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Mises Economics Blog

Robert Murphy Archive

The Wall Street Journal Defends the Predator State

October 21, 2009 6:10 AM by Robert Murphy

The Wall Street Journal defends socialized medicine? The conventional dichotomy between "liberal" and "conservative" newspapers is spurious: all major news organizations support the welfare-warfare state. FULL ARTICLE

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Murphy Critique of John Cochrane's Response to Krugman

September 17, 2009 10:52 AM by Robert Murphy

As many readers here probably already know, Chicago economist John Cochrane wrote a blistering reply to Paul Krugman's NYT Magazine piece on what's wrong with the economics profession. When I read Cochrane's piece, I was dismayed because many of his arguments to defend himself against Krugman's attacks would just as well "prove" that the Austrian school is defunct. In this article I laid out my case that Austrians shouldn't endorse every article that targets Krugman.

Here let me just give a sample of what I mean. First, the opening salvo from Cochrane:

Continue reading "Murphy Critique of John Cochrane's Response to Krugman" »

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Fiat Money: How Else You Gonna Kill 600,000 Americans?

September 11, 2009 8:35 AM by Robert Murphy

Suppose for a moment, just for fun, that this story about the credit markets is just as backwards as the story about the stimulus package. What would that mean, if the story is 100% wrong? Well, I guess it would mean that the total amount of business loans was actually rising and in fact at an all-time high, up to the point when Paulson and Bernanke decided to throw caution to the winds. And then after their heroic intervention, the total amount of business loans fell like a stone. Can we agree that something like this would mean the story Norris has repeated is exactly backwards? Well feast your eyes on this. FULL ARTICLE

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Salon Writer Notes Krugman's Blind Spot
2009.09.07 | Comments (8)

Even When Krugman's Right, He's Wrong
2009.08.27 | Comments (43)

Rothbardianism In Iraq?
2009.08.21 | Comments (56)

Krugman on Bad Actors
2009.08.18 | Comments (12)

Commerce & Civilization: A Review of Smash! Crash!
2009.08.14 | Comments (0)

Kudlow's Cuckoo for Clunkers
2009.08.12 | Comments (33)

Murphy vs. Madrick on the New Deal
2009.08.10 | Comments (34)

My Lucas Critique
2009.08.07 | Comments (15)

Brad DeLong's Erroneous Defense of Greenspan
2009.08.03 | Comments (9)

Does the Fed Need an Exit Strategy?
2009.07.27 | Comments (37)

CNBC Hates Saving
2009.07.19 | Comments (15)

Mish Should Ditch His Deflation Fears
2009.07.13 | Comments (83)

Christina Romer's Faulty Depression History
2009.07.06 | Comments (18)

CBO Cost Estimate of Cap & Trade Pulls Out All the Gimmicks
2009.06.25 | Comments (15)

Why I Expect Serious Stagflation
2009.06.15 | Comments (22)

Correcting Krugman on Climate
2009.06.08 | Comments (36)

The Costs of Carbon Legislation
2009.06.01 | Comments (38)

Correcting Quiggin on Austrian Business-Cycle Theory
2009.05.25 | Comments (96)

I Wrote the Guide to Extend Rothbard
2009.05.15 | Comments (6)

Murphy: Busting the Myth of Green Jobs
2009.05.13 | Comments (3)

Murphy on Great Depression in Houston
2009.05.03 | Comments (5)

Mankiw's Differing Views on Deflation
2009.04.28 | Comments (11)

The Nuttiness of Negative Interest Rates
2009.04.27 | Comments (25)

The Fake History of the Depression
2009.04.20 | Comments (18)

Greenspan's Bogus Defense
2009.04.06 | Comments (25)

Austrians Can Explain the Boom and the Bust
2009.03.30 | Comments (34)

Defend the Gold Standard
2009.03.16 | Comments (99)

Hey, Economists! Money and Interest Are Different Things
2009.03.02 | Comments (22)

Cut Taxes for the Right Reasons
2009.02.16 | Comments (31)

