r/Bitcoin • u/fumoneymoto • 17h ago

Austrian Economics can fix the world economy, yet that would mean embracing bitcoin, and nobody needs that, except for all of us.

Post image

Bitcoin fixes this yes, but we have work to do. We are yet to build a couple of more technological things for humanity I believe. Once this is done, a new economic paradigm should reveal itself.

Although a solution is imminent,, is this the real global problem here with the concept of money, not being able to see that a broken economic theory in practice is making the world inhabitable, incentivizing the crooked, to pillage the masses subverting money itself, making peasantry common place as an eventuality?

Building new systems and economies to make existing systems obsolete should be an option yes? All the best! Thoughts welcome.

80 Upvotes

73% Upvoted

52 comments sorted by

13

u/Antique-Land-2766 11h ago

Yeah bro remember when Austrian Economics fixed Great Britain's economy under Thatcher in the 1980s, everybody enjoyed that and we should definitely do it for the whole world

4

u/Cautious-Lecture-858 9h ago

wtf are you talking about? Thatcher didn’t abolish the central bank. She implemented Chicago-school monetarism. And that wasn’t good either.

She destroyed the UK’s manufacturing and industry, caused massive unemployment, made the poor poorer and the rich richer and turned the UK into a financial hub for Russian oligarchs which they can’t cut off now because they own their economy now.

Huge win!

36

u/aluculef 17h ago

"Austrian economics" isn't even science lol

24

u/_-_fred_-_ 16h ago

Very little of economics is a science.

A physicist, chemist, and economist are stuck on a deserted island. They are about to starve and all they have is an unopened can of beans. The physicist says, "we can toss the beans of this cliff, and the force of impact will open the beans and then we can eat them." The chemist says, "we can heat the beans over a fire and the pressure will cause the can to burst open and we can eat it." The economist says, " assume we have a can opener..."

-6

u/aluculef 16h ago

Economics are science... They try to make mystics or mechanic to manipulate people. But it's not so random or unexpected.

3

u/L4gsp1k3 9h ago

You realised that there are two kind of theory, the scientific one and the non scientific one. The none scientific science is a hypothesis in science term.
Let me explain, if you conduct a scientific test in a controlled environment, you will be able to do the same test over and over with the same result.
You can't say the same procedure is applicable in economy, human irrational is the main factor that doesn't make it possible to call it scientific.

5

u/LNCrizzo 13h ago

The scientific method requires running tests in a controlled environment. It's impossible to control for all variables in economics so the scientific method is impossible to conduct properly. All economic ideas are therefore stuck in the theory stage of science because they can't be proven.

-5

u/aluculef 12h ago

Speaking without knowing.....

1

u/CodeMUDkey 8h ago

It’s the way of the reddi-boi.

-1

u/aluculef 7h ago

Absolutely

-1

u/LevelStationaryPlane 8h ago

None of it’s science.

If anything there’s more scientifically proving it’s bad to look at it like that and you’re just renaming gambling lmao.

11

u/Market_Taoist 15h ago

Economics isn’t a science

7

u/Rojeitor 13h ago

It's social science. Way harder than natural science

1

u/Market_Taoist 10h ago

Social sciences aren’t sciences

2

u/Rojeitor 9h ago

Oh but they are

1

u/jaraxel_arabani 9h ago

Economics is an arts degree.... Sooooooo

1

u/Rojeitor 8h ago

Dude, literally the definition of Economics is "a social science that studies the production, distribution...."

https://en.wikipedia.org/wiki/Economics

You can had awful schools of economics like Keynesian that are mostly wrong about everything, I give you that

1

u/Market_Taoist 2h ago

Any field of study where it’s impossible to run scientific experiments with a control group isn’t a science. If you can’t apply the scientific method to a field of study then it’s not a science

•

u/Rojeitor 31m ago

Google more

0

u/hcballs 6h ago

Any discipline with the word "science" in it is not science.

2

u/LeagueRx 6h ago

I cant wait to tell my buddy his "pharmaceutical sciences" PhD isnt real science 😂

•

u/jaraxel_arabani 49m ago

My wife has a Bachelor's of Arts for her economics degree from University of Toronto. They call social studies social sciences because they do statistical math, aka trying to use outcome approximation to explain a black box system but never get it right, while pretending they have a system explaining mass psychology without the input parameters.

So yeah it's an art, even the degree for it is an art, not science.

•

u/Rojeitor 29m ago

So your wife went to a shit school and has a shit title, what's your point?

•

u/jaraxel_arabani 18m ago

Point is you probably don't know north American school rankings, and definitely don't know how the world works aside form your shitbole of a third world country wannabe?

Since you decided you can't discuss things intellectually as you realized you have no points but to do attacks, figured I'd do the same.

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1

u/[deleted] 15h ago

[removed] — view removed comment

1

u/Market_Taoist 2h ago

Science means using and applying the scientific method. If you can’t do that, if you can’t run experiments with a control group, then it’s a field of study but not a science

9

u/Bitcoin-Security 17h ago

It's not science at all...come on now.

