ImmutableManty on Nostr: "It is an ironic sign of the depth of modern-day economic ignorance fomented by ...
"It is an ironic sign of the depth of modern-day economic ignorance fomented by Keynesian economics that capitalism -- an economic system based on *capital accumulation* from savings -- is blamed for unleashing conspicuous consumption -- the exact opposite of capital accumulation. Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt-fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration."
Saifedean Ammous, The Bitcoin Standard [p. 92]
#GrowNostr #Capitalism
Published at
2023-05-27 03:00:38Event JSON
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"content": "\"It is an ironic sign of the depth of modern-day economic ignorance fomented by Keynesian economics that capitalism -- an economic system based on *capital accumulation* from savings -- is blamed for unleashing conspicuous consumption -- the exact opposite of capital accumulation. Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt-fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration.\"\n\nSaifedean Ammous, The Bitcoin Standard [p. 92]\n\n#GrowNostr #Capitalism",
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