Banks Should Raise Prices in a Recession
2009.02.06 | Comments (33)

"Do You Austrians Have a Better Idea?"
2009.02.02 | Comments (74)

Robert Lucas's Strange Faith in Bernanke
2009.01.26 | Comments (18)

New Free Market Energy Blog
2009.01.20 | Comments (18)

Filling the Holes in Krugman's Analysis
2009.01.15 | Comments (36)

Pep talk for academics
2009.01.14 | Comments (4)

Does "Depression Economics" Change the Rules?
2009.01.12 | Comments (58)

Austrians and Keynesians Agree: Milton Was Wrong About the Depression
2009.01.09 | Comments (35)

New PRI Report on the Benefits of Economic Freedom
2009.01.07 | Comments (5)

The SEC Makes Wall Street More Fraudulent
2009.01.05 | Comments (4)

Study Guide to Human Action
2008.12.17 | Comments (6)

Hayek Tells Bill Buckley That Even Keynes Was Afraid of the Keynesians
2008.12.16 | Comments (7)

Oops, Correction to Murphy Article on Evidence for Housing Boom
2008.12.15 | Comments (3)

Evidence that the Fed Caused the Housing Boom
2008.12.15 | Comments (37)

An Open Letter to Gary Becker re: Depressions
2008.11.24 | Comments (32)

Did the Fed, or Asian Saving, Cause the Housing Bubble?
2008.11.19 | Comments (45)

Consumers Don't Cause Recessions
2008.11.11 | Comments (70)

Markets Need Time, Not More Poison
2008.11.06 | Comments (10)

Why I Don't Vote
2008.11.03 | Comments (68)

Is Gold Going Up or Down?
2008.10.30 | Comments (48)

The Bogus "Credit Crunch"
2008.10.24 | Comments (23)

The Importance of Capital Theory
2008.10.20 | Comments (73)

Economic and Climate Models
2008.10.14 | Comments (17)

Blatant Contradictions From Larry Kudlow
2008.10.13 | Comments (7)

A time to praise central banking?
2008.10.10 | Comments (22)

Bernie Jones Interviews Bob Murphy About Bailout
2008.10.07 | Comments (1)

The Great Bank Robbery of 2008
2008.09.30 | Comments (33)

The We Don't Heart Paulson Club
2008.09.27 | Comments (5)

"Conservatives Should Oppose Corporate Welfare"
2008.09.27 | Comments (9)

Murphy vs. Paulson Bailout
2008.09.26 | Comments (3)

How Henry Paulson Made Sprint Be Mean to Me
2008.09.24 | Comments (3)

Op Ed Opposition to Fannie and Freddie Seizure
2008.09.16 | Comments (3)

Bohm-Bawerk Blows Up Economists Even After He's Dead
2008.09.15 | Comments (4)

Don't do it
2008.09.10 | Comments (5)

Short-Sale Restrictions Are an Exercise in Naked Power
2008.08.11 | Comments (55)

ANWR Drilling Would Provide Quick Relief
2008.07.28 | Comments (19)

In Restraint of Trade
2008.07.22 | Comments (0)

Austrian Realists
2008.07.17 | Comments (21)

The Market Works Just in Time
2008.07.07 | Comments (37)

Fox Interviews a Rothbardian
2008.06.27 | Comments (17)

Speculators Fixing Oil Prices? Don't Bet On It!
2008.06.23 | Comments (6)

Tom Woods Interviews Bob Murphy
2008.06.10 | Comments (6)

Article Under Peer Review Tackles Economic Case for Pricing Carbon
2008.06.05 | Comments (22)

Cap and Trade Is Not a "Market Solution"
2008.06.04 | Comments (53)

The Government's Statistical Whopper of the Year
2008.05.27 | Comments (18)

Maxine Waters can't say the word socialize
2008.05.23 | Comments (20)

PRI Flat Tax Study Released
2008.05.13 | Comments (9)

Economists and Their Frameworks
2008.05.05 | Comments (16)

