Re:Cryptoeconomics: Paving the Future of Blockchain Technology
by zanny on Saturday July 22, 2017 @03:54PM
(#14829014)
No, it is worse in practice. A central bank prints money, gives it to blessed private banks, who then loan it to the government so they can get tax dollars in interest for nothing. If the government had printed the money directly they would have spent less on it, but then fewer billionaires would be richer on the taxpayer dollar so that obviously can't happen.
Re:Cryptoeconomics: Paving the Future of Blockchain Technology
by elmar on Saturday July 22, 2017 @05:37PM
(#14829521)
The fact that Austrian Economics is not mainstream doesn't mean it's wrong.
Normally you have two types of deflation, by increasing productivity that reduces prices and by lack of demand where prices are reduced to incentivise buying one is good the other is bad.
>The government prints money and buys stuff with it.
And this seems just wrong. In most economies the central bank and the government are sepparate and the government can't just create money to spend. But maybe that's what effectively happens in the end anyway?
Either way the economical argument is usually that you want a small steady inflation and that deflation is much worse. That doesn't refute it.