Robert P. Murphy, author of The Politically Incorrect Guide to Capitalism, discusses why the old adage “war is good for the economy” is simply not true; the hidden costs in “trickle down” benefits from large government and military expenditures (like the highway system and communications infrastructure); the Obama administration’s inconsistent policy on large government deficits; and how US money creation prompts other countries to follow suit, debasing currencies around the world and leading to speculative bubbles.
MP3 here. (21:01)
Robert P. Murphy is an adjunct scholar of the Mises Institute, where he teaches at the Mises Academy. He runs the blog Free Advice and is the author of The Politically Incorrect Guide to Capitalism, The Politically Incorrect Guide to the Great Depression and the New Deal, and his newest book, Lessons for the Young Economist.