Are Recessions Deflationary?
2008.04.28 | Comments (53)

Did the Fed Cause the Housing Bubble?
2008.04.14 | Comments (10)

The Problems of Central Bank Planning
2008.04.04 | Comments (75)

Kudlow Gets It Half Right
2008.03.19 | Comments (3)

Murphy and Hoskins on the Fed
2008.03.17 | Comments (7)

Michael Kinsley Loves Libertarians
2008.02.03 | Comments (2)

Correcting Kinsley on Libertarianism
2008.02.01 | Comments (15)

Painted Into a Keynesian Corner
2008.01.26 | Comments (4)

The Writers Strike and Jay Leno's Monologue
2008.01.11 | Comments (12)

Can Unions Cause Price Inflation?
2008.01.10 | Comments (12)

Stockpiles and Speculators
2008.01.07 | Comments (7)

Rejoinder to David Frum on the Gold Standard
2008.01.03 | Comments (21)

David Frum on the Gold Standard
2007.12.31 | Comments (45)

The Fed's Role in the Housing Bubble
2007.12.28 | Comments (11)

Study Guide to Human Action, Chapter XVII
2007.12.18 | Comments (0)

Privatize the Strategic Petroleum Reserve!
2007.12.14 | Comments (5)

Mechanism Design and the Free Market
2007.12.10 | Comments (16)

Peter Schiff on Mortgage Bailout
2007.12.09 | Comments (9)

The Mortgage Mess
2007.12.08 | Comments (12)

Arbitraging Ron Paul's Online Odds
2007.10.10 | Comments (8)

The Worst Recession in 25 years?
2007.10.01 | Comments (27)

Perpetual Trade Deficits Can Be Good
2007.09.11 | Comments (59)

A Falling Dollar, After All
2007.08.13 | Comments (31)

New Study Guides to Human Action
2007.07.24 | Comments (0)

How the Free Market Would Handle Quarantines
2007.07.16 | Comments (14)

Murphy Interviewed on The Political Cesspool
2007.07.09 | Comments (14)

The Student Loan Fiasco: Made in D.C.
2007.06.27 | Comments (4)

Weekend Study Guide
2007.06.01 | Comments (0)

New Chapters to Human Action Study Guide
2007.05.28 | Comments (1)

The Giant Gas-Gouging Gaffe
2007.05.25 | Comments (27)

More on Human Action
2007.04.26 | Comments (0)

Private Defense Is No Laughing Matter
2007.04.09 | Comments (79)

Blogger Covering Anarchist Rally Goes Free
2007.04.04 | Comments (7)

Trade Deficits and Collectivism
2007.03.26 | Comments (159)

Wal-Mart, Like Drug Dealers, Supports Terrorism
2007.03.22 | Comments (8)

New Podcast Series: Easy Pieces in Austro-Libertarianism
2007.03.08 | Comments (6)

More of the Study Guide to Human Action
2007.03.06 | Comments (0)

Chaos Theory now online
2007.02.27 | Comments (11)

The Greens Reduce Alcohol Consumption, Too?
2007.02.26 | Comments (4)

Trade Deficits and Fiat Currencies
2007.02.15 | Comments (113)

Young Criminals Don't Respond to Incentives?
2007.02.07 | Comments (27)

Isn't the Capital Surplus a Good Thing?
2007.01.22 | Comments (157)

Does Business Need Washington To Manage Wages?
2007.01.15 | Comments (26)

Yellow Journalism at the Weekly Standard
2007.01.03 | Comments (12)

Putting the Economics Back in Christmas
2006.12.25 | Comments (2)

The Social Function of Call and Put Options
2006.12.13 | Comments (17)

The Social Function of Futures Markets
2006.11.29 | Comments (9)

Julian Simon's Wager With Paul Ehrlich
2006.11.27 | Comments (20)

The Social Function of Stock Speculators
2006.11.22 | Comments (29)

Anarchy (well, almost) in the Roads
2006.11.12 | Comments (5)

Upsidedown Luddism: The Case of Immigration
2006.10.03 | Comments (31)

