This is incorrect. Have you ever researched the Bible scripture on this topic?
This is incorrect. Have you ever researched the Bible scripture on this topic?
“But markets do not tend toward monopolies, except through the use of coercive violence. Quite simply, individual producers who charge exorbitant prices cannot stop competitors from undercutting them—unless they resort to force. In decades of examining this question, I have never come across a single example of a monopoly provider whose monopoly status was secured on the market peacefully rather than through coercive intervention. It is always government rules and regulations that create monopolies, as they are the only barrier that can stop peaceful private enterprise. The irony here is that government mandates turn specific industries into monopolies, which then normalizes the idea that this industry inevitably can only function as a monopoly, making it a “natural monopoly.””
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“Profits are not just a mechanism for greedy people to get rich—they are what coordinates the entire structure of market production, allowing producers to calculate the costs and benefits of their various options while searching for a way to serve others the most and produce optimal gains for themselves.”
Principles Of Economics y nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“Subsidies lead to the overproduction and overconsumption of goods away from what people would freely choose when able to freely calculate. When subsidies are given to individuals based on their economic situation, they create a stronger incentive for people to choose the condition that makes them eligible for those subsidies. Welfare encourages those with low income to stay on a low income. Subsidies for the unemployed create an incentive for unemployment. Worse, by being financed at the expense of the employed, they also lead to the erosion of the incentive to work.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“Money, as discussed in Chapter 10, is unique in that it is the one good that is obtained purely to be exchanged for something else. It is not consumed, like consumer goods, nor is it used in the production of other goods, as capital goods are. Since its sole purpose is to be passed on, and it performs no physical function to its owner, a claim on it, or a substitute for it, is capable of playing its role in a way that cannot be played by any substitute or claim on another consumer or capital good. A voucher for a steak cannot be eaten, a receipt for a machine cannot produce the goods that the machine produces, and an airplane ticket cannot make you fly. But a claim on money can perform the essential function of money: It can be exchanged for other goods.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“The manners and mores that make human society possible also suffer when time preference rises, as broad discounting of the future leads to increased interpersonal conflict. Trade, social cooperation, and the ability of humans to live in close contact with one another in permanent settlements are dependent upon them learning to control their basest, hostile animal instincts and responses, and substituting them with reason and a long-term orientation. Religious, civic, and social norms all encourage people to moderate their immediate impulses in exchange for the long-term benefits of living in a society, cooperating with others, and enjoying the benefits of the division of labor and specialization. When these long-term benefits seem far away, the incentive to sacrifice for them becomes weaker. When individuals witness their wealth dissipate, they rightly feel robbed. The supposed social contract appears to have been torn up, and they question the utility of living in a society and respecting its mores.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“Rather than expecting money to appreciate and thus reliably retain value into the future, fiat returned humans of the twentieth century to far more primitive times, when retaining value into the future was far less certain, and the value of their wealth was expected to be reduced in the future, if it survived at all. The future is hazier with easy money, and the difficulty in providing for the future makes it less certain. This increased uncertainty leads to a higher discounting of the future and thus a higher time preference.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“The twentieth century’s shift to an easier monetary medium has reversed this millennia-old process of progressively lowering time preference. Rather than a world in which almost everyone had access to a store of value whose supply could only be increased by around 2% a year, the twentieth century gave us a hodgepodge of government-provided abominations of currencies growing at 6%–7% in only the best examples, usually achieving double-digit percentage growth and occasionally, triple-digit growth. The numerical average for the growth of all national currencies’ broad supply during the period between 1960 and 2020 is 30% per year. Calculating the average weighted by currency size shows us roughly a 14% annual increase in the market supply of all fiat currencies, which can be viewed as the average money supply increase experienced by the average citizen of the fiat nations of the late twentieth and early twenty-first centuries.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
“The simple reality, demonstrated throughout history, is that any person who finds a way to create the monetary medium will try to do it. The temptation to engage in this is too strong, but the creation of the monetary medium is not an activity that is productive to society, as any supply of money is sufficient for any economy of any size. The more that a monetary medium restrains this drive for its creation, the better it is as a medium of exchange and stable store of value. Unlike all other goods, money's functions as a medium of exchange, store of value, and unit of account are completely orthogonal to its quantity. What matters in money is its purchasing power, not its quantity, and as such, any quantity of money is enough to fulfil the monetary functions, as long as it is divisible and groupable enough to satisfy holders' transaction and storage needs. Any quantity of economic transactions could be supported by a money supply of any size as long as the units are divisible enough.”
— The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
I’d love to have some discussion on it. Would you like to exchange some ideas about the points made in the book? I think this book needs to be taught in high school. It’s written in a way that I believe 9-12th graders could grasp these concepts.
“The scarcity of time is the starting point for all economic choices. The scarcity of time forces man to choose between alternatives at all points in his life, and it means that every decision has an opportunity cost.”
Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
We are “super” excited to have you on the show today…
Recently I’ve noticed something….why does anything someone wants to emphasize start with “super” this or “super” that?