128 – Robert Murphy on Austrian Business Cycle Theory

Robert Murphy is a professor of economics at the Free Market Institute at Texas Tech University, co-host of Contra-Krugman with Tom Woods, and author of many great books on economics including The Politically Incorrect Guide to Capitalism.

This is a wide-ranging conversation that goes from what sparked Bob’s intellectual in free-market economics, to starting the Contra-Krugman Podcast, to a deep dive into Economics and specifically Austrian Business Cycle Theory.

In This Episode:

  • What sparked Robert’s interests in free market economics?
  • Writing The Politically Incorrect Guide to Capitalism.
  • The back story behind the Contra-Krugman podcast.
  • Overviewing the different schools of economics.
  • Austrian Business Cycle Theory
  • Would a perfectly free economy be stable?
  • Why do waves of bankruptcies all line up together?
  • The difference between what the Austrian School says and the Efficient Market Hypothesis
  • Is it harder for the Fed to manipulate the economy now?
  • From an Austrian perspective, what is concerning with the economy today?
  • Staying positive when you know that there will be large negative consequences to monetary policy.


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