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| Murphy has testified before the ] on behalf of the IER, discussing climate change and energy related topics.<ref>, Federal Document Clearing House, Inc., ''accessed via ]''</ref><ref>, Federal Document Clearing House, Inc., ''accessed via ]''</ref><ref>, Federal Document Clearing House, Inc., ''accessed via ]''.</ref><ref> 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.</ref> | Murphy has testified before the ] on behalf of the IER, discussing climate change and energy related topics.<ref>, Federal Document Clearing House, Inc., ''accessed via ]''</ref><ref>, Federal Document Clearing House, Inc., ''accessed via ]''</ref><ref>, Federal Document Clearing House, Inc., ''accessed via ]''.</ref><ref> 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.</ref> | ||
| ==Economic views== | |||
| ==Inflation predictions== | |||
| In 2009, Murphy discussed various economic policies of the ] and ] administrations, which he called "incredible assaults on the private sector from the central government". He stated that the policies of ] chairman ] 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 ] 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, , |
In 2009, Murphy discussed various economic policies of the ] and ] administrations, which he called "incredible assaults on the private sector from the central government". He stated that the policies of ] chairman ] 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 ] 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, , ], December 10, 2009.</ref> | ||
| Economist ] has criticized Murphy in his ] blog. In a January 2011 blog entry Krugman commented on a Murphy article on “]” published at the ] website. Krugman wrote that it was the “best exposition I’ve seen yet of the Austrian view that’s sweeping the GOP”. He criticized Murphy’s view which he described as being that an economic boom is like ]’s disastrous ] where “a temporary surge in consumption” resulted in “degradation of the country’s underlying productive capacity”, leading to unemployment. He questioned whether there was evidence that booms damaged the economy’s capacity.<ref>Paul Krugman, , ], January 19, 2011.</ref><ref>Robert P. Murphy, , Mises Daily, October 20, 2008.</ref> In December 2013 Krugman again criticized Murphy’s views on the source of unemployment, as well as his “apparent” view that the inflation of the money supply Murphy had forecast did not occur because of a “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”.<ref>Paul Krugman, , New York times, December 31, 2012.</ref> Murphy replied to both blog entries and later defended his views in ].<ref>Robert P. Murphy, , Mises Daily, January 24, 2011.</ref><ref>, Robert P. Murphy blog, January 2, 2013.</ref><ref>Robert P. Murphy, , ], May 23, 2013.</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 ] of over 10% by 2013, and notes that he lost the bet.<ref>Murphy, Robert P. (January 2, 2013). </ref> ] Professor of Economics ] sharply criticized Murphy's reaction to the bet. Citing data indicating that CPI never reached 3% (well short of the 10% Murphy needed to win the bet), DeLong criticized Murphy for " to rethink or modify any of his analytical" positions in spite of (what DeLong perceives to be) overwhelming evidence against them.<ref> </ref> According to ], Murphy "has been predicting double-digit inflation for years but remains absolutely committed to his framework" despite the predictions being unfulfilled.<ref>{{cite web | url=http://krugman.blogs.nytimes.com/2012/12/30/is-our-austerians-learning/ | title=Is Our Austerians Learning? | work=] | date=December 30, 2012 | accessdate=1 November 2013}}</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 ] of over 10% by 2013, and notes that he lost the bet.<ref>Murphy, Robert P. (January 2, 2013). </ref> ] Professor of Economics ] sharply criticized Murphy's reaction to the bet. Citing data indicating that CPI never reached 3% (well short of the 10% Murphy needed to win the bet), DeLong criticized Murphy for " to rethink or modify any of his analytical" positions in spite of (what DeLong perceives to be) overwhelming evidence against them.<ref> </ref> According to ], Murphy "has been predicting double-digit inflation for years but remains absolutely committed to his framework" despite the predictions being unfulfilled.<ref>{{cite web | url=http://krugman.blogs.nytimes.com/2012/12/30/is-our-austerians-learning/ | title=Is Our Austerians Learning? | work=] | date=December 30, 2012 | accessdate=1 November 2013}}</ref>{{Unreliable source|date=January 2014}} | ||
| ==Books== | ==Books== | ||
Revision as of 15:57, 15 January 2014
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| Robert P. Murphy | |
|---|---|
 | |
| Born | (1976-05-23) May 23, 1976 (age 48) |
| Nationality | American |
| Academic career | |
| Field | Financial Economics, Trade |
| Institution | Pacific Research Institute (2007–present) Institute for Energy Research (2007–present) Hillsdale College (2003–2006) |
| School or tradition | Austrian School |
| Alma mater | New 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. He also is a senior fellow in business and economic studies at the Pacific Research Institute, a research fellow with the Independent Institute, and an associated scholar at the Ludwig von Mises Institute. In addition to economic subjects, Murphy writes about, and has taught classes in, anarcho-capitalism on the Mises Institute website.
