Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/227550 
Year of Publication: 
2020
Citation: 
[Journal:] Review of Economic Perspectives [ISSN:] 1804-1663 [Volume:] 20 [Issue:] 3 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2020 [Pages:] 281-288
Publisher: 
De Gruyter, Warsaw
Abstract: 
We wish to "quibble" with Murphy (2019). We mean this literally. That is, we are in strong and enthusiastic agreement with virtually everything he writes therein, except for one point: we think him guilty of allowing the cloven hoof of market failure into the Austrian tent. Our purpose in the present essay is to banish market failure from praxeological premises. To wit, he maintains that pure market processes such as a gold discovery can "distort" prices and interest rates, and we argue to the contrary.
Subjects: 
distortion
interest rates
market failure
prices
JEL: 
B53
E32
E42
E58
G21
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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