Robert P. Murphy
Encyclopedia
Robert P. "Bob" Murphy is an Austrian School
economist
and anarcho-capitalist
.
in 1998. He then moved back to his home state of New York to continue his studies at New York University
. Murphy earned his Ph.D.
in economics from NYU in 2003 after successfully defending a dissertation on Unanticipated Intertemporal Change in Theories of Interest.
Murphy has one son and lives in Nashville
, Tennessee
. Murphy is a Christian
, and has stated in his writings that "my ethical beliefs are informed by my Christian faith, and I am a firm believer in natural law
."
at Hillsdale College
in Michigan
, U.S.
, a role he relinquished in the summer of 2006 when he moved back to New York City
. From 2006 until early 2007, Murphy was employed as a research and portfolio analyst with Laffer Associates
, an economic and investment consultancy firm.
Murphy is a senior fellow in business and economic studies at the Pacific Research Institute
, and is an adjunct scholar and frequent speaker at the Ludwig von Mises Institute
. He writes a column for Townhall.com
and has also written for LewRockwell.com
. He is an adjunct scholar at the Mackinac Center for Public Policy
and an economist for the Institute for Energy Research
. Murphy appeared before the United States House Committee on Financial Services
on 24 July 2008 to discuss oil prices and the United States dollar
. His work has been cited by Walter Block
, with whom Murphy has also published. Murphy is a frequent radio guest. He appeared on "Free Markets With Dr. Mike Beitler" on the Voice America Business network on October 30, 2008, and has also been featured as a guest on The Political Cesspool
.
In 2010, Murphy wrote Lessons for the Young Economist, an introductory textbook aimed at younger students. "The idea is that newcomers to economics — whether young people or even adults who have never read deeply in the Austrian tradition — should read this book first and then move on to the works of Hazlitt
and Rothbard
."
Murphy has also designed a home study course in Austrian economics (2005), and has written a study guide for Murray Rothbard
's Man, Economy and State (with Power and Market
) and Ludwig von Mises
' Human Action
, both published and distributed by the Mises Institute.
, reviewer Mac Johnson said of the Politically Incorrect Guide to Capitalism that,
In a 9 July 2007 review for Barron's Magazine
, Gene Epstein
said the book:
Although the review is a generally favorable one, Epstein opines that "[o]ccasionally I wish Murphy weren't so irreverent." Referring to the five-question quiz with which Murphy opens the volume, and the answer key Murphy provides, Epstein says "the uninitiated could have benefited from more pointed explanations. I hope Murphy provides these explanations in a subsequent edition." Later in the same column, Epstein compares Murphy's Guide to Thomas Sowell
's Basic Economics, noting that,
Austrian School
The Austrian School of economics is a heterodox school of economic thought. It advocates methodological individualism in interpreting economic developments , the theory that money is non-neutral, the theory that the capital structure of economies consists of heterogeneous goods that have...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and anarcho-capitalist
Anarcho-capitalism
Anarcho-capitalism is a libertarian and individualist anarchist political philosophy that advocates the elimination of the state in favour of individual sovereignty in a free market...
.
Education and personal life
Murphy completed his Bachelor of Arts in economics at Hillsdale CollegeHillsdale College
Hillsdale College in Hillsdale, Michigan, United States, is a co-educational liberal arts college known for being the first American college to prohibit in its charter all discrimination based on race, religion, or sex; its refusal of government funding; and its monthly publication, Imprimis...
in 1998. He then moved back to his home state of New York to continue his studies at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
. Murphy earned his Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in economics from NYU in 2003 after successfully defending a dissertation on Unanticipated Intertemporal Change in Theories of Interest.
Murphy has one son and lives in Nashville
Nashville, Tennessee
Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
. Murphy is a Christian
Christian
A Christian is a person who adheres to Christianity, an Abrahamic, monotheistic religion based on the life and teachings of Jesus of Nazareth as recorded in the Canonical gospels and the letters of the New Testament...
, and has stated in his writings that "my ethical beliefs are informed by my Christian faith, and I am a firm believer in natural law
Natural law
Natural law, or the law of nature , is any system of law which is purportedly determined by nature, and thus universal. Classically, natural law refers to the use of reason to analyze human nature and deduce binding rules of moral behavior. Natural law is contrasted with the positive law Natural...
