The Importance of Local Consequences

The Austrian argument is that if you do all of the shenanigans like pick winners and redistribute wealth, it will have unintended consequences downstream. So instead of playing a good game, they'll actually try and be friends with that guy so that they can get a handout. That's sort of what we got in the world today: demoralized people who don't want to work but also hustlers doing things otherwise wouldn't be done. It starts to create this kind of Frankenstein of economy which reminds me of bodybuilders pumping up their muscles for fake muscle mass.

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Aleksandar Svetski is co-author of The UnCommunist Manifesto, founder of The Bitcoin Times, and founder of Amber, the world's first Bitcoin-only Dollar Cost Average app. Aleks writes for Medium and Bitcoin Magazine, and hosts the Wake Up Podcast, diving into Bitcoin, money, psychology, philosophy, history, entrepreneurship and thinking.

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