After the fall of the Soviet Union, just about everybody agreed that full-blown central planning was a bad way to produce food, cars, and television sets. However, people still seem to have a soft spot for planning when it comes to a “war economy.” Robert P. MurphyJuly 30 2015
It is understandable that noneconomists would fail to employ marginal analysis and would engage in overblown rhetoric when discussing something as controversial as climate-change policy. However, too many professional economists have fallen into this bad habit.Robert P. MurphyApril 08 2015
In evaluating stateless experiments like Silk Road, we have to ask, “As compared with what?” Certainly not an ideal. Try comparing Ross Ulbricht with Richard Nixon in Indochina. Robert P. MurphyMarch 25 2015
The surprisingly robust growth in the US economy in 2014 may have been due to the late 2013 decision by Congress to cease extensions of unemployment benefits. When the federal government stopped sending checks to people who remained unemployed, more of them found work.
Until we’re clear on the market’s role in establishing the commonly accepted medium of exchange, we will continue to muddy the waters with talk of fiat versus free-market money.Robert P. MurphyJanuary 07 2015