Robert P. Murphy is research assistant professor with the Free Market Institute at Texas Tech University and a Research Fellow at the Independent Institute. He is the author of Choice: Cooperation, Enterprise, and Human Action (Independent Institute 2015) and co-host with Tom Woods of the popular podcast Contra Krugman.
Capitalism is driven by value, and value is determined by human beings in their role as final customers.
If “power to the people” means anything, it means a world of widespread respect for property rights, where powerful groups cannot appeal to political authorities to get their way.
Comparing Airbnb’s voluntary regulation with government agencies’ political regulation highlights the market’s superiority.
Our economic malaise is entirely the product of horrible government policies.
Time and again, references to “the consensus” are greatly exaggerated, while people pointing out enormous problems with the case for policy action are dismissed as “deniers.”
The movie blames market forces without looking to the role government intervention played.
He knows if you’ve been bad or good, but without price signals, Santa can’t know how best to fill your stocking.
The one-child policy was a horrible violation of liberty. It also hurt China economically.
The economic problem of scarce resources becomes more difficult to solve as technology expands.
Ludwig von Mises recognized the importance of profits in adjusting plans to reality.
The ban on exporting crude oil shows a complete disregard for basic economics.
The normal logic of win-win market exchanges between employer and employee may not apply in prison.
Studying economics won’t show you how to get rich playing the stock market, but it will spare you from making a fool of yourself at the next cocktail party.
Free societies turn the threat of population growth into its own solution.
Complementary to Hayek’s now-better-known problem of dispersed knowledge, Mises stressed the calculation problem of socialist planning.
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.”
Well-intentioned laws can cause serious mischief and hurt the very groups supposedly being helped.
Millions of people have trouble earning a living. Isn’t it perverse to burden those who are doing the most to alleviate the problem?
Arthur Firstenberg’s real-life lawsuit against his neighbor’s “radiation” tests the limits of libertarian legal doctrine.
Mandating paid leave will reduce hiring opportunities and base pay, especially for women.
Yes, A Beautiful Mind butchered it.
Paul Krugman claims he has been “right about everything.” And yet, he has been utterly wrong on so many things. We catalog his mistakes here for your reading pleasure.
A deregulated adoption market would transfer children from parents who are less willing to provide love and care to those who are more willing.
Market prices themselves aren’t bad — they are simply messengers conveying underlying facts about scarcity.
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April 16, 2040, 11:00 AM