4 ms·
'must have intrinsic value' AFAIK one of the main underpinning of the Austrian school is: https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.w
by szemet 9y ago
'must have intrinsic value'
AFAIK one of the main underpinning of the Austrian school is:
https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value
- alexmat 9y agoYou're correct, Austrian school is based on subjective value theory, this is gwern's phrasing not mine. I was in a rush and didn't cite properly, here is the link: http://www.gwern.net/Bitcoin-is-Worse-is-Better http://www.gwern.net/Bitcoin-is-Worse-is-Better Although to be fair a lot of non-scholarly "Austrians" cite the intrinsic value of gold as what makes it superior to Bitcoin. So he's right in the parlance of common rhetoric. I also think he is right in that liberals tend to favor keynesianism because it makes it easier for the government to grow.