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Robert P. Murphy



Articles by Robert P. Murphy

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

6 days ago

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

8 days ago

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

13 days ago

[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

18 days ago

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

22 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 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

28 days ago

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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Hayek’s Plan for Private Money

September 12, 2020

The most famous Austrian economist is 1974 Nobel laureate Friedrich Hayek. Because of his moderate views excusing state interventions in various circumstances, hardcore Rothbardians tend to regard Hayek as less than pure in many areas. However, one area where Hayek is certainly more radical (though perhaps not correct!) than even Murray Rothbard is monetary institutions, …

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Bob Murphy Fields Questions on Austrian Economics and Libertarianism

September 10, 2020

For the LP Mises Caucus, Bob received a slew of questions to be answered in a half hour. The topics range from business cycle to free trade to a “voluntary” State. Mentioned in the Episode and Other Links of Interest: The YouTube version of this episode.For more information, see BobMurphyShow.com. The Bob Murphy Show is …

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Eric July on Making Music, Debating Socialists, and Reading Comics

September 8, 2020

Eric July is the front man for the street-hop/metalcore group Backwordz. He discusses his personal odyssey in navigating the leftist metal scene. Bob then asks Eric about another of his major interests, comic books. Mentioned in the Episode and Other Links of Interest: Eric July’s homepage.The website for Backwordz.Eric’s YouTube review of Captain Marvel.For more …

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Explaining John Nash’s Dissertation and Why Russell Crowe Got It Backwards

September 3, 2020

In the Ron Howard movie “A Beautiful Mind,” Russell Crowe plays John Nash, a major figure in game theory. Although it was a good movie, it totally misconstrues Nash’s doctoral dissertation and how it fit into the pre-existing literature. In this episode, Bob sets the record straight. Mentioned in the Episode and Other Links of …

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The Theory and Brief History of the U.S. Gold Standard

August 22, 2020

Bob explains some of the highlights of his newly released chapter for the Mises Institute book on “Understanding Money Mechanics.” He explains the operation of the classical gold standard, as well as some of the issues of U.S. bimetallism during the 1800s. Mentioned in the Episode and Other Links of Interest: Bob’s new essay on …

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Why the Left Hates Christianity

August 16, 2020

Bob first observes that the Left (institutionally) hates Christianity, and that standard explanations, such as its alleged bigotry, don’t explain why the Left gives Islam a pass. Christianity stands in the way of the Leftist agenda. Moreover, if the Devil exists, he would favor not just the “false religion” of environmentalism and Marxism, but also …

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MMT Follow-up: A Framework for Money, Inflation, and Debt

August 14, 2020

As a follow-up to his discussion on MMT with Rohan Grey (in ep. 130), Bob goes solo to explain the basic cash balance framework for thinking about money, inflation, and debt. Specifically, Bob will explain why he thinks it’s far more important to know how the government finances a deficit rather than knowing what it …

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A Brief History of the Gold Standard, with a Focus on the United States

August 14, 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.] To fully understand our current global monetary system, in which all of the major powers issue unbacked fiat money, it is helpful to learn how today’s system emerged from its earlier form. …

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Adrian Lee Oliver on Police Abuse and the Pros & Cons of BLM

August 6, 2020

Adrian Lee Oliver wrote a Twitter thread on the BLM protests and how they are contributing to racial polarization. The thread took off, leading to Adrian’s appearance on Benjamin Boyce’s podcast. Bob wanted his own listeners to hear Adrian’s personal story of police brutality along with his critique of today’s “anti-racism” campaign. Mentioned in the …

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David Friedman on Physics, Coase, Anarcho-Capitalism, and Cancel Culture

July 31, 2020

David Friedman is one of the pioneering theorists of anarcho-capitalism, as laid out in his book The Machinery of Freedom. In this free-wheeling discussion, he discusses physics versus economics, the work of Ronald Coase, his dad’s view of anarchism, and what happened to the SlateStarCodex site. Mentioned in the Episode and Other Links of Interest: …

