Jeff Herbener is a Senior Fellow with the Mises Institute and an economics professor at Grove City College. At the 2021 Austrian Economics Research Conference, Jeff presented a defense of the pure time preference theory of interest, and mentioned Bob’s critique of it. This episode is a very informative discussion of their views.

Mentioned in the Episode and Other Links of Interest:
  • The YouTube version of this lecture (which has the PowerPoint slides)
  • Jeff Herbener lecture on interest at Mises University
  • BMS ep. 198 (which provides context for this discussion)
  • BMS ep. 119 with Guido Hulsmann (who also tries to replace the Pure Time Preference Theory)
  • Bob’s dissertation (which is technical) on Austrian capital theory
  • Bob’s article (for the lay person) explaining BB’s critique of the naïve productivity theory
  • An intermediate difficulty paper, in which Bob explains problems with viewing interest as “present goods are more valuable than future goods”
  • Bob’s 3-part series (one, two, three) on Capital and Interest in the Austrian tradition

​For more information, see The Bob Murphy Show is also available on Apple Podcasts, Stitcher, Spotify, and via RSS.


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Jeff Herbener and Bob Murphy Discuss the Pure Time Preference Theory of Interest