Robert P. Murphy

Robert Patrick Murphy (born May 23, 1976) is an American economist. Murphy is research assistant professor with the Free Market Institute at Texas Tech University. He has been affiliated with Laffer Associates, the Pacific Research Institute, the Institute for Energy Research (IER), the Independent Institute, the Ludwig von Mises Institute, and the Fraser Institute.

For other people named Robert Murphy, see Robert Murphy (disambiguation).

Robert P. Murphy
Born (1976-05-23) May 23, 1976
Academic career
InstitutionFree Market Institute of Texas Tech University
(2014–present)
Fraser Institute
(2013–present)
Pacific Research Institute
(2007–present)
Hillsdale College
(2003–2006)
Ludwig Von Mises Institute
(2003–present)
FieldFinancial Economics, Trade
School or
tradition		Austrian School
Alma materHillsdale College (B.A., 1998)
New York University (Ph.D., 2003)
Doctoral
advisor		Mario J. Rizzo[1]
InfluencesMurray Rothbard, Ludwig von Mises, Eugen Böhm von Bawerk, Hans-Hermann Hoppe, Joseph Salerno, Israel Kirzner, Richard Ebeling
Websiteconsultingbyrpm.com bobmurphyshow.com

Education

Murphy received a BA in economics at Hillsdale College in 1998 and a Ph.D. in economics at New York University in 2003.[2]

Career

Murphy is research assistant professor with the Free Market Institute at Texas Tech University.[3] He has been a visiting assistant professor at Hillsdale College, and a visiting scholar at New York University. He has been affiliated with Laffer Associates, the Pacific Research Institute,[4] the Institute for Energy Research (IER) as the senior economist focusing on climate change,[5] the Independent Institute,[6] the Ludwig von Mises Institute,[7] and the Fraser Institute in Canada.[8] He is the president of Consulting By RPM. In September 2021 Murphy was ranked as the 11th most influential person in economics[9] by Academic Influence which uses "artificial intelligence to measure impact by academics and institutions."[10]

Murphy has written books such as Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015),[11] Primal Prescription with Doug McGuff, MD regarding healthcare in the United States,[12] and Lessons for the Young Economist (Mises Institute 2010).[13] He has written study guides to works of Ludwig von Mises and Murray Rothbard.[5] Murphy authored the 2007 book The Politically Incorrect Guide to Capitalism. Murphy's book, The Politically Incorrect Guide to the Great Depression and the New Deal, published in 2009, blamed the Depression on government policies.[14]

Additionally, Murphy has written for The Washington Times,[15] Forbes[16] and Barron's Magazine.[17] Murphy's writings have also been published in The American Journal of Economics and Sociology, The Review of Austrian Economics,[5] the Quarterly Journal of Austrian Economics[18] and the Journal of Private Enterprise.[19] He has written for The Freeman,[20] The American Conservative,[21] LewRockwell.com[22] Townhall.com[23] and Antiwar.com.[24]

Murphy was ranked as the 14th most influential economist since 1990 by Academic Influence.[25]

Erroneous inflation predictions

Murphy has been criticized by economists Brad DeLong and Paul Krugman for predicting that the quantitative easing practiced by the Federal Reserve in the late 2000s would create double-digit inflation and economic ruin by 2013, and notes that he lost the bet.[26][27][lower-alpha 1]

In 2013 Murphy challenged Krugman to a debate and unnamed supporters of Murphy promised to donate $100,000 to a charity if Krugman would debate Murphy on economic policy issues.[29] A promotional website was established for the challenge. In response to a radio show caller, Krugman rejected the proposed debate, saying that the subject “is not something to be settled by public circuses" and added, "Why should I dignify that totally-wrong doctrine — that doctrine that's gotten everything wrong — by giving them a platform?", pointing to the erroneous inflation predictions.[30][lower-alpha 2][31]

Religious views

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".[32]

Books
  • Chaos Theory (2002) – Two essays on anarchocapitalism; one discussing the production of defense services, and the other describing the provision of private criminal and civil justice.
  • The Politically Incorrect Guide to Capitalism (2007) – A volume in The Politically Incorrect Guide series published by Regnery Publishing. ISBN 978-1596985049 OCLC 79860752
  • The Politically Incorrect Guide to the Great Depression and the New Deal (2009). ISBN 978-1596980969 OCLC 315239348
  • How Privatized Banking Really Works – Integrating Austrian Economics with the Infinite Banking Concept (2010) co-written with L. Carlos Lara. ISBN 978-0615326825
  • Lessons for the Young Economist (2010) – available at Mises.org Library and Mises.org wiki. ISBN 978-1933550886 OCLC 681711737
  • Economic Principles for Prosperity (2014). Fraser Institute. Co-authored with Jason Clemens, Milagros Palacios, and Niels Velduis.
  • The Primal Prescription (2015) – Co-authored with Dough McGuff, MD. The authors utilize their expertise in economics and medicine to examine America's health care system.
  • Choice: Cooperation, Enterprise, and Human Action (July 1, 2015 – A concise retelling of the magnum opus of Ludwig Von Mises, Human Action.
  • Murphy, Robert P. (2018). Contra Krugman: Smashing the Errors of America's Most Famous Keynesian. Paul, Ron (foreword); Woods, Thomas E. (preface). ISBN 978-1722331795.
  • Understanding Money Mechanics (2021), Ludwig von Mises Institute, ISBN 978-1610167406

Notes
  1. This prediction would, however, come close to fruition on a delayed timeline, when the Consumer Price Index reached 9.1% in June 2022.[28]
  2. Exchange occurs at the 20:30 mark in the episode.

