15 Jul 2019

Murphy Twin Spin

Climate Change, Contra Krugman 2 Comments

We’re back from the Contra Cruise, but now I’m headed to Mises U! Here’s some stuff to tide you over:

==> The Contra Krugman episode live from the Cruise.

==> My IER piece summarizing Oren Cass’s recent House testimony on the costs of climate change.

05 Jul 2019

Bob Murphy Show Twin Spin

Bob Murphy Show 44 Comments

In episode 43 I talk to medical doctor Michel Accad on the development of neoclassical welfare and market failure theory.

In episode 44 I talk to Steve Patterson, who challenges Rothbardians on a priori theorizing.

05 Jul 2019

Is Tyler Right About Defending Against an Inflation Tax?

Tax policy 9 Comments

In a post talking about Libra, Tyler Cowen makes this argument:

Let’s say the core rate of inflation in a country is eight percent, which is about the current rate of price inflation in Myanmar.  It is still not the case that an unbanked farmer holds currency for the entire year (he is more likely to buy land or animals as a means of large-scale saving).  I am not sure what monetary velocity is for this group of people (readers?), but say currency turns over four times a year on average.  That is in essence a two percent tax on currency holdings, not an eight percent tax.  I don’t think that individuals will switch monies for such a small gain, noting that decreasing their demand for money (i.e., increasing currency velocity) is another possible response.

I’m pretty sure the part I put in bold is wrong, do you folks agree?

For example, suppose every 6 months my number and I swap houses. We didn’t just cut the property tax rate in half.

I think what Tyler is trying to say, is something like, “The fraction of your wealth that you lose to currency debasement, can be reduced by reducing the fraction of your portfolio consisting of currency.”

But even so, I think it’s really misleading to write the statement that Tyler wrote. I mean, you could say the federal gas tax right now is “in essence” much lower than the official value, because people drive less when gas is taxed. We don’t normally talk like that.

03 Jul 2019

I’m the Podcaster’s Podcaster

Bob Murphy Show 4 Comments

These guys can’t stop talking about me:

26 Jun 2019

“This Is Nelson Nash”

Infinite Banking Concept No Comments

The touching documentary on the recently deceased Nelson Nash, founder of the Infinite Banking Concept (IBC), is available for free:

26 Jun 2019

Donnie Gebert Talks About a Direct Republic, and the Avengers

Bob Murphy Show No Comments

Plus a whole lot of other stuff.

24 Jun 2019

Potpourri

Bob Murphy Show, Climate Change, Contra Krugman 2 Comments

I have a lot going on right now–good stuff!–so my blogging will be sparse. Here are some things to placate you:

==> My conversation with Karl Smith. It may lead you to think about fiscal stimulus in a new way.

==> Ep . 194 of Contra Krugman, in which we bust Krugman’s attempt to say progressives are policy wonks who follow the evidence.

==> Can’t remember if I already posted this, but my article at IER on a new working paper from Kotlikoff, Jeffrey Sachs, et al. shows Krugman is doubly wrong. They show (1) government debt can burden future generations and (2) a carbon tax, even a modest one, would hurt early generations on net.

==> We’re #1–twice in a row! (I.e. we’re #11.)

13 Jun 2019

Murphy at Lock Haven University on Health Care Economics

Health Legislation No Comments

I gave this back in April I think…