Robert Murphy

Murphy has written books such as Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015), Primal Prescription with Doug McGuff, MD regarding healthcare in the United States, and Lessons for the Young Economist (Mises Institute 2010). He has written study guides to works of Ludwig von Mises and Murray Rothbard. 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.

In a series of articles on his personal website, Murphy states that he agreed to a bet that there would be a year/year increase in the seasonally adjusted Consumer Price Index of over 10% by 2013, and notes that he lost the bet.

In a column criticizing economists "who stick with their ideology no matter how badly it performs in practice", Paul Krugman noted that University of California, Berkeley Professor of Economics J. Bradford DeLong had attacked Murphy for "predicting double-digit inflation for years but remain[ing] absolutely committed to his framework" despite the predictions being unfulfilled. In December 2012 Krugman again addressed Murphy's failed inflation predictions, criticizing Murphy's belief that "his failed inflation forecast is OK" because it is attributable to "huge deflationary downdraft that offset the inflationary impact of Fed expansion." Krugman wrote that if that was true, "we should be hailing Ben Bernanke for preventing a catastrophic deflation." Murphy replied on his blog to Krugman and DeLong's criticisms, saying "my price inflation wager has nothing to do with Austrian business cycle theory" and that Krugman was using a "macro model" which does not apply to Austrian theory which relies on "heterogeneous capital goods" and artificially low interest rates distortion of investment flows into various sectors. He admitted he was not sure why his inflation prediction was wrong. In a May 2013 piece published by The American Conservative, Murphy wrote about Krugman's predictions regarding fiscal austerity and the 2013 U.S. government budget sequestration.

Murphy is also noteworthy, and has been criticized by economists Brad DeLong and Paul Krugman for, repeatedly predicting that the quantitative easing practiced by the Federal Reserve in the late 2000s would create double-digit inflation and economic collapse—predictions that did not come to fruition.

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

Robert Patrick Murphy (born 23 May 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.