Robert P. Murphy: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
→‎Double-digit inflation predictions: restoring complementary primary sources (this complements RS discussion of Murphy's erroneous predictions)
Line 43: Line 43:


==Double-digit inflation predictions==
==Double-digit inflation predictions==
In 2009, Murphy discussed various economic policies of the [[Presidency of George W. Bush|Bush]] and [[Presidency of Barack Obama|Obama]] administrations, which he called "incredible assaults on the private sector from the central government". He stated that the policies of [[Federal Reserve]] chairman [[Ben Bernanke]] and President Obama would lead to double-digit inflation with high unemployment and could facilitate the abandonment of the US Dollar by the end of the Obama Presidency. Murphy warned that soaring prices for gasoline and imported products sold at Wal-Mart might be blamed by Obama Administration officials on "an attack on the Dollar by foreign speculators" and used by them to replace the Dollar with the [[Amero]] or some other currency "issued by a supranational organization". Murphy urged investors to purchase an "emergency stockpile" of physical gold and silver, and predicted double-digit inflation.<ref>Robert P. Murphy, [http://www.theamericanconservative.com/articles/killing-the-currency/ "Killing the Currency"], [[The American Conservative]], December 10, 2009.</ref>

In 2009, Murphy discussed various economic policies of the [[Presidency of George W. Bush|Bush]] and [[Presidency of Barack Obama|Obama]] administrations, which he called "incredible assaults on the private sector from the central government". <ref>Robert P. Murphy, [http://www.theamericanconservative.com/articles/killing-the-currency/ "Killing the Currency"], [[The American Conservative]], December 10, 2009.</ref> In a series of articles on his personal website, Murphy states that he agreed to a bet that that there would be a year/year increase in the seasonally adjusted [[United States Consumer Price Index|Consumer Price Index]] of over 10% by 2013, and notes that he lost the bet.<ref>Murphy, Robert P. (January 2, 2013). [http://consultingbyrpm.com/blog/2013/01/learning-from-brad-delong-and-paul-krugman.html "Learning from Brad DeLong and Paul Krugman."] </ref>
In 2009, Murphy discussed various economic policies of the [[Presidency of George W. Bush|Bush]] and [[Presidency of Barack Obama|Obama]] administrations, which he called "incredible assaults on the private sector from the central government". <ref>Robert P. Murphy, [http://www.theamericanconservative.com/articles/killing-the-currency/ "Killing the Currency"], [[The American Conservative]], December 10, 2009.</ref> In a series of articles on his personal website, Murphy states that he agreed to a bet that that there would be a year/year increase in the seasonally adjusted [[United States Consumer Price Index|Consumer Price Index]] of over 10% by 2013, and notes that he lost the bet.<ref>Murphy, Robert P. (January 2, 2013). [http://consultingbyrpm.com/blog/2013/01/learning-from-brad-delong-and-paul-krugman.html "Learning from Brad DeLong and Paul Krugman."] </ref>


Revision as of 15:30, 19 January 2014

For other people named Robert Murphy, see Robert Murphy (disambiguation).
Robert P. Murphy
Born (1976-05-23) May 23, 1976 (age 47)
NationalityAmerican
Academic career
InstitutionPacific Research Institute
(2007–present)
Institute for Energy Research
(2007–present)
Hillsdale College
(2003–2006)
FieldFinancial Economics, Trade
School or
tradition		Austrian School
Alma materNew York University (Ph.D.) 2003
Hillsdale College (B.A.) 1998

Robert P. Murphy (born 23 May 1976) is an American economist, consultant and author. He is an economist with the Institute for Energy Research (IER) specializing in climate change.[1] He also is a senior fellow in business and economic studies at the Pacific Research Institute,[2] a research fellow with the Independent Institute,[3] and an associated scholar at the Ludwig von Mises Institute.[4] In addition to economic subjects, Murphy writes about, and has taught classes in, anarcho-capitalism on the Mises Institute website.[5][6]

Life and work

Murphy received a BA in economics at Hillsdale College in 1998 and a Ph.D. in economics at New York University in 2003.[1]

From 2003 until 2006, Murphy was Visiting Assistant Professor of Economics at Hillsdale College.[3] He moved to Nashville, Tennessee, where he still lives, in 2006[7] to work for Laffer Investments, where he maintained portfolio models and co-authored research papers during 2006-2007.[8] He now is a financial consultant who provides forecasts regarding interest and exchange rates, growth, and inflation.[1][7][9]

