Patrick Newman

Economist. Professor. Author of Cronyism (2021) and editor of two Murray Rothbard books.

[Patrick Newman @DrPatrickNewman]

Very happy to announce that Cronyism is on Amazon!! If you want to learn about the history of corruption and the libertarians who tried to reform the system, this book is for you! And it’s only $16 (yes, even in this highly inflationary environment)!! https://t.co/ABTqaC42gE

[Patrick Newman @DrPatrickNewman]

Last week at Rothbard University @mises released a book by @jtsale and I, “Murray N. Rothbard: The Making of an Austrian Economist.” We trace the intellectual development of Rothbard and his writing of Man, Economy, and State. Coming soon to an online bookstore near you!

[Mises Media @mises_media]

Should banks contract credit during a bust? Mises said yes, it's part of the cure. Rothbard said the damage was done during the boom, and further contraction only deepens the pain. @DrPatrickNewman traces a subtle but consequential rift between master and student. https://t.co/QCGxXrj7WZ

[Patrick Newman @DrPatrickNewman]

Great that @mises has published this book commemorating 75 years of Ludwig von Mises’s Human Action. My contribution shows how deflationary credit contraction can be beneficial during the bust phase of the business cycle.

https://t.co/djXoa2BIOB

[Mises Institute @mises]

Murray Rothbard (and @DrPatrickNewman) are clear exceptions here:

Rothbard's Conceived in Liberty Vol. V: https://t.co/GXHYROtmln

(Also a free audiobook)
https://t.co/7rljakM25k

[Patrick Newman @DrPatrickNewman]

@Jeff_Davis1808 @mises Absolutely! A key component of the Jacksonians’ assault on monopolistic privileges. It’s in Cronyism: Liberty versus Power in Early America, 1607-1849 p.297.

[Patrick Newman @DrPatrickNewman]

New article of mine on the Jacksonian movement just published @mises. Jacksonian free market reforms led to an Industrial Revolution, and they can do so again.

Plus, it includes some information from my forthcoming Cronyism book!

https://t.co/YBCIvgvEfd

[Patrick Newman @DrPatrickNewman]

Today’s Q4 GDP revision shows that inflationary pressures were a problem before the Iran War. The GDP deflator (overall prices) revised from 3.7% to 3.8%.

The rate cuts since fall 2024 were a mistake. Put more money into the economy and has kept inflation above the Fed’s target

[Patrick Newman @DrPatrickNewman]

Very excited that in honor of Rothbard’s 100th @mises is publishing Murray N. Rothbard: The Making of an Austrian Economist (coauthored with @jtsale) and hosting its first ever Rothbard University in May. The Year of Rothbard is starting out very strong!

https://t.co/Z4Gi11nAZt

[Patrick Newman @DrPatrickNewman]

Whose price index is it anyway? The PCE and CPI are very different, with the PCE stubbornly above target ~3%. If we use PCE, the Fed’s preferred index, there has been no soft landing

The divergence is housing. The shutdown led to measurement flukes, and housing is bigger in CPI

[Patrick Newman @DrPatrickNewman]

We often think of foreign aid as being advocated by benevolent public servants. But quite often the reality is that some government official is looking to steer taxpayer money to themselves or a firm they invest in.

In other words, cronyism!

[Mises Media @mises_media]

Did the Marshall Plan save Europe or enrich crony capitalists? @DrPatrickNewman discusses how corporate welfare, hidden deals, and corruption shaped postwar policy, with effects still felt today.

[Patrick Newman @DrPatrickNewman]

Every price index has its biases, but by the Fed’s own preferred index it has made no progress on inflation since September 2024. Inflation is still stubbornly closer to 3% than 2%. Why? Since 8/24 it has cut interest rates and resumed easy money, thereby pumping up spending.

[Patrick Newman @DrPatrickNewman]

Very honored to announce that I am now the Murray N. Rothbard Research Fellow @mises! Unquestionably Rothbard is my biggest intellectual influence, and the Mises Institute my intellectual home. Excited for the future—the Rothbard book with @jtsale and Cronyism II coming soon!

[Patrick Newman @DrPatrickNewman]

Very excited to announce that next year's Rothbard Graduate Seminar will focus on the Science of Liberty. If advanced discussions in Rothbardian political economy (economics, ethics, political theory, and more) interest you, apply now! June 7-12.

https://t.co/Lt6YWeuyTQ

[Patrick Newman @DrPatrickNewman]

Thank you! That was one of my goals!

[Voluntaryist Minister @GodIsVoluntary]

@dylanmallman @DrPatrickNewman (who edited CIL:V) has a book called Cronyism: Liberty versus Power in Early America, 1607–1849 which I consider to be a much easier to read and condensed form of CIL:V with additional later events as well.

https://t.co/6FXv8hfLMT

[Patrick Newman @DrPatrickNewman]

Fantastic op ed in the WSJ—cronyism is coming to AI. In the name of the national defense the government will dole out cushy military contracts, loan guarantees and federal land giveaways for chip centers, and carrot and stick incentives to get foreign governments to buy US AI.

[Patrick Newman @DrPatrickNewman]

@JaycobYes @elliotismz @Austro_Punk Aside from some lectures on the early Austrians and his booklet Ludwig von Mises: Scholar, Creator, Hero (1988), Rothbard unfortunately did not develop what he wanted to cover in his third volume. No early chapters, no projected outline, etc.

[Patrick Newman @DrPatrickNewman]

The Fed throws the towel on achieving 2% inflation and settles for a 3% target. Record gold prices are the result.

[Mises Media @mises_media]

The Constitutional Convention was an elite project to centralize power at the expense of the Articles of Confederation. @DrPatrickNewman #MisesU

[Lydia Mashburn Newman @lydiamnewman]

PCE remains high: Aug yoy up at 2.7%, core holding at 3.0%. Fed hasn't hit its 2% inflation target for +4 yrs, doesn't expect to until 2028--that's 7 yrs of overshooting! Does the Fed have a 3% target it's not telling us? Joined a great panel @SquawkCNBC to discuss.

[Patrick Newman @DrPatrickNewman]

Special privileges for doctors are all too real--they feature prominently in my forthcoming book, Cronyism: Rise of the Corporatist State, 1849-1929!

[Mises Media @mises_media]

Cronyism, not markets, makes care scarce. @DrPatrickNewman shows how the AMA uses licensing, accreditation, and state power to restrict doctors, raise prices, and protect insiders.