Bob Murphy

Author Archive

Yet Another Post on Inflation

OK first, let me show what a fair guy I am. (If I were a single lady I’d be the fairest maiden in the land.) Let me admit that the really catchy phrase from Milton Friedman–inflation is always and everywhere a monetary phenomenon–only makes sense if he’s using it to mean “rising prices.” Now then, […]

George Orwell on Politics and Language

From his 1946 essay, “Politics and the English Language,” some key passages that perhaps have relevance to our recent controversy over the quixotic Austrians attempting to resurrect (what they claim is) the original meaning of the term “inflation” (all bold is mine, and I’m not going to italicize the whole thing so you can see […]

Austrians Are Not Redefining Inflation

There has been some buzz in the blogosphere lately about us wacky Austrians and our idiosyncratic definition of “inflation.” Nick Rowe calls it “a bit daft” (though goodnaturedly, as I imagine Nick would banter with someone robbing him at gunpoint), and Gene Callahan finds it not as useful as the current popular definition says it […]

Military Suicides and Deployment

In the car I heard this short (less than 4 minutes) clip on a new study that supposedly debunks the popular idea that military deployments in Iraq and Afghanistan are behind the increase in suicides among members of the military. The NPR guy summarizing the study said, “Long deployments did not increase the risk of […]

Yet More (Unimpressive) Evidence of the “Prescient” Janet Yellen

This dispute over the next Fed chair is hilarious. (Thank goodness our system doesn’t place one person in charge of wheat production or computer output. It’s only that little aspect of our economy–the MONEY–that is in the hands of one group of well-connected technocrats.) I’ve already pointed out one guy who heaps praise on Janet […]

Potpourri

==> You may think this upcoming Mises Academy class, “Delusions of Krugman,” is taught by me, but nope. I am much kinder and gentler than Bill Anderson. ==> A good summary at Reason on the social cost of carbon. ==> When I was at the Senate testifying, OMB rep Shelanski was at the House, saying […]

Thoughts on My Debate With David Friedman

After reviewing our debate (which I’m reposting below), I realized there were a few points where I misunderstood what Friedman was saying. It will not surprise you to hear that I think there were also several points where he misunderstood me. (For one obvious example, of course I know that modern physicists think the universe […]

The Fruit of Harvard’s Tree

Greg Mankiw writes: As part of our “marketing” effort to get freshmen into ec 10, Harvard’s introductory economics course, the ec 10 staff and I are trying to construct a list of famous alums of the course. Here is the list we have put together so far: Steve Ballmer Ben Bernanke Lloyd Blankfein Ryan Fitzpatrick […]