Murphy has been published in The American Journal of Economics and Sociology, The Review of Austrian Economics,[1] the Quarterly Journal of Austrian Economics[10] and the Journal of Private Enterprise.[11] He has written for The Freeman,[12] The American Conservative[13] and LewRockwell.com.[14] He previously wrote a column for Townhall.com.[15] Murphy has written for the The Washington Times,[16] Forbes[17] and Barron's Magazine.[18]

Murphy has written numerous articles on free-market economics for lay audiences, as well as study guides to works of Ludwig von Mises and Murray Rothbard.[1] Murphy is author of the 2007 book The Politically Incorrect Guide to Capitalism. Gene Epstein wrote in Barron's Magazine that “Murphy makes a compelling case for the unfettered free market, or what his intellectual antagonists would call "free-market fundamentalism", but writes Murphy is sometimes too irreverent.[19]

Murphy's 2009 book The Politically Incorrect Guide to the Great Depression and the New Deal blamed the Depression on government policies, in particular monetary policy during the presidency of Calvin Coolidge, before Herbert Hoover took office.[20]

Murphy has testified before the United States Congress on behalf of the IER, discussing climate change and energy related topics.[21][22][23][24]

Capital theory, interest and the business cycle

In January 2011 economist Paul Krugman commented, in a New York Times column, about Murphy's article on capital theory published at the Ludwig von Mises Institute's "Mises Daily" website. Krugman wrote that it was the "best exposition I've seen yet of the Austrian view that's sweeping the GOP."[25] He criticized Murphy's view that an economic boom is like China's disastrous Great Leap Forward where "a temporary surge in consumption" resulted in "degradation of the country’s underlying productive capacity", leading to unemployment. He questioned whether booms damaged the economy's capacity.[25][26] Murphy replied at his blog summarizing Austrian school positions on capital theory, interest, and the business cycle and answering Krugman's specific objections.[27]

Double-digit inflation predictions

In 2009, Murphy discussed various economic policies of the Bush and Obama administrations, which he called "incredible assaults on the private sector from the central government". He stated that the policies of Federal Reserve chairman Ben Bernanke and President Obama would lead to double-digit inflation with high unemployment and could facilitate the abandonment of the US Dollar by the end of the Obama Presidency. Murphy warned that soaring prices for gasoline and imported products sold at Wal-Mart might be blamed by Obama Administration officials on "an attack on the Dollar by foreign speculators" and used by them to replace the Dollar with the Amero or some other currency "issued by a supranational organization". Murphy urged investors to purchase an "emergency stockpile" of physical gold and silver, and predicted double-digit inflation.[28]

In 2009, Murphy discussed various economic policies of the Bush and Obama administrations, which he called "incredible assaults on the private sector from the central government". [29] In a series of articles on his personal website, Murphy states that he agreed to a bet that that there would be a year/year increase in the seasonally adjusted Consumer Price Index of over 10% by 2013, and notes that he lost the bet.[30]

Paul Krugman noted that Murphy had been criticized by University of California, Berkeley Professor of Economics J. Bradford DeLong, noting that Murphy "has been predicting double-digit inflation for years but remains absolutely committed to his framework" despite the predictions being unfulfilled.[31] In December 2012 Krugman again addressed Murphy's failed inflation predictions, criticizing Murphy's belief that "his failed inflation forecast is OK" because it is attributable to "huge deflationary downdraft that offset the inflationary impact of Fed expansion." Krugman wrote that if that was true, "we should be hailing Ben Bernanke for preventing a catastrophic deflation."[32] Murphy replied to Krugman and DeLong's criticisms and later defended his views in The American Conservative.[33][34]

Books

  • Chaos Theory (2002) – A short work composed of two essays on market anarchy; one discussing the production of defense services, and one describing the provision of private criminal and civil justice.
  • The Politically Incorrect Guide to Capitalism (April 2007) – A volume in The Politically Incorrect Guide series published by Regnery Publishing. ISBN 978-1-5969-8504-9 OCLC 79860752
  • The Politically Incorrect Guide to the Great Depression and the New Deal (April 2009) ISBN 978-1-5969-8096-9 OCLC 315239348
  • Lessons for the Young Economist (2010) ISBN 978-1-9335-5088-6 OCLC 681711737
  • How Privatized Banking Really Works – Integrating Austrian Economics with the Infinite Banking Concept (2010) co-written with L. Carlos Lara

