Adam Kokesh interviews Bob Murphy

[Occam's Banana]

From: http://consultingbyrpm.com/blog/2014/05/potpourri-202.html

Adam Kokesh gets me to do the Sicilian from “The Princess Bride” at the end of this interview.

Bob Murphy eviscerates "Capital in the Twenty First Century" by Thomas Piketty
https://www.youtube.com/watch?v=KoVg1MPp87s



"Capital in the Twenty First Century" is a best-selling book that has apparently caused quite a stir (at least in the "econo-blogosphere").

Murphy has recently posted numerous items (and referenced numerous others) regarding the book at his blog: http://consultingbyrpm.com/blog

 

[Henry Rogue]

Bump for Bob.
http://www.econlib.org/library/Columns/y2014/Murphycapital.html

One of the central features of the market economy is*capital. Indeed, the system of free enterprise and private property is often denoted by the term*capitalism. Economists, in turn, have always included the concept of capital in their theories and models, going back to the birth of economics as a separate discipline. It is only fitting that, as this article is published, Thomas Piketty's tome,*Capital in the Twenty-First Century, is the #1 bestseller among all books on Amazon.

Heart of article at link.

Conclusion

Although capital plays a central role in economic theory and in the world, many economists have historically given it insufficient attention. Even economist Piketty's bestselling book explicitly devoted to capital still relies on a very simplistic conception of capital as a single aggregate. A proper appreciation of the heterogeneous structure of capital shows the weakness in standard theoretical approaches, which employ "simplifications for analytical convenience" that actually obscure the economic reality. To cite just two benefits, the more nuanced appreciation of capital clarifies important questions of income distribution and also provides a much more compelling explanation of the possible limitations of monetary and fiscal policy in boosting employment during recessions.

 

[Henry Rogue]

I like Adam, but needs to let Bob finish his thought.

 

[Occam's Banana]

Thomas Piketty Refuted | Robert P. Murphy @ The Tom Woods Show
https://www.youtube.com/watch?v=aL90pISm7Y8