Contrasting Views of the Great Depression | Robert P. Murphy
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Uploaded by misesmedia on Aug 18, 2011
Archived from the live Mises.tv broadcast, this lecture by Bob Murphy was presented at the 2011 Mises University in Auburn, Alabama.
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All Comments (22)
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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.
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krugmandebateDOTcom!!!!!!!!
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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
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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.
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i need that disaggregated gross domestic product chart
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Nice, articulate response.
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@rockandrock44 Bullshit.
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Good video, but Dr. Murphy doesn't understand Monetary Equilibrium Theory.
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@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.
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Which historical record?
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Bob Murphy: THA BAUS!!!
Leofus1986 6 months ago 27
@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!
utubehayter 6 months ago 11