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Capital and Interest in the Austrian Tradition, Part 1 of 3

  • The Bob Murphy Show

Tags Austrian Economics OverviewCapital and Interest Theory

04/12/2019Robert P. Murphy

Bob begins his three-part series devoted to Capital and Interest Theory in the tradition of the Austrian School. This is his area of expertise, and the focus of his doctoral dissertation. In this episode, Part 1, Bob explains Böhm-Bawerk's critique of the "naive productivity theory" of interest, and also reconciles it with the standard approach in modern economics models of equating the real rate of interest to the "marginal product of capital."

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Contact Robert P. Murphy

Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of many books. His latest is Contra Krugman: Smashing the Errors of America's Most Famous KeynesianHis other works include Chaos Theory, Lessons for the Young Economist, and Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015) which is a modern distillation of the essentials of Mises's thought for the layperson. Murphy is cohost, with Tom Woods, of the popular podcast Contra Krugman, which is a weekly refutation of Paul Krugman's New York Times column. He is also host of The Bob Murphy Show.

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