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.
From 2003 until 2006, Murphy was Visiting Assistant Professor of Economics at Hillsdale College. He moved to Nashville, Tennessee, where he still lives, in 2006 to work for Laffer Investments, where he maintained portfolio models and co-authored research papers during 2006-2007. He now is a financial consultant who provides forecasts regarding interest and exchange rates, growth, and inflation.
Murphy has been published in The American Journal of Economics and Sociology, The Review of Austrian Economics, the Quarterly Journal of Austrian Economics and the Journal of Private Enterprise. He has written for The Freeman, The American Conservative and LewRockwell.com. He previously wrote a column for Townhall.com. Murphy has written for the The Washington Times, Forbes and Barron's Magazine.
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. 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.
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. Murphy’s 2010 Lessons for the Young Economist is an introductory textbook for students.
Murphy has testified before the United States Congress on behalf of the IER, discussing climate change and energy related topics.
Economic views
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.
Economist Paul Krugman has criticized Murphy in his New York Times blog. In a January 2011 blog entry Krugman commented on a Murphy article on “Capital Theory” published at the Ludwig von Mises Institute website. Krugman wrote that it was the “best exposition I’ve seen yet of the Austrian view that’s sweeping the GOP”. He criticized Murphy’s view which he described as being 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 there was evidence that booms damaged the economy’s capacity. In December 2013 Krugman again criticized Murphy’s views on the source of unemployment, as well as his “apparent” view that the inflation of the money supply Murphy had forecast did not occur because of a “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”. Murphy replied to both blog entries and later defended his views in The American Conservative.
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. University of California, Berkeley Professor of Economics J. Bradford DeLong sharply criticized Murphy's reaction to the bet. Citing data indicating that CPI never reached 3% (well short of the 10% Murphy needed to win the bet), DeLong criticized Murphy for " to rethink or modify any of his analytical" positions in spite of (what DeLong perceives to be) overwhelming evidence against them. According to Paul Krugman, Murphy "has been predicting double-digit inflation for years but remains absolutely committed to his framework" despite the predictions being unfulfilled.
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
- ^ Robert P. Murphy profile, Institute for Energy Research, accessed December 9, 2013.
- Robert P. Murphy, Why Government Doesn't—and Can't—Manage Resources Like a Private Business, Library of Economics and Liberty, December 2, 2013.
- ^ Robert P. Murphy profile, Independent Institute, accessed December 5, 2013.
- Robert P. Murphy profile at Ludwig von Mises Institute, accessed December 5, 2013.
- Robert P. Murphy, Learn Anarcho-Capitalism Online, Mises Daily, July 24, 2012.
- Robert P. Murphy, But Wouldn't Warlords Take Over?, Mises Daily, July 7, 2005.
- ^ Robert P. Murphy biography as economist and consultant to USATrustOnline.com.
- 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.
- Robert P. Murphy, Ph.D. (economic consultant) website at ConsultingbyRPM.com.