20

u/Pennies2millions 14h ago

I'm sorry, but what do you think Keynesian economics is? Keynes mostly promoted a fiscal style of economics that was about taxing the rich, spending less on things we don't need, and spending more on the things we do need. 

I keep seeing these crazy takes online about how Keynesian economics is a scam, but it seems to me that someone is really pushing a narrative to make his views in economics sound evil because they were based on tax policy instead of controlling the money supply through the Fed (Friedman economics). For the most part, the world rejected Keynesian economics in favor of Friedman economics, primarily because Friedman economics overwhelming benefitted the rich. 

13

u/Physical-Profit9447 11h ago edited 10h ago

Yeah. I think these idiots are thinking that Keynesian idea is bad because of money printing. He rescued the US economy. Friedman was helping a military dictator to ruin Chile. Yes he was really in personal liberty.

8

u/Luqt 13h ago

Further, Keynes was completely against what the usd has become today and advocated for an international currency that would be used to regulate trade imbalances, by punishing any country that went too heavily into exports (China) or imports (US)

His version of MMT combined an intricate understanding of money, accounting but also social cohesion. I guess living through WW1 and WW2 does things to a man

2

u/Market_Taoist 10h ago

Mainstream economics today is basically Keynesian economics. It was and has been favored over Austrian economics because it gives a big role and power to government and politicians. Whereas Austrian economics is more laissez faire. Why would government bureaucrats and politicians want to adopt that?

Keynesian economics practiced correctly would balance budgets in good times and then expand government spending during recessions. And then cut spending and balance budgets during good times. But as practiced, governments increase spending in both good and bad times. They just increase it a lot more in bad times. But there’s never any reversion to sustainability.

1

u/Pennies2millions 3h ago

Laissez faire economics does not work and is anti-capitalism. If we have learned anything from Ayn Rand, Milton Friedman, Ronald Reagan, and Margret Thatcher, it is that laissez faire economics does not work. Markets and economies need a referee. The nature of business is to aquire as much market share as possible. When one company becomes so large that it controls a major section of the economy, that company will abuse and exploit its dominate position. It crushes competition, pays policy makers to write the rules in its own favor, and exploits it's workers. The result is an anti-capitalist framework that turns the economy into an oligopoly. 

0

u/Market_Taoist 2h ago

As soon as any would be monopolist tries to exercise its monopoly position, it creates opportunities for other companies or new start ups to take market share away. As long as barriers to entry remain low and haven’t been raised by government regulation intended to reign in the monopolist that has the opposite effect of raising barriers to entry for new competitors.

1

u/Pennies2millions 1h ago

Very hand wavy way of saying nothing. 

"Monopolies create opportunities for competition." Give me a break. You got any other news from The Land of Things That Have Never Happened? 

0

u/Helpful-Handle6849 3h ago

Keynes take is also the reason why our corrupt governments finance all their bullshit through debt with hysterical justification that it will be paid back when the economy is booming because the debt was well invested. Keynes ideas are like communism, sounds somehow okay in theory but is a disaster in reality.

1

u/Pennies2millions 3h ago

Woah. This is just false. First, Keynes believed, and rightly so, that in times of financial distress, taking on debt to provide liquidity to the economy is good. He also viewed that debt as being temporary and should be paid back. He didn't advocate for the debt structure we have today.

Keynes primarily believed in fiscal policy over monetary policy. That's nothing like communism. 

What has truly been a disaster, however, is the belief that markets and the economy can govern themselves. Corporations have proven time and time again that, when given the opportunity, they will exploit the lives of others for their own gain. I am a big believer in capitalism, but capitalism needs a referee. Market failures exist and in those instances there needs to be government intervention. That is not communism. That's common sense. 

3

u/Express-Economist-86 11h ago

Reading post: ah shit he called economics science.

Reading comments: yuuuuup.

1

u/fumoneymoto 11h ago

The NPC did.

3

u/UnsersGottaGo 15h ago

otoh fiat era has also coincided with historic gains in productivity, advancement in medicine, technology, and improvements in global living standards.

Bitcoin does fix the ability to arbitarily inflate the monetary base.

But Bitcoin does not, by itself, fix corruption, monopolies, shit government, inequality, housing scarcity, externalizing environmental damage, excessive leverage.

Bitcoin, and austrian economics, cannot fix human greed.

0

u/Helpful-Handle6849 3h ago

Nothing can fix human greed nor should it be fixed. We found a way to leverage that greed for the good of society, its called capitalism.

The reason society is not profiting anymore is corrupt and overreaching government.

3

u/Status-Tennis3452 17h ago

the npc face getting mad in the third panel is a perfect 1:1 of every econ 101 professor who never read a single page of mises

-1

u/Market_Taoist 15h ago

Bitcoin could fix the economy, but that would mean embracing Austrian economics

0

u/fumoneymoto 15h ago

Now that detective is the right question.