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Jeff Herbener and Bob Murphy Discuss the Pure Time Preference Theory of Interest

The Bob Murphy Show

Tags Capital and Interest Theory

05/11/2021Robert P. MurphyJeffrey M. Herbener

Jeff Herbener is a Senior Fellow with the Mises Institute and an economics professor at Grove City College. At the 2021 Austrian Economics Research Conference, Jeff presented a defense of the pure time preference theory of interest, and mentioned Bob’s critique of it. This episode is a very informative discussion of their views.

Mentioned in the Episode and Other Links of Interest:
  • The YouTube version of this lecture (which has the PowerPoint slides)
  • Jeff Herbener lecture on interest at Mises University
  • BMS ep. 198 (which provides context for this discussion)
  • BMS ep. 119 with Guido Hulsmann (who also tries to replace the Pure Time Preference Theory)
  • Bob’s dissertation (which is technical) on Austrian capital theory
  • Bob’s article (for the lay person) explaining BB’s critique of the naïve productivity theory
  • An intermediate difficulty paper, in which Bob explains problems with viewing interest as “present goods are more valuable than future goods”
  • Bob’s 3-part series (one, two, three) on Capital and Interest in the Austrian tradition

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Note: The views expressed on are not necessarily those of the Mises Institute.

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.

Contact Jeffrey M. Herbener

Jeffrey Herbener teaches economics at Grove City College and is chairman of the economics department. He is assistant editor of the Quarterly Journal of Austrian Economics..

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