Hey honey, I went to school with this guy!
2006.09.14 | Comments (4)

Should An Economist Analyze Housing?
2006.09.13 | Comments (23)

Slate Article: Sanctions Never Work!!
2006.08.04 | Comments (6)

The Worst Article Ever?
2006.08.02 | Comments (49)

At Least They're Not Being Gouged
2006.07.24 | Comments (9)

Government Forces Teenager to Get Chemotherapy
2006.07.21 | Comments (34)

Al Franken on Lying Liars
2006.07.18 | Comments (5)

Paying People to Vote in Arizona
2006.07.18 | Comments (9)

Taleb on Mainstream Economics
2006.07.12 | Comments (2)

Superman Needs an Agent
2006.07.11 | Comments (17)

So Economics Isn't Enough, Huh?
2006.06.06 | Comments (30)

Hot News Item: Votes of 86 people mattered!
2006.05.04 | Comments (1)

Columbia Business School Rips Bernanke
2006.04.26 | Comments (2)

Bush to Iran: Don't You Wish We Had Been Disarmed?
2006.04.16 | Comments (41)

Soda and the Sin Tax
2006.03.29 | Comments (21)

Is There a Libertarian Case Against Free Trade?
2006.03.13 | Comments (75)

Clever, Cooperating Undergrads
2006.03.12 | Comments (7)

Private Law and Pizza?
2006.03.03 | Comments (58)

What Money is Not
2006.02.28 | Comments (54)

More from PCR on outsourcing
2006.02.16 | Comments (26)

Free Market = Mass Society = Bad?
2006.02.15 | Comments (68)

Is Free Trade Really Wrecking the Union?
2006.02.15 | Comments (18)

Why Rothbard Makes Sense
2006.02.10 | Comments (5)

The Gas-Line Quagmire in Iraq
2006.02.06 | Comments (27)

Aren't Deficits Another Name for Saving? Nope.
2006.01.27 | Comments (13)

Government Debt Has No Upside
2006.01.16 | Comments (104)

Role Playing Games and Money
2006.01.07 | Comments (18)

Can Free Trade Ever Harm a Country?
2006.01.05 | Comments (19)

The Alleged China Threat
2005.12.15 | Comments (24)

How a Market Might Have Handled Katrina
2005.11.17 | Comments (26)

Study Guide for Rothbard Finished!
2005.11.04 | Comments (3)

My Bizarro Twin
2005.10.13 | Comments (3)

Spontaneous Order in Kenya
2005.09.11 | Comments (2)

Why Home Study?
2005.09.01 | Comments (5)

Canadian Court for Private Health Care?
2005.08.28 | Comments (4)

Education Investment (not Loans)
2005.08.20 | Comments (6)

Should We Love or Loathe the Mafia?
2005.08.12 | Comments (46)

The Possibility of Private Law
2005.08.03 | Comments (66)

Austrian Economists in Mass Media
2005.07.21 | Comments (6)

Hayek's Plan for Private Money
2005.07.18 | Comments (66)

Wouldn't the Warlords Take Over?
2005.07.07 | Comments (116)

Ridiculous Scenarios
2005.06.21 | Comments (42)

Scott Horton's Weekend Interview
2005.06.19 | Comments (1)

Bush-Style Privatization: More and More Problems
2005.06.12 | Comments (22)

Austrian-friendly JEP article
2005.06.10 | Comments (1)

A Recommendation for the Dehomogenization Debate
2005.06.10 | Comments (3)

Private Schools a Failure?
2005.06.02 | Comments (7)

Austrian Economist defends Bush SS plan
2005.06.01 | Comments (5)

More Fun Than Truth
2005.05.25 | Comments (10)

Great Slate Piece on Insurance
2005.05.24 | Comments (4)

Bush's Impossible Social Security Plan
2005.05.12 | Comments (26)

George Bernard Shaw on Calculation
2005.05.09 | Comments (2)

(Minor) Criticisms of Kinsella
2005.05.05 | Comments (11)

