Bob Murphy has come under a lot of heat for his inflation predictions. Probably rightly so so long as the nature of that heat is appropriate. He should think through why we didn't see prices go up and indeed he has thought through that.
Murphy is associated with the Mises Institute which is often associated with the "bad/crazy Austrians". And indeed, there are some crazy ones down there in Auburn.
But Bob Murphy has never given me the impression that he doubts that I accept Smithian principles of spontaneous order through a market process. He also thinks OLG models are important and flexible tools for thinking through problems - he doesn't yearn for some literary economic golden age, nor does he harass mathematical economists as somehow being averse to good literary exposition.
You never have to play those bullshit games with him.
You basically toss around the arguments and the data. You recognize models are just tools for thinking.
Bob does get caught up in Krugman, of course. But he's usually trying to catch him in a contradiction, not argue that he's some kind of monster. His Rothbardianism can be tough for some people to take. You have to learn to co-exist with arguments that preventing a civilization killing asteroid is unethical or just close comments when you're thinking out loud about war.
But all in all, he's a good sort of Austrian - not that he's always right but that he's an Austrian you can usually work through an argument with.
So - just because the heat has been on him and there's this presumption that Fairfax is civilized and Auburn is barbaric - I thought that was worth saying.
More Musings on "Monetary Economics"
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