Bob Murphy

Author Archive

I Offer Constructive Advice at MarginalRevolution

Over at MR, Tyler Cowen refers to the latest issue of Cato Unbound, where Matt Yglesias chides libertarians for claiming to oppose corporatism while not taking real practical steps to limit it. Tyler says: In my view at the margin it would be better to have both less corporate privilege and less labor union privilege. […]

The New Deal Made the Great Depression; and What’s the Trade Fallacy? Quick!

This will be a post in two parts. First, let’s celebrate historian David Beito’s great column on LRC today, where he makes a basic point I’ve been pounding away at. Namely, even if you knew little about economics, if I told you that the worst economic downturn in US history occurred when the government applied […]

Ron Paul on the G20 Meeting: Bretton Woods II or III?

Ron Paul is probably the best person in the world to comment on this stuff, because he understands the economics better than 95% of professional economists, and he of course understands politicians better than 100% of professional economists. (HT2LRC)

Bubble, Schmubble: Mexico Shows Why Derivatives Are Still Cool

The WSJ reports (HT2 Dan Simmons) that the Mexican government is worried that oil could really collapse, so it is hedging its exposure: Mexico said it has hedged all of its oil exports for next year against a price of oil below $70 a barrel, in a sign of how some resource-rich nations are trying […]

Deep Thoughts: Saving vs. Consumption

Back in October, I posted a link to my article “The Importance of Capital Theory.” In the comments, reader randallsquared (RS) was confused by this passage from the article: As for Cowen, he seems to be assuming that “real income” is equivalent to “real consumption.” I don’t know what to say except, “No it isn’t.” […]

Hank Paulson Is a Bald (-Faced) Liar: I Have Proof

Here is an ABC story (HT2EPJ) reporting on Paulson’s sudden change of heart regarding how his requested $700 billion “Troubled Asset Relief Program” (TARP) would now not involve any troubled assets: So, is this the biggest bait and switch in American history? There will certainly be critics who say that Paulson and the Bush Administration […]

Peter Schiff’s Critics: Who’s Laughing Now?

I felt terrible for my smug treatment of Peter Schiff in a few articles in 2006 and early 2007–though in my defense, strictly speaking the arguments in his articles that I read were invalid, and so 99% of my critiques were “good.” But since he was warning everyone the US economy was on the edge […]

Should the Government Close the Money Hole?

(HT2LRC.) This is pretty good; it sustains the joke for the entire clip. Warning, there is one naughty word in the beginning, so be careful if you are playing this at work or your parents’ house. In The Know: Should The Government Stop Dumping Money Into A Giant Hole?