Robert P. Murphy
Cell: (212) 748-9095


Ph.D. Economics, New York
University, Spring 2003

B.A. Economics, Hillsdale College,
Magna Cum Laude, 1998


Climate Change, Interest Theory,

Financial Economics, Trade, Game Theory


Law & Economics, Political

Economy, Public Choice


Title: Unanticipated Intertemporal Change in Theories of Interest

Committee: Mario Rizzo (chair),
Alberto Bisin, Boyan Jovanovic


Senior Fellow, Bus. & Econ. Studies, Pacific Research Institute, Sept. 2007 – present.

Economist, Institute for Energy Research, May 2007 – present.

Research Analyst, Laffer Associates, September 2006 – June 2007.

Visiting Scholar, New York University, June 2006 – August 2006.

Visiting Assistant Professor of Economics, Hillsdale College, August 2003 – May 2006.


Principles of Microeconomics/Macroeconomics

Intermediate Microeconomics

Game Theory

History of Economic Thought I and II

Austrian Economics I and II

Honors Seminar on “SpontaneousOrder”


“Are Residual Economic Relationships Normally Distributed? Testing an Assumption of Neoclassical Economics” (with Thomas Bundt).

The Review of Austrian Economics, forthcoming.

“Interest and the Marginal Product of Capital: A Critique of Samuelson.” Journal of the History of Economic Thought, forthcoming.

“Cantor’s Diagonal Argument: An Extension to the Socialist Calculation Debate.” The Quarterly Journal of Austrian Economics, Vol. 9, No. 2 (Summer 2006), pp. 3-11.

“A Note on Walter Block’s Defending the Undefendable: The Case of the ‘Heroic’ Counterfeiter.” American Journal of Economics and Sociology, Vol. 65, Issue 2 (April 2006), pp. 463-467.

“Hans-Hermann Hoppe’s Argumentation Ethic: A Critique” (with Gene Callahan). The Journal of Libertarian Studies, Vol. 20, No. 2 (Spring 2006), pp. 53-64.

“The Labor Theory of Value: A Critique of Carson’s Studies in Mutualist Political Economy.” The Journal of Libertarian Studies, Vol. 20, No. 1 (Winter 2006).

“Dangers of the One-Good Model: Böhm-Bawerk’s Critique of the ‘Naïve Productivity Theory’ of Interest.” Journal of the History of Economic Thought, Vol. 27, No. 4 (December 2005), pp. 375-382.

“The Economics of the Very Long Run” (with Walter Block). Homo Oeconomicus, Vol. 19, No. 4 (2003), pp. 507-517.


The Politically Incorrect Guide to Capitalism, Regnery 2007.

Study Guide for Ludwig von Mises’ Human Action, Ludwig von Mises Institute.

Study Guide for Murray Rothbard’s Man, Economy, and State with Power and Market, Ludwig von Mises Institute, Summer 2006.


“Soaking the rich won’t solve boom-and-bust cycles.” San Jose Mercury News, July 23, 2008.

“Rising demand, weak dollar cause pain at the pump.” Buffalo News, June 23, 2008.

“Can the Feds Save the Housing Market?” The Freeman: Ideas on Liberty, Vol. 58, No. 5 (June 2008).

the Market’s Mechanisms.”
Barron’s, May 12, 2008.

“Memo to the Fed: Stop Those Rate Cuts” (with Lee Hoskins)., March 17, 2008.

“Socialized Oil Can’t Replace Market Sense.” Investor’s Business Daily, December 13, 2007.

“Can Free Markets Be Designed?”, November 15, 2007.

“Welfare for the Rich.” The Freeman: Ideas on Liberty, Vol. 57, No. 3 (April 2007).

“Are CEOs Paid Too Much?” The Freeman: Ideas on Liberty, Vol. 56, No. 8 (October 2006), pp. 8-12.

“Hurricane Katrina Shows that Government Is Too Small? It Just Ain’t So!” The Freeman: Ideas on Liberty, Vol. 55, No. 10 (December 2005), pp. 6-7.

“An Aging Population Is No Threat to a Free Society.” The Freeman: Ideas on Liberty, Vol. 55, No. 3 (April 2005), pp. 16-18.

“Hypnotized by Models,” (with Gene Callahan). The Freeman: Ideas on Liberty, Vol. 55, No. 2 (March 2005), pp. 38-41.

“What’s Wrong with the Poverty Numbers.” Ideas on Liberty, Vol. 54, No. 4 (April 2004), pp. 18-21.

“Let Us Not Speak Falsely Now,” (with Gene Callahan). Ideas on Liberty, Vol. 54, No. 2 (March/April 2004), pp. 28-34.

