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Robert P. Murphy



Articles by Robert P. Murphy

Oren Cass and the Conservative Critique of Pure Laissez-Faire

1 day ago

Oren Cass is the executive director of American Compass (AmericanCompass.org), a conservative think tank that stresses the importance of family and domestic industry, in opposition to a singleminded devotion to economic efficiency. Cass was previously a senior fellow at the Manhattan Institute for Policy Research, and was the domestic policy director for Mitt Romney’s 2012 …

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Commentary on the Politics and Economics of the Coronavirus Response

8 days ago

Bob Murphy comments on various aspects of the response to the coronavirus. Although many libertarians are accusing the authorities of exaggerating the threat, it would also be a “libertarian take” to accuse them of downplaying the threat early on, misleading the public on how to stay safe. Bob also tries to clarify thinking about the …

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The Fed’s Massive Injection of “Liquidity” Also Benefits Uncle Sam

16 days ago

There’s a lot to be said regarding the Fed’s surprise announcements—including its Sunday surprise of $700 billion in renewed QE and the complete elimination of all reserve requirements for banks—but here let me just focus on one element: the tendency for Fed officials and all the pundits to treat injections of “liquidity” as if they don’t count …

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Brian Williams’ Billionaire Bloomberg Blunder

19 days ago

Bob Murphy first gives some thoughts on the stock market crash and coronavirus, then discusses the jaw-dropping discussion between Brian Williams and a member of the New York Times editorial board regarding Mike Bloomberg’s claimed ability to give every American $1 million. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on …

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Max Sklar Interviews Bob Murphy on Mises’s Class vs. Case Probability

21 days ago

On his podcast The Local Maximum, software engineer (and developer at Foursquare) Max Sklar has Bob Murphy explain Ludwig von Mises’s distinction between class and case probability. They apply Mises’s framework to other economic theory, and discuss Bayesian inference and machine learning. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on …

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The “Market Monetarists” and NGDP Targeting

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 addition to the Keynesian perspective (covered in chapter 14), a relatively new challenge to the Austrian framework comes from the “market monetarists” and their endorsement of a central bank policy of …

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Why Intelligent Design Will Be the Public Choice of the Natural Sciences

26 days ago

Anticipating his forthcoming interview with Winston Ewert, Bob Murphy explains why the Intelligent Design movement will be to the natural sciences what the Public Choice school in economics is to the social sciences. Bob predicts that the explanation for the observed complexity of the universe will ultimately be pushed back into the structure of mathematics itself. …

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Corey DeAngelis Makes the Case for School Choice

March 2, 2020

Corey DeAngelis is the Director of School Choice at the Reason Foundation, and an adjunct scholar at the Cato Institute’s Center for Educational Freedom. He talks with Bob Murphy about the studies supporting school choice, and dispels the myths around it. The interview ends with Bob raising the possibility that government voucher programs could end …

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Tough Questions for Libertarians

February 28, 2020

Following up on his two previous episodes firing off provocative questions for both progressives and conservatives, Bob Murphy now looks inside his own camp and raises issues for self-reflection. The tough questions for libertarians cover topics ranging from God to abortion to drag queens to tax incidence. For more information, see BobMurphyShow.com. The Bob Murphy …

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Harry Dent on the Coming Financial Crash

February 26, 2020

Harry Dent is the founder of Dent Research, which provides economic forecasting and financial recommendations. He is the author of numerous books, including Zero Hour (2017). Harry argues that demographic trends set the U.S. economy up for a major adjustment that the Federal Reserve merely postponed with its easy-money policies in 2008 and beyond. Harry …

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Central Banking since the 2008 Financial Crisis

February 25, 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 5 we reviewed the textbook analysis of how a central bank buys government debt in “open market operations” to add reserves to the banking system, with which commercial banks can …

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The Green Fatal Conceit: Why Physical Science Can’t Tell Us Proper Policy Goals

February 19, 2020

The Committee on Energy and Commerce recently released more details of the so-called CLEAN Future Act, which “formally adopts the goal of achieving of a 100 percent clean economy by 2050.” Besides the manipulative name, the proposal (a) doesn’t even bother trying to justify its central goal and (b) includes a grab bag of proposals that progressive Democrats have always favored, …

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Even Tyrannical Regimes Ultimately Rest on Public Opinion

February 12, 2020

Summarizing insights from Mises, Hume, and La Boetie, Bob Murphy argues that even the worst tyrants ultimately stay in power because people obey them. If the people withdraw their support from a regime, it will fall. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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Why Progressives Are Anti-Vaxxers When It Comes to the Alt Right

