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Economics is not a very difficult subject. Most people intuitively grasp supply and demand and other basics. What mainstream economics has tried to convince us

Economics is not a very difficult subject. Most people intuitively grasp supply and demand and other basics. What mainstream economics has tried to convince us is that hard work is meaningless and infinite money can be printed. Scarcity is a myth. I don't need complex graphs to explain away why printing shitloads of money causes inflation and warps incentives. It's hilarious that Keynesians keep pushing the same garbage and being surprised when people respond by purchasing scarce assets like Bitcoin. What did you expect would happen?

whimsicalism 6y ago
There used to be massive economic crises all the time while people still were using your "intuitive" grasp of economics. The truth is that inflation expectations were in the hole [0], and the Fed action restored inflation and price stability as per its mandate. [0]: https://fred.stlouisfed.org/series/T10YIE https://fred.stlouisfed.org/series/T10YIE
hyko 6y ago
Scarcity is a myth I know of no serious economic school that espouses this.
- NoOneNew 6y ago
  The idea conveyed here is that scarcity being the foundation of value is a myth. No economist believes that just because something happens to be rare makes it inherently valuable. I dont think any real economist really believes that. I think it was a pop culture, snake oil salesman thing that brought it into the zeitgeist. Yet to this day, the myth still prevails and bitcoin is mostly based on that concept. Just because something is "limited" doesn't mean it already has value.
  - SAI_Peregrinus 6y ago
    Scarcity is necessary but not sufficient for something to have value. There are plenty of rare things that are worthless. Various forms of toxic waste, for example, aren't particularly common and have negative value.
ashtonkem 6y ago
Keynes actually had a nice quip for things like Bitcoin: > The market can remain irrational longer than you can remain solvent.
NikolaeVarius 6y ago
> Economics is not a very difficult subject I can't believe its possible to be so wrong. The history of humans might as well be "getting economics less wrong than last time"
- seibelj 6y ago
  Economics is not complicated. It is people who try to confuse us by wrapping mismanagement in the veneer of econometrics and "science" that try and make confusing what is actually relatively simple.
chalst 6y ago
Both the US and Japan have ran enormous fiscal surpluses for decades with low inflation. How does your plain, simple intuition account for this gap between what you say must happen and what has happened?

whimsicalism 6y ago

There used to be massive economic crises all the time while people still were using your "intuitive" grasp of economics. The truth is that inflation expectations were in the hole [0], and the Fed action restored inflation and price stability as per its mandate. [0]: https://fred.stlouisfed.org/series/T10YIE https://fred.stlouisfed.org/series/T10YIE

hyko 6y ago

Scarcity is a myth I know of no serious economic school that espouses this.

NoOneNew 6y ago
The idea conveyed here is that scarcity being the foundation of value is a myth. No economist believes that just because something happens to be rare makes it inherently valuable. I dont think any real economist really believes that. I think it was a pop culture, snake oil salesman thing that brought it into the zeitgeist. Yet to this day, the myth still prevails and bitcoin is mostly based on that concept. Just because something is "limited" doesn't mean it already has value.
- SAI_Peregrinus 6y ago
  Scarcity is necessary but not sufficient for something to have value. There are plenty of rare things that are worthless. Various forms of toxic waste, for example, aren't particularly common and have negative value.

ashtonkem 6y ago

Keynes actually had a nice quip for things like Bitcoin: > The market can remain irrational longer than you can remain solvent.

NikolaeVarius 6y ago

> Economics is not a very difficult subject I can't believe its possible to be so wrong. The history of humans might as well be "getting economics less wrong than last time"

seibelj 6y ago
Economics is not complicated. It is people who try to confuse us by wrapping mismanagement in the veneer of econometrics and "science" that try and make confusing what is actually relatively simple.

chalst 6y ago

Both the US and Japan have ran enormous fiscal surpluses for decades with low inflation. How does your plain, simple intuition account for this gap between what you say must happen and what has happened?