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An Introduction to Austrian School Economics - Godfrey Bloom
Feb 24, 2023
Godfrey Bloom, a spirited speaker known for his outspoken views on economics, delves into the tenets of Austrian School Economics. He humorously critiques taxation while championing financial independence. Bloom discusses the downsides of state welfare, advocating for private solutions instead. His insights on political corruption reveal how wealth and integrity intertwine in government roles. He further critiques fiat currency and inflation, urging a return to gold standards, and highlights the pitfalls of modern banking practices.
35:10
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Quick takeaways
- Austrian school economics emphasizes the importance of common sense in addressing economic issues, often challenging established political norms and government interventions.
- The decline in currency value is linked to the abandonment of the gold standard, with a return to sound money principles being essential for economic stability.
Deep dives
The Misunderstanding of Austrian School Economics
Austrian school economics is often misunderstood and dismissed in casual conversations, with many associating it inaccurately with Austria. Despite its reputation, this school of thought is fundamentally about applying common sense to economic issues. The perception problem arises partly because the principles challenge the status quo, as they are often perceived as threatening to established political systems. This disdain for common sense in public discourse underscores why Austrian economics is underappreciated and frequently relegated to the sidelines.
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