Cryptocurrency is a contentious topic even among die-hard anarchists. Fans of gold argue that a return to the gold standard is key. Others argue that crypto has no commodity value and is therefore worthless. Crypto enthusiasts argue about which particular coin or coins are best, and even adherents to a single coin’s philosophy disagree about how its transactions should be handled.
Tag: economics
Why did the market choose gold as an international standard for money? In his classic book The Theory of Money and Credit, Ludwig von Mises developed a beautiful and comprehensive philosophy of what money is and how it comes about, starting from barter and working all the way through the international gold standard. One of the valuable insights from the book is Mises’s concept of what characteristics are vital to the money function. He focused on five aspects in particular, and understanding them is still valuable today, even in a world of pure fiat money.
I recently read Per Bylund’s short and sweet little introduction to economics. It’s a small book at 132 pages and a fairly light read. It is available for free online at the Mises Institute and hard copies are inexpensive, or even free at some official Mises events.
The book provides a solid introduction to economic theory with a special focus on distinctly Austrian concepts, such as entrepreneurship. It is generally clear and succinct, and manages to make a variety of excellent points on a variety of topics.
A few highlights include:
The minimum wage is one of the dumbest, most short-sighted policies there is. It is worse than other price controls because human labor is almost universally required for the production of all goods.
Yet so many people have weird ideas about wages and how they are determined that the vast majority of people think there is nothing wrong with this highly destructive policy.
Available on Odysee and Bitchute.
Update: Now also available on YouTube.