This episode was recorded on May 19th 2021. Dr. Robert P. Murphy is an Austrian School economist, Research Fellow at the Independent Institute, and Senior Fellow at the Mises Institute. 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 Book: "Choice: Cooperation, Enterprise, and Human Action" https://www.independent.org/store/book.asp?id=116 Dr. Murphy's bio: https://bit.ly/38qiNyk Independent Institute https://www.independent.org/ Dr. Murphy’s website: https://consultingbyrpm.com/ [00:00] Introduction [0:18] Jordan Peterson introduces Dr. Robert Murphy. [2:30] Learning about the Austrian school of economics. [6:00] The basics of Austrian economics by Ludwig von Mises is distilled in Murphy's book ‘Choice'. Robert outlines the basic building blocks of this economic system. [11:30] Theories of Value, Marginal Utility, Utility, Labor. [17:00] Why should average people care about how economics works? [19:30] Will raising the U.S. minimum wage hurt or help young people? [27:00] The practical price paid for increasing the minimum wage / interfering with the free market setting pricing in general. [35:30] Mises’ ideas in the Austrian view of economic structures. [46:00] Relating different parts of the economy from the perspective of Austrian economics and Marxist communism/socialism. [54:00] Does specialization maximize productivity? Is free trade beneficial to all? [1:08:30] Discussing the idea that private property is theft, What rights do we as individuals need to own. Defining what it means to own something. [1:25:30] The distributed supercomputer of the free market that allows complex communication through price. [1:33:30] Is the power to make investments and society shaping decisions spread over a net of rich people or in the hands of the state? [1:38:30] Claims of systemic racism from an economic perspective or the consequences of irrational prejudice in a free market economy. [1:46:30] Equating value to price. Tracking liabilities and assets. [1:50:00] Introducing The Business cycle. [2:03:00] Confronting the possibly morally problematic idea of inherited wealth. [2:15:00] Finally finding our way to business cycle theory. [2:23:00] Looking at privatized versions of commodities formerly believed to only be possible through some form of central planning or government. Bitcoin, eBay, Uber [2:30:00] Wrapping up the episode Visit www.jordanbpeterson.com to view more information about Jordan. Jordan B. Peterson is a professor of psychology at the University of Toronto, a clinical psychologist, and the author of the multi-million copy bestseller 12 Rules for Life: An Antidote to Chaos, #1 for nonfiction in 2018 in the US, Canada, the UK, Australia, New Zealand, Sweden, the Netherlands, Brazil and Norway, and slated for translation into 50 languages. Dr. Peterson has appeared on many popular podcasts and shows, including the Joe Rogan Experience and many more. Dr. Peterson’s own podcast has focused mainly on his lecture series, covering a great deal of psychology and historical content. Jordan is expanding his current podcast from lectures to interviews with influential people around the world. // SUPPORT THIS CHANNEL // Newsletter: https://linktr.ee/DrJordanBPeterson Donations: https://www.jordanbpeterson.com/donate // COURSES // Discovering Personality: https://jordanbpeterson.com/personality Self Authoring Suite: https://selfauthoring.com/ Understand Myself (personality test): https://understandmyself.com/ // BOOKS // Beyond Order: 12 More Rules for Life: https://jordanbpeterson.com/Beyond-Order 12 Rules for Life: An Antidote to Chaos: https://jordanbpeterson.com/12-rules-for-life/ Maps of Meaning: The Architecture of Belief: https://jordanbpeterson.com/maps-of-meaning/ // LINKS // Website: https://jordanbpeterson.com/ Events: https://jordanbpeterson.com/events/ Blog: https://jordanbpeterson.com/blog/ Podcast: https://jordanbpeterson.com/podcast/ Reading List: https://jordanbpeterson.com/great-books/ Merchandise: https://teespring.com/stores/jordanbpeterson // SOCIAL // Twitter: https://twitter.com/jordanbpeterson Instagram: https://www.instagram.com/jordan.b.peterson/ Facebook: https://www.facebook.com/drjordanpeterson // SPONSORS // For Advertising Inquiries, visit https://www.advertisecast.com/TheJordanBPetersonPodcast