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The Austrian Jan Feb 2018.Indd The A PUBLICATIONustrian OF THE MISES INSTITUTE Vol. 4, No. 1 January – February 2018 PAGE 4 BOB MURPHY ON UNIVERSITIES, KRUGMAN, AND THE STATE OF AUSTRIAN ECONOMICS The ustrian A PUBLICATION OF THE MISES INSTITUTE 3 Jeff Deist – From the Publisher From the publisher 4 Bob Murphy on Universities, Krugman, and the State of Austrian Economics 7 Coming Events 15 David Gordon on Inequality, Capital, and the Problem of Piketty 18 Congratulations to Dr. Karl- Friedrich Israel; A New Book of Austrian Insights; and A Collection of Essays by David Gordon 19 The Mises Institute in Orlando; and A Sequel to Hazlitt’s Economics in One Lesson Published 2018 (six times per year) by the Mises Institute under the Creative Commons Attribution-NonCommercial 4.0 International License. http:// creativecommons.org/licenses/by-nc/4.0/ Publisher: Jeff Deist Editor: Ryan McMaken Managing Editor: Judith F. Thommesen Contributing Editors: David Gordon Joseph T. Salerno Mark Thornton Mises Institute 518 West Magnolia Avenue Auburn, AL 36832-4501 334.321.2100 | Fax: 334.321.2119 [email protected] | mises.org The Mises Institute is a nonprofit organiza- tion. Contributions are tax-deductible to the full extent of the law. Note: the views expressed in The Austrian are not neces- sarily those of the Mises Institute. The Austrian | January/February 2018 | 3 [email protected] • @jeffdeist common humanity. How else can we explain Piketty’s bizarre hostility for capital accumulation, the greatest engine for alle- viating poverty in human history? Will progressives ever admit From the publisher that growing the pie is more important than slicing it? If anything, the ordinary Westerner (what much of the Jeff Deist world would give to be just that!) lives a material life not much different than a billionaire. Both enjoy luxuries that would dazzle even the wealthiest elites of past centuries: dry and comfortable habitation, modern medicine and dental care, plentiful cheap electricity, stupendous choices of affordable food, hot and cold running water immediately at hand, heat new year brings new hope: hope for fewer wars and and air conditioning, an automobile, travel opportunities, and less interventionism, hope for saner and less oppres- A ready internet access. sive governance, hope for greater goodwill and less political hatred in the face of upcoming mid-term congressional elec- These modern innovations remind us of Mises’s quote tions. that “the luxury of today is the necessity of tomorrow.” And demographer Nicholas Eberstadt, in his contribution to Anti- Hope is our birthright, and our children’s birthright. It is our Piketty, tells us plainly “the human condition is incontestably duty to bequeath not only material prosperity to future gen- more equal today than it has ever been before.” erations, but also a sense of optimism for the future and the human condition. Yet many young people today worry their lives will be less prosperous and less hopeful than promised, even as they enjoy material comforts all around us. Fatalism among younger people should be a wake-up call and rallying “Hope is a waking dream.” cry for all of us. To gain a sense of optimism and hope we must turn away Aristotle from the zero-sum, binary political world and toward an understanding of economics as the foundation for a coopera- Yet the Pikettys of the world see oppression everywhere: tive and peaceful society. Economics, not politics, provides the the billionaire has a fancier house, a more luxurious car, answers for how best to organize human affairs. Markets are expensive vacations. Something must be done! Leave it to never perfect, reflecting the actions of flawed human individ- David Gordon to ask the fundamental question: Why? Why is uals. But they are the only humane and efficient way to raise inequality bad? Why are progressives never required to explain living standards while making war and conflict less likely. No how differences in wealth justify what Piketty demands as technology or third way political thinking will change this. “corrective action by the government”? What morally permits Our mission at the Mises Institute is to help make proper such action? And what if we’re all made worse off materially economics available to everyone, from PhD academics to the but more “equal”? intelligent layperson seeking only a basic understanding. Toward that end, in 2018 The Austrian will feature interviews If hope is to make a comeback, we need to enlist correct with the most interesting thinkers in economics and political economics in the fight against bad ideas. And make no mis- thought. Our hope is to humanize and personalize Austrian take, the Pikettys of the world believe with religious fervor in and libertarian theory, by bringing readers not only ideas but the worst idea of statism. Everything statists