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The numbers don't support this by the way. Obviously, Austrian Economists have all kind of literature debunking this (Bitcoin Standard first 6 chapters is a goo

The numbers don't support this by the way. Obviously, Austrian Economists have all kind of literature debunking this (Bitcoin Standard first 6 chapters is a good summary) - but put this aside for a second, even some of the Keynesian/monetarist economists have wrote about the unintended consequences of state intervention in the monetary supply. The ELI5 version is basically by implicitly telling everyone that JP Morgan would never be allowed to fail, then you are skewing free market risk/reward decisions and skewing money/resources toward too big to fail monopolies.

tablespoon 5y ago
> Austrian Economists have all kind of literature debunking this Given what I know about Austrian Economics, "debunk" is most likely too strong of a word here.
- jonathan-adly 5y ago
  https://en.wikipedia.org/wiki/Friedrich_Hayek https://en.wikipedia.org/wiki/Friedrich_Hayek
  - tablespoon 5y ago
    I am aware of Friedrich Hayek. My comment still stands.
lottin 5y ago
Austrian Economics is not a source of scientific truth, since Austrian economists openly reject the scientific method.
- disruptalot 5y ago
  Is there anything really inherent in Austrian economics about ignoring evidence? Hate to be that guy (source???), but this doesn't match up at all with my impression of the difference factions in economics. If anything, the economists who reject the current dominant economic tools seem to have more of an emphasis on empirical evidence than wishful thinking.
  - lottin 5y ago
    They reject the idea that Economics is an empirical science. Instead they believe that knowledge is obtained by deductive reasoning alone and not from the observation of reality. https://en.wikipedia.org/wiki/Praxeology https://en.wikipedia.org/wiki/Praxeology
    - nieve 5y ago
      It's always struck me as somewhat bizarre that so many libertarians who claim to embrace empiricism & the scientific method have also embraced a movement that's directly counter-science, but it's a school of economics they can point to and claim intellectual rigor based on.

tablespoon 5y ago

> Austrian Economists have all kind of literature debunking this Given what I know about Austrian Economics, "debunk" is most likely too strong of a word here.

jonathan-adly 5y ago
https://en.wikipedia.org/wiki/Friedrich_Hayek https://en.wikipedia.org/wiki/Friedrich_Hayek
- tablespoon 5y ago
  I am aware of Friedrich Hayek. My comment still stands.

lottin 5y ago

Austrian Economics is not a source of scientific truth, since Austrian economists openly reject the scientific method.

disruptalot 5y ago
Is there anything really inherent in Austrian economics about ignoring evidence? Hate to be that guy (source???), but this doesn't match up at all with my impression of the difference factions in economics. If anything, the economists who reject the current dominant economic tools seem to have more of an emphasis on empirical evidence than wishful thinking.
- lottin 5y ago
  They reject the idea that Economics is an empirical science. Instead they believe that knowledge is obtained by deductive reasoning alone and not from the observation of reality. https://en.wikipedia.org/wiki/Praxeology https://en.wikipedia.org/wiki/Praxeology
  - nieve 5y ago
    It's always struck me as somewhat bizarre that so many libertarians who claim to embrace empiricism & the scientific method have also embraced a movement that's directly counter-science, but it's a school of economics they can point to and claim intellectual rigor based on.