Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by tablespoon on Monday April 11, 2022 @09:30AM
(#30988396)
> 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.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by jonathan-adly on Monday April 11, 2022 @09:45AM
(#30988582)
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by tablespoon on Monday April 11, 2022 @09:54AM
(#30988715)
I am aware of Friedrich Hayek. My comment still stands.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by lottin on Monday April 11, 2022 @09:59AM
(#30988777)
Austrian Economics is not a source of scientific truth, since Austrian economists openly reject the scientific method.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by disruptalot on Monday April 11, 2022 @10:32AM
(#30989299)
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.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by lottin on Monday April 11, 2022 @10:40AM
(#30989421)
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.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by nieve on Monday April 11, 2022 @08:57PM
(#30997280)
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.
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.