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> Cryptocurrency as a political project has its ideological roots in the Austrian school of economic thought. It’s encapsulated by thinkers like Milton Friedman
by dcolkitt 5y ago
> Cryptocurrency as a political project has its ideological roots in the Austrian school of economic thought. It’s encapsulated by thinkers like Milton Friedman, with his infamous and overused axiom that “inflation is always and everywhere a monetary phenomenon.” Austrian economic thought sees government intervention as the cause of all economic ills and phenomena like inflation
What? Milton Friedman isn’t an Austrian economist whatsoever.
Whether you agree with the thesis of this story or not, remember that Jacobin is virtually never reliable. Simple mistakes like this are ubiquitous in any Jacobin article on economics or business.
- dragonwriter 5y ago> Milton Friedman isn’t an Austrian economist whatsoever. That, strictly speaking, does not contradict the article, which says that the ideological basis of cryptocurrency is in Austrian economics, and that that basis is captured by a particular saying of Friedman's. The statement is one i which Friedman is in agreement with the Austrian school, and modern American adherents to the Austrian school, IME, often quote it, and while the Austrian schools shares the view there is no equally famous articulation of it by a member of the school. > Simple mistakes like this are ubiquitous in any Jacobin article on economics or business. The only mistake I see there is you reading a false claim into the piece that isn't actually contained within it.