."
Career in economics
After earning his doctoral degree, Murphy served as Visiting Assistant Professor of EconomicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
at Hillsdale College
Hillsdale College
Hillsdale College in Hillsdale, Michigan, United States, is a co-educational liberal arts college known for being the first American college to prohibit in its charter all discrimination based on race, religion, or sex; its refusal of government funding; and its monthly publication, Imprimis...
in Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, a role he relinquished in the summer of 2006 when he moved back to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. From 2006 until early 2007, Murphy was employed as a research and portfolio analyst with Laffer Associates
Arthur Laffer
Arthur Betz Laffer is an American economist who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board . Laffer is best known for the Laffer curve, an illustration of the theory that there exists some tax rate between 0% and 100% that will...
, an economic and investment consultancy firm.
Murphy is a senior fellow in business and economic studies at the Pacific Research Institute
Pacific Research Institute
The Pacific Research Institute , or officially the Pacific Research Institute for Public Policy, is a California-based free-market think tank founded in 1979 whose stated vision is the promotion of "the principles of individual freedom and personal responsibility"...
, and is an adjunct scholar and frequent speaker at the Ludwig von Mises Institute
Ludwig von Mises Institute
The Ludwig von Mises Institute , based in Auburn, Alabama, is a libertarian academic organization engaged in research and scholarship in the fields of economics, philosophy and political economy. Its scholarship is inspired by the work of Austrian School economist Ludwig von Mises...
. He writes a column for Townhall.com
Townhall.com
Townhall.com is a web-based publication primarily dedicated to conservative United States politics. It was previously operated by the Heritage Foundation, but is now owned and operated by Salem Communications...
and has also written for LewRockwell.com
LewRockwell.com
LewRockwell.com is a 501 libertarian web magazine operated by Burton Blumert , Lew Rockwell , Eric Garris , and others associated with the Center for Libertarian Studies ; its motto is "anti-state, anti-war, pro-market"...
. He is an adjunct scholar at the Mackinac Center for Public Policy
Mackinac Center for Public Policy
The Mackinac Center for Public Policy is a free market think tank headquartered in Midland, Michigan. It is the USA’s largest state-based free market think tank...
and an economist for the Institute for Energy Research
Institute for Energy Research
The Institute for Energy Research , is a Houston, Texas-based company that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets....
. Murphy appeared before the United States House Committee on Financial Services
United States House Committee on Financial Services
The United States House Committee on Financial Services is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries...
on 24 July 2008 to discuss oil prices and the United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. His work has been cited by Walter Block
Walter Block
Walter Edward Block is a free market economist and anarcho-capitalist associated with the Austrian School of economics.-Personal history and education:...
, with whom Murphy has also published. Murphy is a frequent radio guest. He appeared on "Free Markets With Dr. Mike Beitler" on the Voice America Business network on October 30, 2008, and has also been featured as a guest on The Political Cesspool
The Political Cesspool
The Political Cesspool is a weekly talk radio show founded by James Edwards, and syndicated by Liberty News Radio Network and Accent Radio Network in the United States...
.
In 2010, Murphy wrote Lessons for the Young Economist, an introductory textbook aimed at younger students. "The idea is that newcomers to economics — whether young people or even adults who have never read deeply in the Austrian tradition — should read this book first and then move on to the works of Hazlitt
Henry Hazlitt
Henry Stuart Hazlitt was an American economist, philosopher, literary critic and journalist for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times...
and Rothbard
Murray Rothbard
Murray Newton Rothbard was an American author and economist of the Austrian School who helped define capitalist libertarianism and popularized a form of free-market anarchism he termed "anarcho-capitalism." Rothbard wrote over twenty books and is considered a centrally important figure in the...
."
Books
- Chaos Theory (2002) - A short, self-published 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 CapitalismThe Politically Incorrect Guide to CapitalismThe Politically Incorrect Guide to Capitalism, published in 2007 and authored by Austrian school economist Robert P. Murphy, is the ninth book in the popular libertarian series The Politically Incorrect Guides.Written as a result of a poll by P.I.G...