Notes

  1. ^ a b c d e Robert P. Murphy profile, Institute for Energy Research, accessed December 9, 2013.
  2. ^ Robert P. Murphy, Why Government Doesn't—and Can't—Manage Resources Like a Private Business, Library of Economics and Liberty, December 2, 2013.
  3. ^ a b Robert P. Murphy profile, Independent Institute, accessed December 5, 2013.
  4. ^ Robert P. Murphy profile at Ludwig von Mises Institute, accessed December 5, 2013.
  5. ^ Robert P. Murphy, Learn Anarcho-Capitalism Online, Mises Daily, July 24, 2012.
  6. ^ Robert P. Murphy, But Wouldn't Warlords Take Over?, Mises Daily, July 7, 2005.
  7. ^ a b Robert P. Murphy biography as economist and consultant to USATrustOnline.com.
  8. ^ Written Testimony of Robert P. Murphy, Institute for Energy Research Before the House Committee on Financial Services On the Matter of Oil Prices and the U.S. Dollar, July 24, 2008, Committee website, accessed December 8, 2013.
  9. ^ Robert P. Murphy, Ph.D. (economic consultant) website at ConsultingbyRPM.com.
  10. ^ Resumé/CV, Robert P. Murphy website, accessed December 6, 2013.
  11. ^ Robert P. Murphy, Coordination: A Critique of Daniel Klein, The Journal of Private Enterprise, 25(2), 2010, 117-127, 117.
  12. ^ Robert P. Murphy archives at The Freeman website.
  13. ^ Robert P. Murphy archives at The American Conservative website.
  14. ^ Robert P. Murphy archives at LewRockwell.com.
  15. ^ Robert Murphy columns archive, Townhall.com, accessed December 6, 2013.
  16. ^ Robert P. Murphy, Are Real Economists Bears?, The Washington Times, February 19, 2010, accessed via Highbeam.
  17. ^ Robert P. Murphy, Memo To The Fed: Stop Those Rate Cuts, Forbes, March 16, 2008.
  18. ^ Robert P. Murphy, Capitalism is validated by "mechanism-design" theory, Barron's Magazine, May 12, 2008
  19. ^ Epstein, Gene (9 July 2007). "Nine Good Reasons to Hit the Beach". Barron's Magazine.
  20. ^ Raymond J. Keating, "Book review: The Politically Incorrect Guide to the Great Depression and the New Deal", The Freeman, December 22, 2010.
  21. ^ Climate Change: Robert P. Murphy, Congressional Testimony, July 18, 2013, Federal Document Clearing House, Inc., accessed via Highbeam
  22. ^ Oil Prices and the Weak Dollar: Robert P. Murphy, Congressional Testimony, July 24, 2008, Federal Document Clearing House, Inc., accessed via Highbeam
  23. ^ Impact of Federal Reserve Policies on Gas Prices:robert P. Murphy, Congressional Testimony, May 25, 2011, Federal Document Clearing House, Inc., accessed via Highbeam.
  24. ^ Written Testimony of Robert P. Murphy, Senior Economist, Institute for Energy Research, Before the Senate Committee on Environment and Public Works On the Matter of “The ‘Social Cost of Carbon’: Some Surprising Facts” July 18, 2013; Senate Committee website accessed December 8, 2013.
  25. ^ a b Paul Krugman, Great Leaps Backward, New York Times, January 19, 2011.
  26. ^ Robert P. Murphy, The Importance of Capital Theory, Mises Daily, October 20, 2008.
  27. ^ Robert P. Murphy, My Reply to Krugman on Austrian Business-Cycle Theory, Mises Daily, January 24, 2011.
  28. ^ Robert P. Murphy, "Killing the Currency", The American Conservative, December 10, 2009.
  29. ^ Robert P. Murphy, "Killing the Currency", The American Conservative, December 10, 2009.
  30. ^ Murphy, Robert P. (January 2, 2013). "Learning from Brad DeLong and Paul Krugman."
  31. ^ "Is Our Austerians Learning?". New York Times. December 30, 2012. Retrieved 1 November 2013.
  32. ^ Paul Krugman, On Not Learning, Continued, New York times, December 31, 2012.
  33. ^ Learning From Brad DeLong and Paul Krugman, Robert P. Murphy blog, January 2, 2013.
  34. ^ Robert P. Murphy, Heads Krugman Wins, Tails ‘Austerity’ Loses, The American Conservative, May 23, 2013.

External links

Template:Persondata

Retrieved from "https://en.wikipedia.org/w/index.php?title=Robert_P._Murphy&oldid=591422524"