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14min chapter
197. Principles of Economics: Interview with Jimmy Song
The Bitcoin Standard Podcast
The Impact of Fiat Currency on Unemployment and the Business Cycle
This chapter explores how fiat currency leads to unemployment and the business cycle by creating inflation, mal investments, and artificial booms. It discusses the concentration of economic activity, the causes of unemployment, and the role of minimum wage. Additionally, it debunks misconceptions about capital and explains the need to forego consumption to accumulate it.
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