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Can You Have Inflation With Low Utilization?

For some time I have been meaning to complain about all the analysts–and not just talking heads on CNBC but even professional economists quoted in the WSJ–saying that, “The Fed’s worry right now isn’t inflationary pressures, because of the low capacity utilization rates.” In other words, they are saying that prices can’t possibly start rising […]

My Qualified Defense of George Will’s Sea Ice Gaffe

In this MasterResource blog post I explain the controversy over George Will’s botched point about global sea ice area. I first point out that much of his error is due to the simple change in calendar year, rather than the passage of time (as his critics suggest), meaning that Will got unlucky. I then argue […]

Chicago Economists Catching Up to the Austrians

On April 8 Casey Mulligan blogged about the perverse effects of the looming government bailout of those holding toxic–excuse me, legacy–assets: Last fall the public learned that banks were not selling many of their legacy mortgages and mortgage-backed securities, despite the impression that ownership of the assets were hindering the banks’ lending. A variety of […]

A Man a Plan No Bank Panama

(For those perplexed by the title, I am alluding to the coolest palindrome ever.) I met this guy at my talk in Boston to Suffolk Law students. He told me that Panama had no central bank, and its macroeconomic performance has been just fine, thank you very much. In fact the Panamanian constitution says: “There […]

I Tell the Indians to Adopt a Gold Standard

I am quoted in this Times of India piece on the gold standard: Robert Murphy, Adjunct Scholar at the Ludwig von Mises Institute in Alabama, USA, says, “A gold standard is essential today because it would force central banks to raise interest rates to their correct levels. In fact, it would work as a very […]

NPR (SF) Debate: Murphy vs. Dean Baker

On Sunday I debated Dean Baker on the San Fran NPR show hosted by Marty Nemko. Here is the archive (mp3). This was a pretty neat debate I think. I didn’t “crush” Baker and (I hope) he didn’t beat me. We were both polite and often agreed with each other.

Happy Easter!

When I was younger I didn’t understand why Easter was considered a more important holiday (to Christians) than Christmas. It’s funny but I can’t even remember now what my confusion was; it certainly seems a much bigger deal for someone to come back from the dead than to be born. I have wrestled with one […]

Tom Woods, the Only Threat to My Professional Success

If it weren’t for Tom Woods, I would have a wide open field. But dangit, his affiliation with the Mises Institute has taught him sound economics, and on top of that he is a geek who reads a bunch of history. Fortunately, he has a terrible sense of humor. In any event, check out this […]