By Rohan Grey
[Part I] [Part II] [Part III] [Part IV] [Part V]
So there you have it. As far as I can tell, Murphy effectively conceded that the Austrian School’s economic analysis is inapplicable to contemporary policy discussions that assume as a pre-condition the basic features of our existing monetary and political system.
Instead, the substantive contribution of the Austrian school to contemporary economic debates lies in its normative critique of representative government and public law, and its attempt to provide a practical blueprint for a post-revolutionary economic system based around an absolute respect for private property rights above all other values.