Robert P. Murphy
Related Freeman Articles
Book Review
Whatever Happened to Thrift? Why Americans Don’t Save and What to Do about It
JUNE 29, 2010 by ROBERT P. MURPHY
It Just Ain't So
Government Must Keep Track of Derivatives?
JUNE 17, 2009 by ROBERT P. MURPHY
Regardless of what caused the crisis, government efforts to regulate derivatives will only lock in undesirable aspects of the current market and ensure that politically connected players reap artificial gains. It is absurd to ask politicians to promote financial integrity and sound accounting. They are the worst violators of these principles on the planet.
It Just Ain't So
Oil Prices Are Rigged?
MAY 21, 2009 by ROBERT P. MURPHY
In reality, all prices are determined by supply and demand, properly defined. Outside investors with lots of money can certainly influence prices, but there are always risks. Funds that had large "long" bets on commodities took a bath as oil fell from its July 2008 high of $145 down to well below $50 a few months later. Futures markets allow producers and consumers to hedge against needless risk by locking in prices, and they allow speculators with superior foresight to improve the allocation of resources over time. Our Time authors think they've shown that the oil market is rigged, but it just ain't so!
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