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Of course the notion of exact laws or a priori propositions can be ignored or left out in discussing the essential aspects of Austrian economics. But the underlying epistemological problem doesn't therefore disappear. The statements that economics makes are not simply of the kind "the structure of production is " or "economic calculation
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"We might instead look at the conclusions that Austrians draw. I'm beginning to think that the most succinct characterization of Austrian economics might be the following proposition: The length of the production process is determined by the rate of interest. " I can't speak for Austrians in general, but I believe that a more accurate
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This is a valid general criticism, and it shows the problem and danger in allowing value judgments or statements expressing personal approval/disapproval to be sprinkled through a work of science. In my opinion, Mises isn't perfect, he's just the best we have.
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That's possible Anenome But I wasn't referring to the arguments of just one person. I was more referring to the general opposition to Bitcoin along ideological lines. This is manifesting through the articles the Mises Institute is choosing to publish about Bitcoin, which seem to be indicative of a general opposition to the idea of Bitcoin. I'm
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You're simply saying you reject any notion of a general phenomenon of Gresham's Law and only accept a particular, narrow, and concrete version of it. That is your personal opinion. However, the Wikipedia page on Gresham's Law is not constrained by your personal preference, and provides several variations and interpretations of Gresham's
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"That's why I ask what they are really saying. It's very difficult for me to understand their proposition, I must be missing something. It must be something more than this fact-free crusade." The unstated belief system you are missing: 1. Libertarianism consists of a set of concrete institutional values of which the gold standard is
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Gresham's law, and the notion of "good" and "bad" money applies only when you have multiple currencies and a fixed exchange rate between them. But even in a market free of official regulations pegging currencies, there's some level of " gresham effects ".... Again, I'm not talking about Gresham's Law narrowly
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One of the key misunderstandings of people reading the regression theorem is they focus on the word 'commodity' and then knock bitcoin as having no commodity value. Money needs to be a commodity only because each unit needs to to be identical to the next one so that they're equal units, and they have to be broadly available so that they're
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Clarification / Correction: My intended focus is on an actor who possesses both bitcoins and dollars and who is able to pay for good or service X with either dollars or bitcoins. (not on an actor who is assumed to relinquish bitcoins in an exchange)
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"What you described is not Gresham's law, it's just a difference in expectations." It is a theory about why market participants who may believe Bitcoin is superior to and more desirable than fiat currency may nevertheless choose to use fiat currency for purchases instead of bitcoins, and in doing so, effecting a tendency for the "good"