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Capital and Interest in the Austrian Tradition, Part 2 of 3

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Tags Austrian Economics OverviewCapital and Interest Theory

04/19/2019Robert P. Murphy

Bob continues his series on capital and interest theory. In this episode he explains Böhm-Bawerk's​ solution to the problem of interest, namely that present goods are more valuable than future goods. Bob also explains Böhm-Bawerk's​ three separate causes for the higher valuation of present over future goods, including the notorious third cause, which is the higher physical productivity of more roundabout processes. Finally, Bob addresses the criticism of Böhm-Bawerk's theory coming from Keynes, Fisher, Frank Fetter, and Mises.

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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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