advocate, both also the people behind them. Our good friend and Senior from the Left and Right, represents a rebellion against the Fellow Bob Murphy starts the year off with his unvarnished simple fact that life is not fair. Their failure to understand eco- thoughts about whether college is worth it, whether profes- nomics, combined with historical amnesia — this time will be sional economists actually provide any value to the world, and different! — is what threatens us and challenges us. the current state of the Austrian school. We look forward to seeing or hearing from you this year, David Gordon tells us there are further signs of intelli- whether here in Auburn or at events (mises.org/events) we’re gent pushback against the economically illiterate narratives planning across the country. Best wishes for a happy, prosper- of our day, especially the dubious “inequality” shibboleth. In ous, and hopeful 2018! nn this issue he reviews a recent Cato Institute publication titled Anti-Piketty, a book which not surprisingly finds the progres- sive Boy Wonder economist lacking both common sense and Jeff Deist is president of the Mises Institute. 4 | January/February 2018 | The Austrian BOB MURPHY ON UNIVERSITIES, KRUGMAN, AND THE STATE OF AUSTRIAN ECONOMICS Robert P. Murphy is a Senior DEIST: Let’s begin with your assessment of the state of Austrian economics Fellow with the Mises Institute and today. Research Assistant Professor with the Free Market Institute at Texas Tech University. He is the author MURPHY: Well, the first thing is that it’s so much bigger than it was. I’m rela- of many books, most recently tively young, but even when I was going through grad school in the early 2000s, Choice: Cooperation, Enterprise, there was still a question we asked ourselves, “If you’re a grad student in Austrian and Human Action (Independent economics, do you advertise that fact or do you engage in what they were calling Institute, 2015) which is a modern distillation of the essentials of the stealth strategy?” With the stealth strategy, you just keep your perspective Mises’s thought for the layperson. to yourself, get published, and do your dissertation on a mainstream topic. You Murphy is co-host, with Tom get yourself into a school, get tenure and only then do you say “surprise, I’m an Woods, of the popular podcast Austrian.” Contra Krugman, which is a weekly refutation of Paul Krugman’s Now, though, the advice that people are giving is “you want to, New York Times column. by all means advertise that fact because we have enough of a foothold in various places that you’ve got to let them know that you’re an Austrian because if they’re looking to The Austrian | January/February 2018 | 5 hire somebody who thinks like that, you’ve got to stand off the bat, “Hey everyone, this is the Austrian theory out from the crowd. of the business cycle.” Depending on how much time I have, I might get back with them and say hey, if you And so, that’s just the most immediate thing that comes want to learn more, this is coming from Ludwig von to my mind. So yes, we do have — and unfortunately it Mises and F.A. Hayek, you may have heard of them. I’ll took the financial crisis to make this happen — a certain do that because with some crowds, if you say this is the amount of recognition now. We’re definitely getting out Austrian explanation, you’re kind of telling them, this is there more. something that is an obscure theory and so they might One last thing I’ll mention: when I’m talking to a crowd somewhat shut down. They think that you’re lecturing of financial professionals and I show them what I think them and just giving them some irrelevant hobby horse. happened with the housing boom and bust, I’m using It depends on the crowd, but in terms of being a profes- Austrian business cycle theory, but I’m not using that sional academic economist and publishing, I certainly term necessarily. I’m just explaining how the Fed blew think we need journals dedicated to Austrian economics. up a bubble, and so on. And they all soak that right up. They don’t bat an eye. That sounds perfectly plausible to them. DEIST: Austrian economics is also We do have — and unfortunately becoming increasingly integrated into it took the financial the larger profession. Do you think the term itself still has value, as a loose term crisis to make this happen — a of convenience? Or do you think we certain amount of recognition should jettison it and focus on individ- now. We’re definitely ual Austrians and their impact? getting out there more. MURPHY: It’s a tricky question. I think it was Milton Friedman who kind of flip- pantly said there’s just good economics or bad economics and I get that, but on the other hand, there really are schools of thought, and that’s a separate discussion as to why that is DEIST: What about economics as a profession.
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