References
  1. Clay (April 6, 2010). "Faculty Spotlight Interview: Robert Murphy". Mises Institute. Archived from the original on September 25, 2020. Retrieved August 4, 2020.
  2. "Robert P. Murphy, Author at IER". IER. Archived from the original on August 15, 2020. Retrieved August 4, 2020.
  3. "Robert P. Murphy". Mises Institute. June 20, 2014. Archived from the original on August 8, 2019. Retrieved July 22, 2019.
  4. University, State of Texas and Texas Tech. "Free Market Institute – Our People – Robert Murphy, Ph.D." www.depts.ttu.edu. Archived from the original on September 24, 2016. Retrieved September 23, 2016.
  5. Robert P. Murphy profile Archived 2013-08-10 at the Wayback Machine, Institute for Energy Research, accessed December 9, 2013,
  6. Robert P. Murphy profile Archived 2013-12-14 at the Wayback Machine, Independent Institute, accessed December 5, 2013.
  7. Robert P. Murphy profile Archived 2014-09-14 at the Wayback Machine at Ludwig von Mises Institute, accessed December 5, 2013.
  8. "Robert P. Murphy". Archived from the original on September 24, 2016. Retrieved September 23, 2016.
  9. "List of the most influential people in Economics, for the years 1990 – 2020". AcademicInfluence.com. Retrieved September 7, 2021.
  10. Michael T. Nietzel (January 27, 2021). "New Ranking System: Swarthmore, Amherst Top The 50 Best Liberal Arts Colleges". Forbes.com. Retrieved September 7, 2021.
  11. "Free Market Institute - Our People - Robert Murphy, Ph.D. | Free Market Institute | TTU". Archived from the original on September 24, 2016. Retrieved September 24, 2016.
  12. "The Primal Prescription". May 21, 2015. Archived from the original on August 26, 2016. Retrieved September 23, 2016.
  13. "Lessons for the Young Economist". August 6, 2014. Archived from the original on September 24, 2016. Retrieved September 23, 2016.
  14. Raymond J. Keating, "Book review: The Politically Incorrect Guide to the Great Depression and the New Deal Archived 2014-01-13 at the Wayback Machine", The Freeman, December 22, 2010.
  15. Robert P. Murphy, Are Real Economists Bears? The Washington Times, February 19, 2010, .
  16. Robert P. Murphy, Memo To The Fed: Stop Those Rate Cuts Archived 2020-08-09 at the Wayback Machine, Forbes, March 16, 2008.
  17. Robert P. Murphy, Capitalism is validated by "mechanism-design" theory Archived 2013-12-12 at the Wayback Machine, Barron's Magazine, May 12, 2008
  18. Resumé/CV Archived 2013-12-11 at the Wayback Machine, Robert P. Murphy website, accessed December 6, 2013.
  19. Robert P. Murphy, Coordination: A Critique of Daniel Klein Archived 2013-12-11 at the Wayback Machine, The Journal of Private Enterprise, 25(2), 2010, 117–127 (117).
  20. Robert P. Murphy archives Archived 2013-12-12 at the Wayback Machine at The Freeman website.
  21. Robert P. Murphy archives Archived 2013-12-20 at the Wayback Machine at The American Conservative website.
  22. Robert P. Murphy archives Archived 2014-03-13 at the Wayback Machine at LewRockwell.com.
  23. Robert Murphy columns archive Archived 2007-09-08 at the Wayback Machine, Townhall.com, accessed December 6, 2013.
  24. Robert Murphy column archive Archived 2018-04-20 at the Wayback Machine, Antiwar.com.
  25. "Robert P. Murphy". Academic Influence. September 29, 2021. Retrieved September 29, 2021.
  26. Robert P. Murphy, "Killing the Currency" Archived 2013-06-30 at the Wayback Machine, The American Conservative, December 10, 2009.
  27. "Reason". November 30, 2014. Archived from the original on September 6, 2015. Retrieved January 5, 2016.
  28. "Current US Inflation Rates: 2000-2022 | US Inflation Calculator". July 23, 2008.
  29. Carney, John (October 25, 2010). "Will Paul Krugman be Shamed Into Debating an Austrian Economics Wunderkind?". CNBC website. Archived from the original on June 24, 2013. Retrieved April 19, 2013.
  30. Lehrer, Brian (June 4, 2012). "The Brian Lehrer Show: Paul Krugman Weighs In." Archived 2014-02-03 at the Wayback Machine
  31. "Krugmandebate.com". Archived from the original on May 12, 2013. Retrieved April 20, 2013.
  32. "Murphy, Robert P. "The Possibility of Private Law." Mises.org. 3 August 2005". July 22, 2005. Archived from the original on January 30, 2009. Retrieved September 13, 2014.
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