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Not looking for the over simplified “freedom vs government thievery” take, wanting to get into the details. Especially wanting to really understand the “steel-man” argument for Keynesians Econ.
So much of what I hear is the one-sided Austrian take, but I feel like that’s not helpful in discussions with peers that went to school for Econ and can actually make a good case for the Keynesian school of thought. Of course, the issue with just asking Keynesians is their perspective is just as one-sided.
Also, most of what I hear from Austrians is why inflation is bad/theft/eroding society/etc, but I don’t feel any potential issues with the Austrian school of thought are addressed. I mean - going from what we have now to a fixed money supply is literally flipping the world on its head, and I feel like I have no idea what that actually looks like.
Like, how are monopolies avoided? Is there more of an innovation barrier if it’s harder to find investors because everyone wants to save? If the government can’t effectively impose taxes, how do public services like fire and police departments work, or do they become private? Does a fixed supply make it easier for a few to hoard the majority of it?
Any thoughts or resources/suggestions are greatly appreciated.
I agree with your general sentiment that it's sometimes hard to find opposing viewpoints on this topic! As the biased author of this piece, I will shamelessly plug our recent article attempting to answer some of these questions here: Is Deflation a Problem for Bitcoin?
I would also recommend you read Nik Bhatia's fantastic book "Layered Money" which is available on Audible.
By far the best economic thinker in the bitcoin space is Lyn Alden, and she recently put together a fantastic series called What is Money, Anyway?. She and Nik both present very nuanced and fair/balanced perspectives that don't seem as extreme on one end of the spectrum or another as compared to other economists in bitcoin.
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Hell yeah, thanks a ton. Looking forward to digging into these.
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120 sats \ 1 reply \ @F 31 Jul 2022
Read The Bitcoin Standard, and then The Fiat Standard.
I don't think all problems in the world go away magically with Bitcoin. I do think if the world lived on a sound money standard, it would incentivize quality innovations by lowering one's time preference.
Just look at how the world worked under the gold standard to get a better idea of how bitcoin would look, and how things have changed since the current system was put in place.
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Yeah, feel like I really gotta get a good understand of how the Great Depression came about, too. Conflicting answers there, seems like it’s a case of Keynesians and Austrians pointing the finger at each other lol.
Read the bitcoin standard, honestly felt like Saifedean was a bit ideological for my taste, but I will admit all of this was pretty new to me at the time and it might be worth another read, and yeah definitely gonna have to check out the fiat standard as well. Thanks for the input!
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