Tuesday , September 17 2019

Murphy Stuff

Summary:
==> Ep. 51 of the Bob Murphy Show features Hannah Cox explaining why conservatives should oppose the death penalty. ==> I take on Joe Weisenthal on negative interest rates. ==> I argue that, contrary to some leftist progressives, slavery was nota boon for American capitalism. Excerpts: There is no doubt that a healthy adult slave in a region with adequate natural resources can produce more than a subsistence amount of output, allowing for the owner to keep the slave alive and keep the surplus for himself, living up to the Marxist vision of how labor markets work in general. So if the question is, “Was US output higher with millions of productive slaves working, than it would be if those slaves suddenly disappeared?” then the answer is, “Yes, of course,

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==> Ep. 51 of the Bob Murphy Show features Hannah Cox explaining why conservatives should oppose the death penalty.

==> I take on Joe Weisenthal on negative interest rates.

==> I argue that, contrary to some leftist progressives, slavery was nota boon for American capitalism. Excerpts:

There is no doubt that a healthy adult slave in a region with adequate natural resources can produce more than a subsistence amount of output, allowing for the owner to keep the slave alive and keep the surplus for himself, living up to the Marxist vision of how labor markets work in general. So if the question is, “Was US output higher with millions of productive slaves working, than it would be if those slaves suddenly disappeared?” then the answer is, “Yes, of course, slavery was ‘productive’ in this sense.”

But that’s not really the question. The question is, if all of the plantation owners in (say) the year 1850 had suddenly freed all of their slaves and turned them into free laborers, what would that have done to the course of US economic development? Is it really true that this change would have made the country as a whole poorer?

and:

Slavery was a monstrously unfair and immoral institution, but it was also inefficient, compared to a system based on free labor. Although I understand the rhetorical context of these arguments in regards to reparations and pride in U.S. history, it’s very dangerous to be making the case that enslaving others is the path to national greatness.

Robert Murphy
Christian, Austrian economist, and libertarian theorist. Research Prof at Texas Tech and author of *Choice*. Paul Krugman's worst nightmare.

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