ZacG on Nostr: 5 Key Pillars of Austrian Economics 👇🧵 1️⃣Subjectivism: All value is ...
5 Key Pillars of Austrian Economics
👇🧵
1️⃣Subjectivism: All value is subjective, determined by individual preferences and perceptions.
2️⃣Free Markets: Guided by interactions of individuals making decisions in their areas of expertise reinforced by prices, profits and losses acting as signals to guide resource allocation and coordination of economic activities.
3️⃣Sound Money: A monetary system based on sound money would provide unprecedented economic stability and predictability.
4️⃣Time and Uncertainty: Focus is given to individual time preference and how this affects economic decisions. Uncertainty must be recognized as it plays a key role in constantly changing and unpredictable economic environments.
5️⃣Marginalism: Behavior and production decisions are analyzed at the margin on the basis of costs and benefits from incremental changes.
Austrian economics and Bitcoin align well,
free markets, sound money, decentralized, deflationary, scarce. Together they create a financial powerhouse.
If you want to learn more about Austrian Economics I highly recommend reading the likes of Carl Menger, Ludwig von Mises, Friedrich Hayek, Murray Rothbard and Henry Hazlitt whose works are widely distributed and available.
👇🧵
1️⃣Subjectivism: All value is subjective, determined by individual preferences and perceptions.
2️⃣Free Markets: Guided by interactions of individuals making decisions in their areas of expertise reinforced by prices, profits and losses acting as signals to guide resource allocation and coordination of economic activities.
3️⃣Sound Money: A monetary system based on sound money would provide unprecedented economic stability and predictability.
4️⃣Time and Uncertainty: Focus is given to individual time preference and how this affects economic decisions. Uncertainty must be recognized as it plays a key role in constantly changing and unpredictable economic environments.
5️⃣Marginalism: Behavior and production decisions are analyzed at the margin on the basis of costs and benefits from incremental changes.
Austrian economics and Bitcoin align well,
free markets, sound money, decentralized, deflationary, scarce. Together they create a financial powerhouse.
If you want to learn more about Austrian Economics I highly recommend reading the likes of Carl Menger, Ludwig von Mises, Friedrich Hayek, Murray Rothbard and Henry Hazlitt whose works are widely distributed and available.