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Separation of Money and State with Josef Tětek (WiM337)
The "What is Money?" Show
The Connection Between the Austrian School of Economics and Bitcoin
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The Austrian School of Economics provides insights into the connection between Bitcoin and economics. The analysis of money by the Austrian School directs us to separate money from the state, as interventions in the monetary system by central banks create uneven distribution of money and cause speculative bubbles and business cycles. The Austrian tradition points out that central banks are the cause of these business cycles. Historical research shows that before the emergence of central banks, the severity of business cycles was lesser. The Austrian School properly explains the problem of business cycles, which have not disappeared despite the presence of central banks. Another insight is that Hayek, from the Austrian School, explains that prices are an elegant way to share knowledge between individuals with the least amount of necessary information. This understanding of prices helps in understanding Bitcoin and its role in sharing knowledge through its price mechanism.
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