Contrasting Views of the Great Depression | Robert P. Murphy

[polarbearanne]

When he talks about Friedman, he must not have heard the interview with Friedman about six months before he died when he said that he thinks the Federal Reserve should be closed. He must have reconsidered his opinions that the Federal Reserve was too tight on money, but sadly he is not around to elaborate. I love Milton Friedman, and like to believe that he was educable till the very end, and mended his opinion on the Fed.

[RebelConserve]

krugmandebateDOTcom!!!!!!!!

[stealthswimmer]

Thing is that Schwartz and Friedman considered the Depression as a problem with lack of liquidity, so they believe the Fed should've expanded the money supply. Schwartz said in an interview with Wall Street Journal that the recent recession was a problem with solvency (some banks were not in condition to continue business operation). If I recall correctly, she also believes insolvent banks should've been allowed to fail because the Fed should lend to solvent banks

[surrealnumber]

i need that disaggregated gross domestic product chart

[rockandrock44]

Good video, but Dr. Murphy doesn't understand Monetary Equilibrium Theory.

[SvrchovaneCechy]

@rockandrock44 Bullshit.

[rockandrock44]

@SvrchovaneCechy

Nice, articulate response.

[Nielsio]

Very informative. Great lecture!

[cruiscinlan]

this fella is either rewriting history or poorly informed. not much of what he says is accurate according to the record. he is not giving quotations, not saying who says the things he alludes to, etc. this seems to be the result of an education that isn't critical, comprehensive or broad in scope. He seems to be citing received knowledge versus sharing what he's found in the record. poor scholarship here

[klaptongroovemaster]

@cruiscinlan He stated at the beginning of his lecture that he did not intend to be very technical, and that some people would find it too elementary.  Bob Murphy is not lacking in education and is not poorly informed. He is presenting a non-mainstream version of the Great Depression. For more detailed information on these things your public school teacher and/or keynesian econ teacher never taught you, visit mises.org where there are entire books available to download on the topic.

[cruiscinlan]

@klaptongroovemaster see my reply to jakenophixion on the comments page. tx.

[utubehayter]

@cruiscinlan

"poor scholarship here"?

Who said he was presenting his scholarly work? Besides, summing up other people's diverse views is considered good scholarship even today. Maybe you just dislike what he is saying.. which he is presenting viewpoints of other people!

[cruiscinlan]

@utubehayter see my reply to jakenonphixion on the comments page, tx

[JakeNonphixion]

@cruiscinlan He's mostly simplifying Murray Rothbard's America's Great Depression, which can be found for free here: mises . org/rothbard/agd . pdf And is one of the most critically acclaimed and well researched accounts ever written.

[cruiscinlan]

@JakeNonphixion thanks for the considered response versus judgment. I thought Mises was trying to take a scholarly look at economics but it seems to be decidedly slanted. If he is mostly simplifying the work of one other person, who has simplified the work of others, is that not received knowledge versus forming conclusions after reading as much as possible from the direct source? He draws a lot of conclusions which seem inconsistent with th historical record.

[Illyrien]

@cruiscinlan

Historical records should always be taken with a grain of salt, afterall, as an example, Moscow had its historical records too. Finding true historical facts is fairly difficult, GDP data data itself is quite problematic, even if it wasn't for wartime price controls.

[klaptongroovemaster]

@cruiscinlan You can be sure that Murphy has read all these things himself. If you want to judge the quality of his scholarship, I suggest you read some of his books. You will find all the notes and citations there you might desire.

Mises.org is indeed "slanted." Their purpose is to promote the "Austrian School of Economics" which conflicts with mainstream Keynsian economics. This ends up including non-mainstream interpreations of history as well.

[stealthswimmer]

@klaptongroovemaster

I just finished reading a macroeconomics textbook, and surprisingly the conclusions from the models used by them and other Neoclassicals (IS-LM model and Aggreggate Demand - Aggregate Supply model) show things that Austrians should agree with. Where they differ seems to be on why the stuff happens and on the policy prescriptions that should/should not be used in response.

[utubehayter]

@cruiscinlan

Which historical record?

[JakeNonphixion]

@cruiscinlan I didn't mean to imply that Murphy is relying solely on Rothbard's account, but merely offered it as a suggestion of a much more thorough discussion on this topic. I am quite confident that Murphy has done extensive research on the depression. He does have a PhD and has written a book on the topic "The politically incorrect guide to america's great depression". But despite the Austrian position being contrarian, he clearly takes time to describe and refute the opposing theories.

[Leofus1986]

Bob Murphy: THA BAUS!!!

[kingcherub]

"Anytime you can put Cameron Diaz in a power point...ya do it!" Bob is BAMF!