The Bitcoin Standard Podcast cover image

The Bitcoin Standard Podcast

197. Principles of Economics: Interview with Jimmy Song

Nov 28, 2023
Blockchain developer and Bitcoin educator Jimmy Song discusses scarcity, human action, the importance of energy in economics, and how unemployment is a fiat phenomenon.
01:36:24

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Unemployment is a result of fiat currency, inflation, and the business cycle causing concentration of economic activity in specific sectors, leading to layoffs and unemployment.
  • Value is subjective and varies from person to person, individual needs and preferences should be considered over market prices for determining the value of a good.

Deep dives

Unemployment and the 20th Century

Unemployment as an economic term did not exist before the 20th century and became a major issue with the introduction of fiat currency. Inflation and the business cycle created by fiat money lead to artificial booms and subsequent crashes, resulting in a concentration of economic activity in specific sectors. This concentration causes a large number of businesses to go under or lay off workers, leading to unemployment. Additionally, rising prices due to inflation prompt workers to demand higher wages, which businesses often cannot afford. The combination of the business cycle, inflation, and minimum wage laws further exacerbates unemployment.

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner