#19 – Logan Chipkin: Understanding Economics
Arjun Khemani Podcast
The Mimetic Aspect of Bitcoin Adoption
Inflation does not increase the set of all goods and services one can buy. It reduces bitcoins value as a medium of exchange because if there's constant inflation or unpredictable inflation then people will want to accept Bitcoin less than they would if the supply was ultimately capped. In order to create more wealth you have to figure out how to transform raw materials into final consumer goods in a more effective way. But the point is you can't just print your way there or in Bitcoin's case press a few buttons to get there or whateveryou can't just create new money and then more goods and services magically appear like mana from the sky.
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