the utmost relevance in today’s charged political climate. For …

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Mark Thornton on How Government Propped Up Slavery in the American South

18 days ago

Economic historian Mark Thornton has published several peer-reviewed articles on the economics of slavery in the American South. In this episode, he and Bob Murphy discuss the various ways in which government intervention propped up slavery and masked its inefficiency. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, …

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The Bogus “Consensus” Argument on Climate Change

23 days ago

One of the popular rhetorical moves in the climate change debate is for advocates of aggressive government intervention to claim that “97% of scientists” agree with their position, and so therefore any critics must be unscientific “deniers.” Now these claims have been dubious from the start; people like David Friedman have demonstrated that the “97% …

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Tough Questions for Conservatives

October 9, 2019

Bob Murphy asks a series of tough (but fair, he hopes) questions for conservatives, ranging from tariffs to impeachment to drug prohibition. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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Nicolas Cachanosky on Improving Austrian Business Cycle Theory

October 7, 2019

Economist Nicolas Cachanosky specializes in the overlap between capital theory in traditional economics and the capitalization of cash flows in finance. He explains the relevance of these concepts to understanding the business cycle. Then, Nicolas and Bob have a friendly disagreement over Mises’ views on fractional reserve banking. The conversation closes with Nicolas’ view on …

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Julie Borowski: Nobody Knows How to Make a Pizza

September 27, 2019

Julie Borowski (LibertyJunkies.com) has a very popular YouTube channel producing funny videos that teach free market economics and libertarian principles. She joins Bob Murphy to discuss her new children’s book, Nobody Knows How to Make a Pizza. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via …

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Tough Questions for Progressives

September 20, 2019

Bob Murphy asks a series of tough (but fair, he hopes) questions for progressives, ranging from abortion to the minimum wage to climate change. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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Dissecting Dave Chappelle’s New Netflix Special

September 20, 2019

Bob Murphy analyzes Dave Chappelle’s Netflix special, “Sticks & Stones.” Bob applauds one bit and criticizes another, but overall thinks Chappelle has done his duty as the court jester. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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Using World War I to Prove the Incompetence of State Militaries

September 12, 2019

Bob Murphy uses some samples from Dan Carlin’s amazing podcast, Hardcore History, to illustrate the flaws with state-provided military services. Bob concludes that minarchists have nothing to fear, and they should embrace the full vision of a voluntary society with no institutional coercion. Mentioned in the episode: Dan Carlin’s Hardcore History series on World War …

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How the Left and the Right Move the Goalposts in Economic Arguments

August 28, 2019

Bob Murphy explains a common rhetorical dodge that he’s encountered from both the progressive Left and the conservative Right. On the issue of slavery and reparations, the Left will argue that modern whites benefited from the institution. When someone like Murphy points out that slavery actually made the average white person poorer, the leftist may …

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Robby Soave: Breaking the Real Story on the Covington Students

August 26, 2019

Robby Soave, a writer at Reason, was the first journalist to shatter the original narrative about the Covington Catholic students caught in the infamous face-off with Native American Nathan Phillips. But Soave has also tried to correct the unfair coverage of Ilhan Omar. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available …

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Hannah Cox Tells Conservatives Why They Should Oppose the Death Penalty

August 20, 2019

Hannah Cox is National Manager of the organization Conservatives Concerned About the Death Penalty. She is conservative/libertarian on standard policy issues, and is a strong advocate of the 2nd Amendment, but even so—perhaps surprisingly to some—she is also very alarmed with the State’s abuses in the criminal justice system. For more information, see BobMurphyShow.com. The …

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Why Roddy Piper Was Too Rowdy in ‘They Live’

August 14, 2019

Bob Murphy analyzes John Carpenter’s 1988 cult classic They Live, starring Roddy Piper. After making some general observations about the major thematic elements, Bob critiques the main character’s strategy for dealing with an alien takeover of the media and government. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, …

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Bob Explains the Highlights of His New QJAE Article on Fractional Reserve Banking

August 8, 2019

Bob Murphy explains some of the most important points in his new QJAE article on the fractional reserve banking debate. Bob shows why Mises thought any issuance of fiduciary media caused the boom-bust cycle, and he points out a major flaw in George Selgin’s defense of fractional reserve banking. For more information, see BobMurphyShow.com. The Bob …

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Karl Smith Defends Keynesian Stimulus and Carbon Taxation

June 25, 2019

Bob Murphy has a friendly discussion and debate with Karl Smith. First, Bob pushes Karl to clarify the conditions under which government deficit spending could, even in theory, help a depressed economy. Then, they switch to the economics of climate change, and Bob’s view that the case for a carbon tax is much weaker than …

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More Than Quibbles: Problems with the Theory and History of Fractional Reserve Free Banking

June 20, 2019

ABSTRACT: The extensive debate over fractional reserve free banking (FRFB) has spanned decades and includes volleys from many contributors. Consequently, relative newcomers to the controversy often wish to extend the conversation on several fronts. In this spirit, Bagus and Howden (2010) is a 27-page paper detailing numerous objections to FRFB, which they modestly entitled, “Fractional …

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Bob Nails Krugman’s Perverse Morality on Infrastructure Spending

June 19, 2019

Bob replays a recent Contra Krugman episode covering a Paul Krugman column on infrastructure spending. In addition to getting the economics wrong (as usual), Krugman also makes a shocking admission about his willingness to harm the country, as long as it denies Trump a political victory. For more information, see BobMurphyShow.com. The Bob Murphy Show is …

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