30 Aug 2011

Uh Oh, I’d Better Go to Bed Early on Thursday

Economics, Krugman, Shameless Self-Promotion 28 Comments

Yikes! I knew this guy was no punk, but I didn’t realize he had this in him:

I’m debating Bob Murphy on Friday at 6pm. This is a web debate and its pay-per-view. Which means, of course, that both Bob and I will be in the Octagon, battling to submission.

This is the econ web cage match of DEATH.

So what’s the backstory?

Well, the Austrians at Mises.org challenged Paul Krugman to a debate. Krugman demurred. Seeing no champion to oppose them the Austrians declared victory and a pall was cast over the land.

Wickedness rose up and all that was just and right was driven into the shadows. Flowers wilted. Virgins cried. Cats couldn’t find a comfortable sleeping position. It was a time of unimaginable peril.

But just as things seemed their darkest, a new hope emerged. A hero came forth who could save what was good and decent about the world. A man who could give the people a reason to believe. I speak, of course, of myself.

Now on Friday that hero – me – will vanquish the great evil and send the demon Austrians back into the hellfire from whence they came.

What I humbly offer you, dear reader, is to be a part of this great event. To be present at the Quickening. To see light triumph over dark. To see good banish evil. To see a final resolution to the Manichean struggle that has gripped mankind since time before time.

Is this not worth but a small fee (that you could probably charge as a business expense, we are using cisco “web-conference” software) to witness a turning point in human history.

Tales of this event shall the good man teach his son. Yearly on the anniversary they will feast this day. Then will he pull forth his credit card receipt and say . . . this charge I made on that day.

Old men forget, yet all should be forgotten but he’ll remember with advantages what arguments we made that day.

Hayekian Triangles, Keynesian Crosses and fiscal multipliers shall be in their cups freshly remembered. And, economics debates shall ne’er go by from this day ‘til the ending of the world, but Bob and I will be remembered.

Will you join us dear reader? Will you be a part of this day?

If so, register now [here].

As I once said of Scott Sumner (quoting from a cheesy movie): “At last, a man worth killing.”

28 Responses to “Uh Oh, I’d Better Go to Bed Early on Thursday”

  1. Jeff says:

    All in good fun? Or does he seriously think Austrians are evil?

    • bobmurphy says:

      Jeff he is clearly putting on a show, like Randy Macho Man Savage being interviewed before a match. But, for all I know he really thinks Austrians are evil.

      • Jeff says:

        Guess we’ll find out on Friday! Good luck to you, put him in his place, Bob!

  2. Dan says:

    I wasn’t sure I would be willing to leave work early for this but now I don’t think I’ll be able to resist.

  3. RG says:

    Man it’s fun going to a Keynesian website and taking on the opposition. Makes you feel like Neo at the end of the Matrix.

    • Daniel Kuehn says:

      Dude, we’re obviously Neo.

      • Bala says:


      • Major_Freedom says:

        Dude, we’re obviously Neo.

        The statist advocates of human control are claiming to be neo, whereas the anarcho-capitalist who wants individuals to be free, are the machine overlords?

        Oh that’s downright hilarious.

        Yeah, you’re Neo, AFTER the evil Smith copied himself into Neo.

        • Bala says:

          Oh! Does that mean he’s going to self-destruct?

          • Major_Freedom says:

            Going to?

            • Bala says:

              I mean, if he’s just copied himself into Neo….. Just being faithful to my favourite movie, you see 🙂

  4. Major_Freedom says:

    Evil ideology claiming to be good?

    Oh this ought to be fun!

  5. Mickey T. Hobart says:

    You are both pretty fun. 🙂

    Sadly, I won’t be watching. Unless someone throws it on YouTube in the future or something.

  6. Blackadder says:

    Put him in a bodybag.

  7. Andrew says:

    At some point banking is sure to come up. When it does, hit him with this:


    Debate over.

  8. Davis says:

    Bob, can I borrow $30? I need some beer too.

  9. Raja K says:

    I am actually worried for Bob and our Austrian position. The reason being this person’s excellent command over english. If his speaking skills are as developed as his writing skills he might be able to talk so eloquently that Bob might find the audiance being swept away in tide of emotions. The virgins might start to laugh instead of crying.

    Now there might not be substance beind the arguments but that’s not the point I am raising. Or is it just pre-game jitters I am experiencing 🙂

    • Dan says:

      It’s pre-game jitters. Go watch one of Dr. Murphy’s speeches again to reassure yourself. His opening jokes have been money for him over the years in winning over the audience. By the end of this debate it will be like when Jordan closed his eyes before shooting a free throw and when he hit it he turned to Dikembe Mutombo and said “welcome to the league rookie”.

    • Luke says:

      Isn’t this how current macro economics has lasted so long? It always sounds good on the surface(for instance… government needs to spend when consumers can’t). I think Bob has heard it all up to this point. Heck, I think I have heard it all up to this point.

  10. Aristos says:

    Bob may be matched in comedic wit, but the Austrian position will stand. Clever pairings of words will not erase the failure of Keynesian economic policy.

    There may be some humorous back-and-forth, but Bob will prevail.

    • bobmurphy says:

      Bob may be matched in comedic wit…

      I have never been so insulted.

      • Aristos says:

        But I’ll bet he sucks ass at karaoke!

  11. Austro-Libertarian says:

    Stoke the fear, Murph, Stoke the fear!


    Trust me , it’s very scary.

  12. Tel says:

    He likes “core inflation”, and prefers to ignore commodity prices:

    This is one of the reasons I believe we should strip out international commodity prices from the measure of inflation we are most concerned about. To some extent focusing on the traditional measure of core inflation – everything except food and energy – does this.


    I note that a couple of his readers had a go at him for this.

    • Tel says:

      He doesn’t seem overly bothered by inflation in general… so from that perspective he follows the Krugman school.

      A 0.3 percent monthly rise is an annualized rate of about 3.7% suggesting core inflation higher than the Fed’s comfort zone but well within mine. A 3.7% inflation rate would suit my ideal path of monetary policy nicely.

      At the same time, he seems to think that people are getting shafted on their Social Security and 401k funds, but never makes the connection between inflation and loss of savings. The following might be worth a read, it almost sounds profound, but after reading it many times I still can’t actually figure out what it means.


  13. Anonymous says:


    • bobmurphy says:

      But do we need another hero? Either way, I have to get a whistle.

      • Captain Anarchy says:

        Dude, you’re the anti-hero that everyone knows is way cooler than the main character. He may be Luke Skywalker, but you’re Han Solo.