Bob Murphy

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Eugen Was Not PC

For the History of Economic Thought lecture on Bohm-Bawerk, I came across this passage that I remember reading in grad school: “How many an Indian tribe, with careless greed, has sold the land of its fathers, the source of its maintenance, to the pale faces for a couple of casks of “firewater”!” (I have no […]

Do you value justice higher than mercy?

I took the Briggs-Meyer test (due to peer pressure). (I am not telling you my score because that’s what the narcissists do.) The question in the subject is one that struck me as very interesting. (I think they should’ve said “more highly” than “higher”?) I thought for a bit and then decided that no, I […]

Why the Social Cost of Carbon (SCC) Is a Dubious Tool for Policymakers

I don’t think I blogged this when it ran… my latest at IER.

LMS: Are the Markets Signaling Confidence or Fear?

In the latest episode of the Lara-Murphy Show, Carlos and I discuss the divergence in bond yields and stock prices, which has some Bloomberg analysts puzzled. Below is the chart that motivated the discussion.

Is Bitcoin a Fiat Currency? FEE vs FEE

I have no problem with a lot of the specifics in this post by Demelza Hays (who’s my friend), but she is aghast that economists might classify Bitcoin as a fiat currency. Well, that’s how I classified it (in my guide to Bitcoin co-authored with Silas Barta), and I think it’s consistent with Misesian monetary […]

Open Borders and NGDP Targeting: A Numerical Example

In my last post, in which I argued that Open Borders plus NGDP (or even total labor compensation) targeting would lead to disaster, I fired off some quick numbers that (although technically not wrong) made it look as if I were missing the basic logic of Sumner’s framework. Thus, David Beckworth in the comments said: […]

Clarifying a Problem with NGDP Targeting

[UPDATE below.] I fear that even you, my loyal blog readers, may not fully appreciate just how insightful my earlier post on Scott Sumner was. So let me take the humor out of it and write plainly. In this post on the Irish “miracle” (of apparently huge economic growth), Scott wrote: I’ve argued that NGDP […]

Scott Adams and I ALSO Disagree About Politics

In an intriguing post, he writes (and I’m coming in halfway through his post, so click the link for full context): To the great puzzlement of everyone in America, and around the world, Comey announced two things: 1. Hillary Clinton is 100% guilty of crimes of negligence. 2. The FBI recommends dropping the case. From […]