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Bob Murphy Debates Thaddeus Russell on Postmodernism as Foundation for Liberty

July 30, 2020

Thaddeus Russell, creator of Renegade University, has been arguing that libertarians should embrace postmodernism as their philosophical foundation, rather than blame it for today’s “social justice warriors” as Jordan Peterson has done. Bob profoundly disagrees, arguing that the Judeo-Christian notions of truth and morality are a much better foundation. Mentioned in the Episode and Other …

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Scott Beyer Shows How Free Markets Can Revitalize Our Cities

July 29, 2020

Scott Beyer is the author of the Market Urbanism Report, which applies free market economic principles to urban issues, such as traffic congestion and housing affordability. Bob asks about these topics while bringing up obvious objections from the man on the street. Mentioned in the Episode and Other Links of Interest: The YouTube version of …

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Identity Politics Is Hurting Young People—of All Colors

July 10, 2020

Pointing to a recent Twitter thread from a progressive detailing his white male cisness, Bob shows how narrow the focus is on only particular “privileges” and not others. More generally, the effort to demonize white men is causing young people great harm, whether white or otherwise. The movement is based on power politics and relies …

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Bob Murphy Reviews Stephanie Kelton’s New Book on MMT

July 9, 2020

Bob wrote a lengthy review of Stephanie Kelton’s new book on MMT, The Deficit Myth, for the Mises Institute. In this episode he narrates his review. Mentioned in the Episode and Other Links of Interest: Bob’s original book review at Mises.org.Kelton’s book, The Deficit Myth. #CommissionsEarned (As an Amazon Associate I earn from qualifying purchases.)Bob’s …

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Michael Hardin on Sacrifice vs. the Gospel of Peace

July 6, 2020

Michael Hardin is a theologian with a radical message of Jesus’ forgiveness and peace. He and Bob have a lively and deep discussion on the true meaning of the gospel and how today’s Christians often misunderstand it. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interview.Michael Hardin’s website Preaching …

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Keith Knight Interviews Bob on Krugman’s Zombie Book

July 3, 2020

Keith Knight walks Bob through a meticulous critique of Krugman’s new book on Arguing With Zombies. Topics include the babysitter co-op, the deregulation that allegedly caused the housing bubble, and the tax rates of the 1950s. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interview.Krugman’s latest book, Arguing With …

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A Review of Stephanie Kelton’s The Deficit Myth

June 30, 2020

The good news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever. The bad news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever. Narrated by the author.  Original Article: “A …

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A Review of Stephanie Kelton’s The Deficit Myth

June 23, 2020

[Review of Stephanie Kelton, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy (New York: PublicAffairs, 2020).] I’ve got good news and bad news. The good news is that Stephanie Kelton—economics professor at Stony Brook and advisor to the 2016 Bernie Sanders campaign—has written a book on modern monetary theory (MMT) …

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Common Errors in Cost/Benefit Justifications of the Coronavirus Lockdowns

June 22, 2020

Bob explains some of the basic–but crucial–errors in the cost/benefit analyses that have been offered by economists to justify the political lockdowns issued in light of the coronavirus. Specifically, economists have conflated voluntary physical distancing with coerced lockdowns, and they are also misusing the concept of a Value of a Statistical Life (VSL). For more …

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Keynesians on the Cause of, and Cure for, Depressions

June 16, 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 explanation of how bank credit expansion causes the boom-bust cycle, what is now known as Austrian business cycle theory. However, the reigning view today …

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Central Bankers Gone Wild: It’s a New Era at the Fed

June 8, 2020

Editor’s Note: We keep hearing from the Fed’s defenders that the current spate of new stimulus and bailouts from the central bank are really not a big deal and are all very prudent and moderate. I asked Senior Fellow Bob Murphy to provide some much needed perspective. Ryan McMaken: We’re in a very odd situation right now …

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