Robert P Murphy - Austrian Economist

David Scott interviews economist Robert P Murphy senior Fellow of the Mises Institute, known as Bob Murphy to his many fans and followers. Bob is a economist of the Austrian School, a group based on 500 years of economic thought and in particular on the work of Carl Menger, Ludwig Von Mises and Murray Rothbard. It is based on anaylsis of human action and motivation and is built, piece by piece, in deductive fashion, upon these principles. In this interview David explains how he discovered the Austrian School and the extent of the intellectual revelation it provided to him and Bob explains briefly what the Austrian School is and what unique insights it offers. The discussion covers the 2008 great recesion and the role the Austrain theory of the business cycle played in predicting and explaining it. Bob and David also discuss inflation, it's effects and it mysterious temporary absence and sudden tumultuous arrival. In doing so they touch on the strange economics of the covid lockdown, Another of Bob's specialisms, of particular relevance today, is the economics of engergy generation and of climate change. He outlines his work in this area, and highlights the contradictions and holes in the official narrative. The effects of these are to generate policy prescriptions which, although they may serve a political purpose, are both untenable and injurious to human thriving. They make no sense, even accepting the global warming narrative and considering the policies within that worldview. This serves to illustrate just how good-for-nothing the current Net Zero religion has beome in recent years. David questions whether economics is really value-free and gets Bob's view of the values and ethics elements inherent in economic analysis. In closing David raised the spectre of Paul Krugman and the unexpected presence of Austrian Economics Groupies - Is Bob only in this for the Groupies, tune in to find out. https://youtu.be/d0nERTFo-Sk https://youtu.be/GTQnarzmTOc