(April 2007) - A volume in the best-selling "Politically Incorrect GuideThe Politically Incorrect GuideThe Politically Incorrect Guide is a book series by Regnery Publishing presenting conservative or what the publishers of the books consider, politically incorrect beliefs on various topics. Each book is written by a different author and generally presents a conservative or libertarian viewpoint on...
" series published by Regnery PublishingRegnery PublishingRegnery Publishing in Washington, D.C., is a publisher which specializes in conservative books characterized on their website as "contrary to those of 'mainstream' publishers in New York." Since 1993, Regnery Publishing has been a division of Eagle Publishing, which also owns the weekly magazine...
.
- The Politically Incorrect Guide to the Great Depression and the New Deal (April 2009)
- How Privatized Banking Really Works - Integrating Austrian Economics with the Infinite Banking Concept (2010) co-written with L. Carlos Lara
Murphy has also designed a home study course in Austrian economics (2005), and has written a study guide for Murray Rothbard
Murray Rothbard
Murray Newton Rothbard was an American author and economist of the Austrian School who helped define capitalist libertarianism and popularized a form of free-market anarchism he termed "anarcho-capitalism." Rothbard wrote over twenty books and is considered a centrally important figure in the...
's Man, Economy and State (with Power and Market
Power and Market
Power and Market: Government and the Economy is a 1970 book by Murray Rothbard in which he analyzes the negative effects of the various kinds of government intervention, and denies that the State is either necessary or useful...
) and Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Mises was an Austrian economist, philosopher, and classical liberal who had a significant influence on the modern Libertarian movement and the "Austrian School" of economic thought.-Biography:-Early life:...
' Human Action
Human Action
Human Action: A Treatise on Economics is the magnum opus of the Austrian economist Ludwig von Mises. It presents a case for laissez-faire capitalism based on Mises' praxeology, or rational investigation of human decision-making. It rejects positivism within economics...
, both published and distributed by the Mises Institute.
Reviews
In the 14 May 2007 edition of Human EventsHuman Events
Human Events is a weekly American conservative magazine. It takes its name from the first sentence of the United States Declaration of Independence...
, reviewer Mac Johnson said of the Politically Incorrect Guide to Capitalism that,
In a 9 July 2007 review for Barron's Magazine
Barron's Magazine
Barron's is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an informative outlook on the week to come....
, Gene Epstein
Gene Epstein
Gene Epstein, an Austrian Economist, is Barron's economics editor and writes the column Economic Beat.-Career:Earning a BA from Brandeis University and MA in economics from the New School, Gene Epstein taught economics at St...
said the book:
Although the review is a generally favorable one, Epstein opines that "[o]ccasionally I wish Murphy weren't so irreverent." Referring to the five-question quiz with which Murphy opens the volume, and the answer key Murphy provides, Epstein says "the uninitiated could have benefited from more pointed explanations. I hope Murphy provides these explanations in a subsequent edition." Later in the same column, Epstein compares Murphy's Guide to Thomas Sowell
Thomas Sowell
Thomas Sowell is an American economist, social theorist, political philosopher, and author. A National Humanities Medal winner, he advocates laissez-faire economics and writes from a libertarian perspective...
's Basic Economics, noting that,
External links
- Robert Murphy at Mises.org
- http://web.archive.org/web/20060203193826/www.lewrockwell.com/murphy/murphy-arch.htmlMurphy article archives at LRCLewRockwell.comLewRockwell.com is a 501 libertarian web magazine operated by Burton Blumert , Lew Rockwell , Eric Garris , and others associated with the Center for Libertarian Studies ; its motto is "anti-state, anti-war, pro-market"...
via Way Back Machine] - Interview discussing Murphy's Politically Incorrect Guide to Capitalism with Scott HortonScott Horton (lawyer)Scott Horton is a New York attorney known for his work in human rights law and the law of armed conflict, as well as emerging markets and international law. He graduated Texas Law School in Austin with a JD and was a partner in a large New York law firm, Patterson Belknap Webb & Tyler...
- Book review by Thomas WoodsThomas WoodsThomas E. "Tom" Woods, Jr. is an American historian, economist, political analyst, and New York Times-bestselling author. He has written extensively on the subjects of American history, contemporary politics, and economic theory...
of Murphy's Politically Incorrect Guide to Capitalism - In Studio: "Lessons for the Young Economist" interview with Robert P. Murphy, November 2010 (YouTube)