- Resumé/CV, Robert P. Murphy website, accessed December 6, 2013.
- Robert P. Murphy, Coordination: A Critique of Daniel Klein, The Journal of Private Enterprise, 25(2), 2010, 117-127, 117.
- Robert P. Murphy archives at The Freeman website.
- Robert P. Murphy archives at The American Conservative website.
- Robert P. Murphy archives at LewRockwell.com.
- Robert Murphy columns archive, Townhall.com, accessed December 6, 2013.
- Robert P. Murphy, Are Real Economists Bears?, The Washington Times, February 19, 2010, accessed via Highbeam.
- Robert P. Murphy, Memo To The Fed: Stop Those Rate Cuts, Forbes, March 16, 2008.
- Robert P. Murphy, Capitalism is validated by "mechanism-design" theory, Barron's Magazine, May 12, 2008
- Epstein, Gene (9 July 2007). "Nine Good Reasons to Hit the Beach". Barron's Magazine.
- Raymond J. Keating, "Book review: The Politically Incorrect Guide to the Great Depression and the New Deal", The Freeman, December 22, 2010.
- Robert P. Murphy, Lessons for the Young Economist, accessed December 6, 2013.
- Interview with Robert P. Murphy on "Lessons for the Young Economist", MisesMedia YouTube channel, November 2010.
- Climate Change: Robert P. Murphy, Congressional Testimony, July 18, 2013, Federal Document Clearing House, Inc., accessed via Highbeam
- Oil Prices and the Weak Dollar: Robert P. Murphy, Congressional Testimony, July 24, 2008, Federal Document Clearing House, Inc., accessed via Highbeam
- Impact of Federal Reserve Policies on Gas Prices:robert P. Murphy, Congressional Testimony, May 25, 2011, Federal Document Clearing House, Inc., accessed via Highbeam.
- 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.
- Robert P. Murphy, "Killing the Currency", The American Conservative, December 10, 2009.
- Paul Krugman, Great Leaps Backward, New York Times, January 19, 2011.
- Robert P. Murphy, The Importance of Capital Theory, Mises Daily, October 20, 2008.
- Paul Krugman, On Not Learning, Continued, New York times, December 31, 2012.
- Robert P. Murphy, My Reply to Krugman on Austrian Business-Cycle Theory, Mises Daily, January 24, 2011.
- Learning From Brad DeLong and Paul Krugman, Robert P. Murphy blog, January 2, 2013.
- Robert P. Murphy, Heads Krugman Wins, Tails ‘Austerity’ Loses, The American Conservative, May 23, 2013.
- Murphy, Robert P. (January 2, 2013). "Learning from Brad DeLong and Paul Krugman."
- DeLong, J. Bradford (December 30, 2012). "Robert Murphy's Bet That Inflation Was Just Around the Corner Has Gone Absolutely Horribly Wrong."
- "Is Our Austerians Learning?". New York Times. December 30, 2012. Retrieved 1 November 2013.
External links
- Robert P. Murphy website
- Robert P. Murphy at Institute for Energy Research: Profile
- Robert P. Murphy at Mises.org: Literature archives, Daily Article archives, Faculty Spotlight Interview: Robert Murphy
- Robert P. Murphy profile, Independent Institute
- Robert P. Murphy archives at Library of Economics and Liberty
- Robert P. Murphy archives at The Freeman website.
- Robert P. Murphy archives at The American Conservative website
- Robert P. Murphy archives at LewRockwell.com
| Austrian school economics | |
|---|---|
| Influences | |
| Founders | |
| Other contributors |
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| See also | |
- 1976 births
- Living people
- American academics
- American economics writers
- American economists
- American historians
- American libertarians
- American political writers
- Anarcho-capitalists
- Austrian School economists
- Libertarian economists
- Libertarian theorists
- Hillsdale College alumni
- New York University alumni
- Hillsdale College faculty
- People from New York City
- American Christians