30 Jul 2019

Socialism Drove Ben Powell to Drink

Bob Murphy Show 1 Comment

And so would ancapistan, but I digress… Here’s my interview with Ben, promoting his new book with Bob Lawson.

26 Jul 2019

Potpourri

Potpourri 24 Comments

==> When I interviewed Karl Smith for my podcast, I looked at his stuff and was pleasantly surprised to see Karl praising Art Laffer. I obviously don’t agree with him on everything, but I like Karl for his willingness to take unpopular opinions.

==> I thought this was an interesting take on the trans-bikini-wax controversy.

==> An interview with Campbell Harvey, the academic whose 1980s dissertation established the inverted yield curve’s apparent ability to “predict” a recession.

25 Jul 2019

Murphy Lectures on Private Military Defense

Bob Murphy Show, Private Defense No Comments

This has a lot of new material that I’ve never covered in a lecture before.

22 Jul 2019

The Economics of the Green New Deal

Climate Change 2 Comments

My first talk last week at Mises University:

18 Jul 2019

Michel Accad and I Discuss Kenneth Arrow on Health Care

Bob Murphy Show, Health Legislation 1 Comment

In episode 45 of the Bob Murphy Show…

15 Jul 2019

Murphy Twin Spin

Climate Change, Contra Krugman 17 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 51 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.