Bob Murphy Show

Bob gives a brief history of money in the United States, explaining that the dollar was much "harder" in, say, 1810 than it was in 1910. This explains why there was significant consumer price inflation even in 1970, the year before Richard Nixon officially severed the dollar's link to gold.

Mentioned in the Episode and Other Links of Interest:

• Bob's chapter in the new book, Understanding Money Mechanics, discussing the history of the US gold/silver standards. His chapter on Mises' theory of the business cycle.
• Bob's articles discussing the 50th anniversary of Nixon closing the gold window: (1) Basic intro, (2) discussing the different regimes of the US gold standard, and (3) explaining the different inflation rates and the connection to Austrian business cycle theory. [Note that this third article hadn't posted as of the original publication of the podcast episode; this link will be updated when available.]
• Bob's article in the Quarterly Journal of Austrian Economics on Mises' theory of the business cycle.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

This is a replay of an interview Bob did on Silver Bullion TV. It occurred on July 23 and aired on July 30.

Mentioned in the Episode and Other Links of Interest:

• The original SBTV interview.
• Bob's article on ZeroHedge.
• Bob's Mises U lecture on money mechanics.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Bob reviews the "Unbreakable" movie trilogy, arguing that M. Night Shyamalan knows we need to awaken the superheroes among us. They might not even know who they are--yet.

Mentioned in the Episode and Other Links of Interest:

• The YouTube trailer for "Unbreakable," the first movie in the trilogy under discussion.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

In a May 2021 essay, Curtis Yarvin (aka Mencius Moldbug) argues that the American economy runs on an inflation machine. Yarvin claims that the best way to measure the amount of inflation is to look at the change in aggregate personal net worth over a given period. Murphy explains why this is wrongheaded.

Mentioned in the Episode and Other Links of Interest:

• Curtis Yarvin (aka Mencius Moldbug)'s essay on The Inflation Economy.
• Eric Weinstein tells Lex Fridman his wariness.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Per Bylund is Associate Professor of Entrepreneurship at Oklahoma State University. He discusses three of his current book projects, all touching on various aspects of the Austrian School and its continued importance.

Mentioned in the Episode and Other Links of Interest:

• Per Bylund's page at Oklahoma State University.
• The Mises Institute's description of Per Bylund's upcoming primer on Austrian Economics.
• Bob's debate with David Friedman on economic method.
• Bob Murphy Show episode on intelligent design.
• Bob's article critiquing Eugene Fama's denial of the housing bubble.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Bob unveils a new recurring series, in which he gives the context of infamous quotations. In this episode, he covers two allegedly shocking quotes from John Lennon, John Maynard Keynes' "in the long run we're all dead," Trump on Nazis being very fine people, Dan Quayle misspelling potato, Obama's "you didn't build that," and Bohm-Bawerk on Karl Marx.

Mentioned in the Episode and Other Links of Interest:

• Wikipedia entry on John Lennon's "more popular than Jesus" comment. Lyrics to "Revolution."
• Bob and the Music City Friends of Liberty cover "Come Together."
• Video for Trump's "very fine people" remark. Video of Obama's "you didn't build that."
• Nancy Pelosi on "We have to pass the bill to find out what's in it."
• Bohm-Bawerk's Karl Marx and the Close of His System.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Bob concludes his series on areas where he's changed his mind. This episode covers the economics of climate change, fractional reserve banking, the US gold standard, his notorious inflation bets, Nelson Nash's Infinite Banking Concept, and the God of the Bible.

Mentioned in the Episode and Other Links of Interest:

• Bob's chapter on the gold standard. Mises' plan to put the USD back on gold.
• Bob's explainer on the Tax Interaction Effect. His article explaining the contrast between William Nordhaus' work and the UN global warming target.
• Bob's journal article on the fractional reserve banking debate. Selgin & White's classic defense of FRB.
• Bob's blog post, "Why I Know There Is a God." Bob's full interview on the Free Born podcast.
• The Foundation of IBC video series. The documentary, "This Is Nelson Nash."
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Matt McCaffrey is an Austrian economist who is currently associate professor of entrepreneurship at the University of Manchester. He talks with Bob about American economist Frank Fetter, before moving on to a staple of his research: the connection between Chinese military history and entrepreneurship.

Mentioned in the Episode and Other Links of Interest:

• Matt McCaffrey's paper on Chinese military history and on Frank Fetter.
• Hoppe on economic method.
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

Scott Sumner is a monetary economist with the Mercatus Center. He famously argued in late 2008 that the Fed was too tight with monetary policy, and eventually he has convinced many economists of his views. In this episode he explains why interest rates and even monetary aggregates are not good indicators of the stance of monetary policy, whereas NGDP growth is much better.

Mentioned in the Episode and Other Links of Interest:

• Scott Sumner's Mercatus page. His blog, The Money Illusion.
• Scott argues the Fed through 2012 had been tight.
• Scott's older book The Midas Paradox. Scott's forthcoming book The Money Illusion. #Commissions Earned (As an Amazon Associate I earn from qualifying purchases.)
• Bob's review of The Midas Paradox and his assessment of Market Monetarism.
• EconTalk interview with Michael Belongia (which brings up Milton Friedman's critical comments about NGDP targeting).
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.

In response to a listener request, Bob continues a 3-part series explaining areas where his views have changed. In this episode, he covers government debt and future generations, accuracy in polemical writing, the Fed being a private corporation, whether nice guys finish last, and mainstream utility theory.

Mentioned in the Episode and Other Links of Interest:

• Bob's "The Economist Zone" article with links to the original contributions to the Great Debt Debate. Bob's Mises University lecture on the topic.
• Bob’s link for Tom Woods’ Liberty Classroom (which features a lecture on government debt burdens).
• Bob's FEE article on the origin of public schools.
• Bob's essay on advice for single Christian men.
• Bryan Caplan's "Why I Am Not an Austrian Economist."
• Help support the Bob Murphy Show.

The audio production for this episode was provided by Podsworth Media.