The Bitcoin Standard Podcast 190. How to think about Economics with Per Bylund
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Oct 10, 2023 Austrian school economist Per Bylund discusses learning Austrian economics and his book 'How to Think About the Economy'. They explore economic theories and the importance of understanding logic and causal mechanisms. They also delve into the market, division of labor, entrepreneurship, disruptive entrepreneurs like Henry Ford and the iPhone, and address a listener question about fear and blindness.
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Defining Economics
- Economics studies how individuals, with limited resources, strive to improve their lives.
- It explores how societies create and distribute wealth, addressing why some thrive while others lag.
Economic Theory
- Economic theory provides a framework for understanding human behavior and resource allocation.
- Austrian economics views theory as logical deductions from the axiom of human action, not falsifiable hypotheses.
The Action Axiom
- The action axiom, the foundation of Austrian economics, states that humans act purposefully.
- This principle links subjective values with objective actions and their consequences.