Austrian Economics and Complex Systems with Rahim Taghizadegan (WiM376)
The "What is Money?" Show
The Influence of Incentives on Human Action
This chapter explores how incentives shape human behavior and the misconceptions surrounding their effectiveness. The speakers discuss the universal benefits of incentives and highlight money as a powerful motivator. They also delve into the influence of central banks, fiat currency, and indebtedness on human action and societal structures.
Rahim Taghizadegan joins me to discuss what Jungian psychology and Austrian economics have in common, the problem with the deterministic worldview, the nature of incentives, and whether Bitcoin is a fundamental innovation.
Rahim Taghizadegan is an economist, author, physicist, philosopher, investor, and entrepreneur. He is the last Austrian economist of the Austrian School in the direct tradition.
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// OUTLINE //
00:00:00 - Coming up
00:00:44 - Intro
00:02:17 - Helping Lightning Startups with In Wolf's Clothing
00:03:03 - Introducing Rahim Taghizadegan
00:03:47 - Rahim's Journey from Austrian Economics to Bitcoin
00:05:20 - Switching the Field of Interest
00:07:10 - Recommended Books
00:08:35 - Jungian Psychology & Austrian Economics
00:11:37 - The Complexity Theory
00:13:38 - Behavior vs. Action
00:18:19 - Praxeology
00:19:17 - Distinguishing Human from Animal
00:23:11 - 20th Century Crisis
00:30:10 - Innovation Led to Social Change
00:36:14 - Fighting Against the Demagogues
00:42:28 - Preservation of Privilege
00:43:24 - Guiding Light and the Narrative of Mythology
00:45:44 - Human Capability of Rational Argumentation
00:47:30 - Following the Leader
00:51:35 - Rules vs. Regulation
00:53:10 - Differentiating Epistemology & Philosophy
00:55:16 - Replacing Philosophy with Science
01:01:05 - Simplicity vs. Complexity
01:02:23 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
01:03:19 - Mismanagement of Science
01:07:07 - Science is Not the Only Answer
01:10:38 - DDT Pesticide Disaster
01:12:53 - The Line Between Proper Intervention and Abuse
01:16:02 - From Newtonian Theory to Einsteinian Theory
01:19:41 - Problem with the Newtonian Worldview of Human Beings
01:22:29 - Difference Between Theory and Observation
01:26:43 - Attributes of Real Science
01:29:04 - Tradition of Speculation & Exaggeration
01:33:38 - Choosing the Right Facts
01:35:23 - Verifying the Ideals
01:38:13 - Spotting the Irregularities and Discussing Metaphysics
01:43:27 - Axiom of Action
01:46:11 - Predicting Human Behaviour
01:49:22 - The Freedom to Choose
01:52:31 - The Metaphor of Language & Money
01:55:28 - Bitcoin is an Idealized Money
01:57:46 - Is Bitcoin Discovered or Invented?
02:00:17 - Take Control of Your Healthcare with CrowdHealth
02:01:18 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
02:02:10 - Bitcoin a Fundamental Innovation
02:03:42 - Can Bitcoin Be Established in Today’s World?
02:07:40 - The Nature of Incentives
02:11:06 - How Incentives Influence Action
02:17:32 - Fiat Currency Incentivizes Debt
02:21:09 - How Incentives Interact with Morality
02:25:25 - Restructuring the Incentives
02:29:13 - Private Property & Social Cooperation
02:32:20 - Being an Entrepreneur of Change
02:37:02 - Bitcoin Enhances Private Property
02:39:33 - The Feedback Loops of Bitcoin
02:41:27 - How to Find Rahim's Work
// PODCAST //
Podcast Website: https://whatismoneypodcast.com/
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