The general public sure thinks they are — and sometimes, economists give them good reason to think so. Bob Murphy joins me to discuss (and critique) the Coase Theorem, which purports to solve an important economic puzzle, but which makes methodologically suspect moves that it appears only Austrians may have noticed.
(P.S. We’re postponing the discussion of Public Choice, mentioned at the beginning, until a future episode.)
About the Guest
Robert P. Murphy, who holds a Ph.D. in economics from New York University, is a Research Assistant Professor with the Free Market Institute at Texas Tech University and a Research Fellow at the Independent Institute. He is the author of numerous books, including Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015), as well as study guides to Ludwig von Mises’ Human Action (study guide here) and The Theory of Money and Credit (study guide here), and Murray Rothbard’s Man, Economy, and State (study guide here).
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“The Problem of Social Cost,” by Ronald Coase
Bob’s Courses on the History of Economic Thought
Selected Books by the Guest
Lessons for the Young Economist (free textbook; click here for a free teacher’s manual)
Chaos Theory (available free)
Understanding Bitcoin (with Silas Barta; available free)
The Politically Incorrect Guide to Capitalism (also available as an audiobook)
The Politically Incorrect Guide to the Great Depression and the New Deal (also available as an audiobook)
The Primal Prescription: Surviving the “Sick Care” Sinkhole, by Doug McGuff, MD and Robert P. Murphy, PhD
Ep. 1116 Debate: Bob Murphy and Dylan Moore on Modern Monetary Theory (MMT) (Bob Murphy and Dylan Moore)
Ep. 1062 Debate: Can the Free Market Provide National Defense? (Bob Murphy and Todd Lewis)
Ep. 1035 How Ludwig von Mises Fixed Economics (But Ingrates Won’t Thank Him)
Ep. 1028 Dave Smith, Bob Murphy, and Tom Woods Free-For-All Aboard the Contra Cruise
Ep. 939 Do We Need the State for Defense?
Ep. 938 Law Without the State?
Ep. 842 Should We Play Nice and Pretend Leftists Aren’t Hypocrites When They’re Suddenly Outraged by Government?
Ep. 824 Do Those 7 Charts Prove Obamacare Has Been a Success?
Ep. 799 Trump’s Carrier Policy: How Should Libertarians React?
Ep. 780 A Gallop Through the History of Economic Thought
Ep. 684 Debate on Free Trade, with Bob Murphy and Vox Day
Ep. 516 Listen to this Episode; Your Life May Depend on It — How to Secede from a Perverse Medical System
Ep. 470 Debate, Murphy vs. Block: May Libertarians Accept Government Money?
Ep. 447 Woods and Murphy Are Pro-Choice, or: Mises Made Easier
Ep. 430 Robert Reich Dead Wrong on $15/Hour Campaign
Ep. 417 Paul Krugman’s Three Huge Errors
Ep. 389 Climate Change and the Bogus Case for Carbon Taxes
Ep. 367 Murphy Takes on Krugman on Recessions, Business Cycles
Ep. 331 No, Progressives, Lower Tax Rates on the Rich Don’t Wreck the Economy
Ep. 316 Who Will Build the Roads?
Ep. 305 Is $2 Gas the Worst Thing to Happen to America
Ep. 291 Japan: Failed Keynesian Experiment
Ep. 270 How Would Libertarians Deal With Ebola?
Ep. 253 Chicago vs. Austria, Bitcoin, and More
Ep. 199 The Fed and the Taper
Ep. 183 Private Defense?
Ep. 159 Piketty’s Problems
Ep. 136 Private Law?
Ep. 123 Climate Change and Liberty
Ep. 96 World-Destroying Fallacies
Ep. 81 Raise the Minimum Wage?
Ep. 67 The Economics of Obamacare
Ep. 48 What’s Wrong with the Economy?
Ep. 38 Murphy Takes on MMT
Ep. 20 Murphy Answers Questions II
Ep. 8 Murphy Answers Questions I
Listener Website Mentioned
The Contra Cruise!
Join Bob Murphy and me for our 2018 cruise, featuring special guests and tons of fun!
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Audio by Chris Williams Audio.