I was making fun of mainstream economists when I said that. After the 2008 crisis, even the Queen of England was like asking economic advisors, how come you guys didn't see this coming? Nobody even told me this was a possibility. What the heck happened? One of the things that Nobel laureate economists said in response to her, imagine if a plane crashed and then people are looking at the engineers and the air traffic control guys and all these other people, and they said, what the hell? How come you guys didn't catch this? If a plane crashes, the people beforehand who got on the plane and took off didn't know it was going to crash, otherwise they wouldn't have gotten on the plane. See, in mainstream mathematical economics, we have what's called the efficient markets hypothesis. And it says that stock prices reflect all of publicly available information It can't possibly be that anybody could predict a stock market crash coming. Because like if people knew in the year 2007 in 12 months time the market was going to crash, what would they do? They would get rid of their stocks. And so that would have pulled the crash forward. They're saying like we've known that anytime there's a stock market crash, it couldn't possibly have been predicted because otherwise it wouldn't have happened.

So people saw the 2008 crisis coming. It wouldn't have happened in 2008.

Through that argument, some of them actually went so far as to say, Mr. Murphy, welcome back. I haven't seen you in a while.

Thanks for having me. Glad to be here. Yeah. I think last time we spoke was in London at the art conference.

Yes. Back in 23?

Yeah, I think you're right.

Yep.

Yeah.

Okay.

Man, time flies.

Here we are.

January 26, hard to believe.

As I was just sharing with you offline, I've been working on this book for quite some time.

And praxeology, you know, the logic or science of human action has become a very central.

I mean, it is the central theme of the book.

And I guess it's kind of born out of this,

I don't want to call it a frustration,

but I think Austrian economics is so important.

And the work of Mises,

I think I consider Mises to be the most

underappreciated philosopher in history

at this point.

...