February 6, 2020

Bob Murphy first explains a standard progressive viewpoint when it comes to dealing with issues like virus outbreaks, underage drinking, and prostitution. Yet, when it comes to dealing with people whose views they abhor, the progressives suddenly are “zero tolerance” and ignore the mechanisms they point to for the other issues. For more information, see …

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Lyn Ulbricht on the Absurd Trial and Sentencing in the Silk Road Case

February 3, 2020

Lyn Ulbricht is the mother of Ross Ulbricht, the founder of the Silk Road website. Contrary to the government’s assertions, Lyn argues that her son was hardly a criminal kingpin menacing society. Even taking the laws on the book at face value, Ross’ trial was a sham, and the government’s behavior was shocking. For more …

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Why I Am Still an Austrian Economist: My Response to Caplan

January 31, 2020

In Bob Murphy’s interview of Bryan Caplan, they briefly discussed Bryan’s essay criticizing Austrian economics. At listener request, in this episode, Bob presents a more comprehensive analysis of why he remains an Austrian economist, even after seeing top-notch neoclassicals in action during his own time in grad school. For more information, see BobMurphyShow.com. The Bob …

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The Theory and Brief History of Money and Banking

January 29, 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.] The ultimate purpose of this booklet is to give the reader a solid grasp of how money works in today’s world. Yet before diving into the particulars of central banks, …

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The Theory and Brief History of Money and Banking

January 29, 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.] The ultimate purpose of this booklet is to give the reader a solid grasp of how money works in today’s world. Yet before diving into the particulars of central banks, …

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Tareq Haddad on the OPCW Scandal on Syria’s Chemical Weapons

January 27, 2020

Tareq Haddad was a (recently hired) reporter for Newsweek who was repeatedly rebuffed when trying to cover the emerging story of the Organization for the Prohibition of Chemical Weapons (OPCW) report on Syria. He eventually resigned. Tareq discusses how US authorities pressured the OPCW to change the report to fit their desired narrative, and how …

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A Case for Christian Pacifism

January 24, 2020

Bob Murphy gives a pragmatic case for pacifism, appealing to Christians who would like to take “The Sermon on the Mount” literally, but are worried it would spell disaster. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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Lindsay Goldwert on Stand-up Comedy

January 20, 2020

Bob Murphy interviews Lindsay Goldwert on her years performing at and organizing stand-up comedy shows in NYC, the interaction between comedy and finance, and her new book, BOW DOWN. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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The History and Structure of the Federal Reserve System

January 13, 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.] This chapter will provide a brief sketch of the historical context in which the Federal Reserve was founded, summarize some of the major changes to the Fed’s institutional structure and …

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The History and Structure of the Federal Reserve System

January 13, 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.] This chapter will provide a brief sketch of the historical context in which the Federal Reserve was founded, summarize some of the major changes to the Fed’s institutional structure and …

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FBI Spying and the Gaslighting of America

January 9, 2020

Bob Murphy uses the media coverage of the December Inspector General (IG) report on the FBI to illustrate how the establishment is gaslighting America. Specifically, some of the FBI’s tactics when applying for permission to spy on the Trump campaign are jaw-dropping, and yet the corporate media have used the report to refute Trump’s “conspiracy …

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Why Trump’s Ukraine Call Was Small Potatoes

January 1, 2020

Bob goes through much more scandalous and corrupt activities from Presidents Clinton, Bush, and Obama, and why Hillary Clinton has a much worse record on self-dealing than Donald Trump. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

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“Rules of Origin” Show Why Trade Agreements Aren’t Free Trade

December 31, 2019

Ludwig von Mises famously argued that people must choose between outright socialism and unfettered capitalism, because there is no coherent “middle ground” between the two. The allegedly reasonable compromise of a highly interventionist state — where the authorities retain nominal private property but issue edicts regulating how legal owners may use their property — is …

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A College Student Interviews Bob About How Libertarians View the World

December 7, 2019

Greta, a college student in New York, is working on an honor’s thesis covering libertarian thought in America. In this short interview, she asks Bob what libertarianism is, his perspective on voting, and how he views the American political system. For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, …

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Tactical Lessons for Libertarians

November 22, 2019

Bob Murphy evaluates four different campaigns where people pushed-back against the State: The National Opt Out Day in 2010, Free Keene’s “Robin Hood” parking meter approach, the “Taxation Is Theft” approach to tipping, and the “Epstein Didn’t Kill Himself” meme campaign. He then crystallizes his remarks into 7 Lessons for Libertarians. For more information, see …

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