Austrian Economics vs MMT
I watched a debate between Bob Murphy and Warren Mosler recently.
Mosler (an MMTer) opens with a list of economic policy positions of what he would direct Government to do.
Murphy begins with first principles and explains how the Austrian perspective derives positions through logical deductions.
Immediately one is struck by the different approaches because they’re basically on 2 entirely different talk-tracks, barely even debating really, like an engineer debating a philosopher.
As it goes on it becomes clear the tension is that Mosler has no doubt whatsoever that the Government has every right to its monopoly on the money supply. It’s not even a question for him to take back to first principles in his mind, “it simply is” ergo that’s the only consideration.
To me this is basically a distillation of Bitcoiners vs Normies.
Bitcoiners for whatever reason don’t accept that government and government alone has the right to a monopoly on money - Normies have never even thought to challenge the idea that they do.
Little wonder it’s so difficult for them to grasp, at a fundamental level they’re accepting manmade institutions (ie government, money, inflation etc) as though they are natural phenomena which they simply are not.
stacksatsio / StackSats.IO
npub10j…lvcrd
2023-10-26 02:48:29
Author Public Key
npub10jnx6stxk9h4fgtgdqv3hgwx8p4fwe3y73357wykmxm8gz3c3j3sjlvcrdPublished at
2023-10-26 02:48:29Event JSON
{
"id": "9ab54d507302ceaa8453dd19449135f9971aeac2570f39ddb870ebac387a5d01",
"pubkey": "7ca66d4166b16f54a16868191ba1c6386a976624f4634f3896d9b6740a388ca3",
"created_at": 1698288509,
"kind": 1,
"tags": [],
"content": "Austrian Economics vs MMT\n\nI watched a debate between Bob Murphy and Warren Mosler recently. \n\nMosler (an MMTer) opens with a list of economic policy positions of what he would direct Government to do.\n\nMurphy begins with first principles and explains how the Austrian perspective derives positions through logical deductions.\n\nImmediately one is struck by the different approaches because they’re basically on 2 entirely different talk-tracks, barely even debating really, like an engineer debating a philosopher.\n\nAs it goes on it becomes clear the tension is that Mosler has no doubt whatsoever that the Government has every right to its monopoly on the money supply. It’s not even a question for him to take back to first principles in his mind, “it simply is” ergo that’s the only consideration.\n\nTo me this is basically a distillation of Bitcoiners vs Normies.\n\nBitcoiners for whatever reason don’t accept that government and government alone has the right to a monopoly on money - Normies have never even thought to challenge the idea that they do.\n\nLittle wonder it’s so difficult for them to grasp, at a fundamental level they’re accepting manmade institutions (ie government, money, inflation etc) as though they are natural phenomena which they simply are not.",
"sig": "d2a85919d2508693e4d262e8236b75c365a6bdabeee7641f5190a1b7b67e85f69234ca7397c500e40d9f598646ab415b6d7e66f708ff08acf88f891bef210dfb"
}