The Interview-The Austrian Perspective on Recoveries, Bubbles, and Monetary Policy.

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 8 August 2020

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

For decades, the schools of economic thought that have informed monetary and fiscal policy decisions have been decidedly not Austrian; but, outside of the echo chambers of Washington D.C., Austrian School economics is in a boom as academics and civilians alike see the predictions and promises of the mainstream fall short. Guided by his Austrian views, Robert P. Murphy, senior fellow at the Mises Institute, has been astute with many of his predictions of the side effects of mainstream economic policies. Together with Real Vision's Ed Harrison, Murphy reintroduces the core of Austrian economics and compares and contrasts with other major economic schools of thought in relation to how each try to make sense of past and recent economic developments and the responses to them. He also attempts to answer the question of whether the Fed's monetary bazooka has ushered in a swift end to the recent business cycle and set us on course for another underwhelming economic expansion. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Show The old is always is 18 and 5 years old
0:15.0	30 years old, lost to men and culture in happen and
0:19.0	be right for a hair house for the wrongs.
0:22.0	Fly bake. No,ch, then we've got the next,
0:25.0	off Lufthans group punk careers. Welcome to Real Vision. I am having a conversation here with Bob Murphy, who's a senior
0:46.2	fellow at the Mises Institute. We're going to be talking about Austrian economics.
0:50.3	I don't think that we on Real Vision have actually talked about Austrian economics in the depth that hopefully we're going to go into today.
0:59.0	So Bob, I really appreciate your talking to us and looking forward to the conversation.
1:03.2	Glad to be here. Thanks for having me. And you know Bob by the way just so you know I
1:07.6	have I have this trusty book here from the Mises Institute that I've read many times as Ludvishvilmises, Godfrid Havula, Murray
1:19.3	Rothbard and then of course Pre-Drijifen Hayek and I think you know those are some of the best
1:24.2	names to get a sense of the Austrian theory of the trade cycle. You're an expert in Austrian economics.
1:33.0	Tell me, you know, if you had to give the two minute elevator pitch
1:38.4	of how to describe what Austrian economics is all about, what would you say?
1:43.0	you say?
1:44.0	By the way, your pronunciation of their names is better than mine, so kudos to you on that.
1:49.0	So the term Austrian school, so it's a school of thought, just like there's the Keynesian school or the Chicago school that I'm sure many of your viewers are familiar with those terms.
1:58.0	The name derives from the fact that the founders were from Austria, so it started in 1871 with Carl Menger, who published a work on the
2:06.4	principles of economics. And Menger is associated with two others in just standard
2:12.4	history of economic thought with
2:13.5	discovering what's called subjective value theory or ushering in this
2:17.4	revolution what's called the marginal revolution from the old classical
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