The Jordan B. Peterson Podcast

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189. Is Property Theft? | Dr. Robert Murphy

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Aug 30, 2021

Guest

Robert P. Murphy

Dr. Robert Murphy, an Austrian School economist and author, dives into fascinating economic concepts. He discusses the complexities of value, free trade, and the implications of minimum wage laws. Listeners learn how government policies can unintentionally harm vulnerable job markets. Murphy explores the significance of private property in economic systems, critiques central planning, and raises questions about wealth and responsibility in society. He also touches on the potential of decentralized currency, like Bitcoin, as a response to traditional economic failures.

02:36:59

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INSIGHT

Value Theory Shift

The Labor Theory of Value, while seemingly intuitive, has limitations.
Marginal utility theory offers a more comprehensive explanation of market prices.

insights

INSIGHT

Marginal Utility

Marginal utility considers the value of goods in specific exchange contexts, not universally.
The value of a good is subjective and depends on the individual's current needs and circumstances.

question_answer

ANECDOTE

Minimum Wage Debate

Jordan Peterson and Robert Murphy discuss the debate surrounding minimum wage.
Raising the minimum wage seems beneficial to the poor but may have unintended negative consequences.

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Understanding Austrian Economics and Value

02:13 • 15min

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The Importance of Economic Understanding in Society

17:19 • 5min

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The Minimum Wage Debate

21:53 • 6min

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Economic Incentives and Minimum Wage Dynamics

27:45 • 14min

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The Entrepreneurial Spirit of Labor

41:49 • 25min

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The Dynamics of Migration and Ownership

01:06:23 • 19min

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Measuring Value in a Decentralized Economy

01:25:45 • 7min

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The Economics of Ownership

01:32:24 • 15min

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The Intersection of Merit, Ownership, and Responsibility in Market Economies

01:47:49 • 2min

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The Crucial Role of Market Prices and Accounting in Ownership

01:49:38 • 3min

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Central Planning vs. Market Signals

01:52:11 • 11min

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Wealth, Responsibility, and Society

02:03:09 • 12min

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Exploring Systemic Inequities in Economic Factors

02:15:21 • 2min

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The Effects of Central Banking on Black Businesses and Economic Cycles

02:17:27 • 8min

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The Rise of Decentralized Currency

02:25:43 • 9min

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#532

• Mentioned in 34 episodes

Human action

A Treatise on Economics

Ludwig von Mises

Human Action is Ludwig von Mises' magnum opus, where he defends an a priori foundation for praxeology and methodological individualism. The book argues that the free-market economy outdistances any government-planned system and serves as the foundation of civilization. Mises explains complex market phenomena as the outcomes of countless conscious, purposive actions and choices of individuals. He critiques government attempts to regulate and control economic activities, emphasizing the futility and counter-productiveness of such interventions. The book is a systematic treatment of the whole body of social and economic relations, integrating various economic problems into a comprehensive system.

#4521

• Mentioned in 6 episodes

• Mentioned in 133 episodes

The Wealth of Nations

Adam Smith

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

#432

• Mentioned in 40 episodes

Beyond Order

12 More Rules For Life

Jordan B Peterson

In this sequel to '12 Rules for Life', Jordan B. Peterson presents twelve additional rules to guide readers through the complexities of modern life. The book emphasizes the need to balance chaos and order, warning against the dangers of too much security and the tendency towards tyranny. Peterson draws on psychology, philosophy, theology, and mythology to provide strategies for finding meaning and purpose, even in times of powerlessness. Written during a period of personal and global turmoil, including health issues and the COVID-19 pandemic, the book offers a rich and deep exploration of how to navigate life's challenges.

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The politically incorrect guide to capitalism

Robert P. Murphy

#16065

• Mentioned in 2 episodes

Lessons for the young economist

Robert P. Murphy

Lessons for the Young Economist provides a clear and engaging introduction to economics, balancing traditional economic theory with the Austrian School perspective. It offers insights into how markets work, the division of labor, and the role of prices in coordinating economic activity. The book is praised for its logical clarity and accessibility, making it suitable for both beginners and those familiar with economics.

#7440

• Mentioned in 4 episodes

Choice

Robert P. Murphy

Donald Boudreaux

Choice: Cooperation, Enterprise, and Human Action is a creative and lucid book on economic science and market processes. It draws on Ludwig von Mises' seminal work, Human Action, to illuminate the importance of free economies, entrepreneurship, and individual choice. The book critiques government central planning and highlights the failures of interventionist policies, making it accessible to both economists and general readers.

Dr. Robert P. Murphy is an Austrian School economist, Research Fellow at the Independent Institute, and Senior Fellow at the Mises Institute.

Please support this podcast by checking out our sponsors:

Matter by Elysium - https://explorematter.com/Jordan promo code “JBPMatter” to save $45 (one month free).

This episode of The Jordan Peterson Podcast covers topics such as value, free trade, private property, and minimum wage laws. They also dedicate time to discuss the specialization of individual tasks, interest rates, the Business Cycle, and more engrossing matters.

Being the author of multiple books, from Lessons for the Young Economist, to The Politically Incorrect Guide to Capitalism, Dr. Murphy does not hold back with his economic and political discussions. He continues to highlight his views in his other book, Choice: Cooperation, Enterprise, and Human Interaction, which is a modern distillation on the school of Austrian economics.

Dr. Murphy’s website: https://consultingbyrpm.com/

Dr. Murphy's bio: https://bit.ly/38qiNyk

Dr. Murphy's Book: "Choice: Cooperation, Enterprise, and Human Action" https://www.independent.org/store/book.asp?id=116

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