“Michigan’s Poor: How Much Do Numbers Alone Really Tell Us?” Mackinac Center Viewpoint, No. 2004-07 (March 2004).

“Nationalized Health Care Will Cut Costs?” (with Gene Callahan). Ideas on Liberty, Vol. 54, No. 1 (January/February 2004), pp. 6-7.

“Markets Aren’t Efficient?” Ideas on Liberty, Vol. 50, No. 12 (December 2000), pp. 6-7.

“Absurd Assumptions & Counterintuitive Conclusions: The Case of David Friedman.” Reason Papers, No. 25 (Fall 2000), pp. 69-72.

“The Origins of the Public School.” The Freeman: Ideas on Liberty, Vol. 48, No. 7 (July 1998), pp. 403-406.

…and over one hundred online articles at sites such as (Murphy archives), (Murphy archives), (archives),, and


Nigel Lawson, An Appeal to Reason: A Cool Look at Global Warming. Reviewed in Economic Affairs, forthcoming.

Peter Boettke and Peter Leeson (eds.), The Legacy of Ludwig von Mises: Theory and History. Reviewed in The Journal of the History of Economic Thought, forthcoming.

Richard Nelson (ed.), The Limits of Market Organization. Reviewed in The Independent Review, Vol. 11, No. 1 (Summer 2006).

Steve Keen, Debunking Economics. Reviewed in Review of Austrian Economics, Vol. 16, Issue 4 (December 2003), pp. 381-384 (with Gene Callahan).

Leland Yeager, Ethics as Social Science. Reviewed in The Journal of Libertarian Studies, Vol. 16, No. 1 (Winter 2002), pp. 106-114.

Butler Shaffer, In Restraint of Trade: The Business Campaign Against Competition. Reviewed in The Journal of Libertarian Studies, Vol. 15, No. 4 (Fall 2001), pp. 113-116.

Ingo Pellengahr, The Austrian Subjectivist Theory of Interest: An Investigation into the History of Thought. Reviewed in The Quarterly Journal of Austrian Economics, Vol. 4, No. 1 (Spring 2001), pp. 85-89.


Testimony before House Financial Services Committee on oil markets and the U.S. dollar. July 24, 2008. (Written testimony, YouTube clip #1#2.)

Fox Business TV interview on oil prices. June 2008.

“PIG Day,” Phyllis Schlafly’s Eagle Forum with Politically Incorrect Guide authors; Murphy talk aired on C-SPAN’s BookTV July 29, 2007.

MoneyDots with Barbra Alexander, Politically Incorrect Guide promotion, aired nationally week of April 29, 2007.

The Source radio talk show. P.I.G. promotion. April 15, 2007.

Janet Parshall’s America. Nationally syndicated radio talk show. P.I.G. promotion. April 10, 2007.

“The Five Most Common Myths About International Trade.” Speech delivered at Ludwig von Mises’ Supporters Summit, October 28, 2006. (audio/video)

“The Weekend Interview Show With Scott Horton” radio program. Hour-long discussion on libertarianism, Austrian economics, central banking, trade deficit, etc. June 18, 2005.

Pete Ferrand radio talk show. (WRJN AM 1400 out of Racine, WI) Hour-long discussion on international trade, outsourcing, etc. March 2005.


Headmaster of the Mises Classroom, an online forum for subscribing students.

Home Study Course in Austrian Economics, Ludwig von Mises Institute, September 2005.


“Rolling the DICE: Nordhaus’ Dubious Case for a Carbon Tax.” (Submitted to Southern Economic Journal.)

“The Rational Expectations Objection to Austrian Business Cycle Theory: Prisoner’s Dilemma or Noisy Signal?”

“The Sraffa-Hayek Debate: Natural Rates of Interest and Lessons for Modern Austrians.” (Submitted to History of Economic Ideas.)

“Radical Subjectivism and Mixed Strategies: A Comment on O’Driscoll and Rizzo.”

“Large Voter Turnout in Two-Candidate Elections.”

“Private Solutions to Positive Externalities: Military Expenditures, Insurance, and Call Options.”


History of Political Economy
The Journal of the History of Economic Thought
The Quarterly Journal of Austrian Economics
Review of Austrian Economics
The Independent Review
Human Rights Review


Visiting Faculty Fellowship at the Ludwig von Mises Institute, Summer 2005.

Rowley Fellowship at the Ludwig von Mises Institute, Summers 2000-2002.

First Place in Society for the Development of Austrian Economics graduate paper competition for “Interest in the Austrian Tradition,” Fall 2000.

Bradley Fellowship, NYU, 1998-2002.