Economics study group
A group dedicated to asking and discussing questions about economic literature
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Implementation of the Austrian ideas
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Implementation of the Austrian ideas
Hallo,
I have been reading and listening a lot about the Austrian economic theory, a lot from Saifedean about what is wrong with the FIAT standard, with Keynesian economics and I kind of agree with most of that.
But that is actually easy to do, as it is quite obvious to all that have some understanding and open eyes.
What I am interested in is how the theory translate into real world, more precisely how it translate into todays world.
Lets do a mind experiment and lets say that there is a small random European country that wants to do the transition, that has a political party that won the elections and they wand to go the root of hard money and free market economy.
Of course you can not go from day one and switch to bitcoin, and cancel all the rules.
What would be the precise steps to take to go from todays system to tomorrows system? what needs to be done first? what would be the priorities? How to manage the impact of the change on the average citizens? How to balance the impact on international trade? What to do with the national debt en rout to the hard money?
Will the road be first through introducing gold standard due to lower volatility and than switch to alternative like bitcoin or some other solution?
I am really interested in it and in the views and ideas how it might be pulled off and if it is even viable in the todays real world situation
thanks a lot for any ideas
Michal
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2 Replies
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I know this doesn’t answer your question, but I think you might be interested.
Bob Murphy, Austrian economist I’m sure you’ve heard of, authored this book:
https://www.amazon.com/How-Privatized-Banking-Really-Works/dp/061532682X
The good thing about the concept Bob and Carlos put forth in that book is that it doesn’t take an entire country to start. You can do it by yourself and secede from the banking system.
I personally practice this concept, and it has changed my life so much for the better.
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Thanks Benjamin I will check out the book for sure.
Thanks a lot
Michal
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