Austrians Can Now Pass the Market Test...
2005.05.03 | Comments (4)

Are Higher Prices a Blessing?
2005.05.03 | Comments (14)

Return to Gold?
2005.04.30 | Comments (55)

MES Study Guide, Chap. 11
2005.04.27 | Comments (0)

A Personal Request from Milton Friedman!
2005.04.20 | Comments (29)

What Are You Calling Anarchy?
2005.04.01 | Comments (48)

Price Spreads and Brokers
2005.03.24 | Comments (1)

Murphy Essay on Oil
2005.03.17 | Comments (9)

Libertarians for a National Sales Tax?
2005.03.16 | Comments (16)

More Study Guide Chapters for MES
2005.03.14 | Comments (5)

Eliminating Grocery Shortages
2005.03.09 | Comments (26)

Libertarians Against Theft: What Victorians!
2005.02.24 | Comments (9)

Accountants Don't Know Time is Money / Paper Idea
2005.02.23 | Comments (6)

Bush Raising Taxes? Kudlow Shocked, Shocked
2005.02.20 | Comments (17)

Objectivists Close to Rothbardians??
2005.02.19 | Comments (11)

Murphy Talk on Anarchism
2005.02.11 | Comments (5)

Kudlow's Analysis of Bush
2005.02.10 | Comments (2)

The Joy of Labor
2005.02.04 | Comments (11)

Liberty and Order, Home and Abroad
2005.02.01 | Comments (10)

Philosophers Reject Self-Referential Arguments?
2005.01.25 | Comments (20)

Keep Your Eye on the Assumptions
2005.01.25 | Comments (19)

Lacunae in Subjective Value Theory?
2005.01.24 | Comments (12)

"Simon Market" Starting Up
2005.01.16 | Comments (4)

Should Anarchists Take State Money?
2005.01.10 | Comments (40)

The Infant Industry Argument
2005.01.02 | Comments (25)

You Can Pay to Avoid Searches
2004.12.30 | Comments (1)

The Recent JEP Samuelson Article on Trade
2004.12.29 | Comments (7)

Jennifer Government, an an-cap novel
2004.12.28 | Comments (16)

Can Trade Bring Poverty?
2004.12.24 | Comments (23)

Wait a Sec: Why Are Misers Good?
2004.12.23 | Comments (11)

What Makes One an Economist?
2004.12.18 | Comments (16)

Chapter 8 Available for Rothbard Study Guide
2004.12.16 | Comments (5)

New Theory for Road Design
2004.12.12 | Comments (12)

Becker-Posner: Negative Expected Benefits
2004.12.08 | Comments (5)

People Can Just Get Along
2004.12.06 | Comments (13)

Böhm-Bawerk’s Critique of the Exploitation Theory of Interest
2004.11.26 | Comments (7)

Chapter 7 of MES Study Guide
2004.11.10 | Comments (2)

Oops! Reagan Record Not So Bad?
2004.11.09 | Comments (1)

Bread, Circuses, Tax Cuts, and Debt
2004.11.05 | Comments (11)

Bush's Fancy Finance
2004.10.27 | Comments (3)

Guardian Tries to Influence US Election
2004.10.21 | Comments (3)

Free Banking Conference in Panama
2004.10.20 | Comments (5)

A Study Guide to Rothbard
2004.10.18 | Comments (8)

Profit, Loss, and Pluto
2004.10.14 | Comments (13)

The Final Frontier
2004.10.05 | Comments (5)

What Does Marginality Mean?
2004.08.11 | Comments (16)

The Mystery of Central Banking
2004.07.21 | Comments (11)

Golfing Boehm-Bawerk
2004.06.28 | Comments (10)

Beggars Can Be Choosers
2004.06.23 | Comments (23)

What is the Proper Way to Run a School?
2004.05.05 | Comments (10)

Sraffa's Production of Fallacies by Means of Fallacies
2004.04.08 | Comments (2)

The Explanatory Power of Economic Logic
2004.03.15 | Comments (0)