Should Austrian economics care about macroeconomics?

I think yes!

But Stephan's Livera's guest, Peter At Once, says no. "Sit back and watch what everyone gets up to"

When two people trade, they do it because both believe they will be better off. However, let's not forget that third parties might benefit too. If I pay a builder to build a restaurant for me in an area that has a shortage of restaurants, then many customers can benefit.

There will be cases where two people are close to trading, but they - just about - decide not too. However, if the interest rate was just slightly lower, they might decide to trade and that would benefit society overall.

Similarly, a lot of harm can be done even if we assume everyone is rationally making the right trades. Anybody into game theory knows how bad things can get even with everyone making the "optimal" decision for themselves.

I'm not saying that we should keep the exact institutions that we currently have, such as the Fed and Europe's ECB. We're smart people and maybe we can come up with a better way to make interest rate decisions; perhaps a jury of randomly-selected citizens could decide.

Finally, on Bitcoin. I stack and hodl because it's good for me. And Bitcoin could be good for the world. But Bitcoin will be harmful on average if we don't think about the macroeconomics

30m45s into this: https://youtu.be/lwL5Lbt2_ZI?t=30m45s