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@ Eric FJ
2025-05-02 16:25:23
Mises et al never had a model for Bitcoin or the related technologies, and the associated incentives in maintaining that decentralized system. They had no idea about miners, block rewards, nodes, etc.
Austrian is great aspirationally, obviously I’m all about it, but even Mises admitted towards the end of his life that economics couldn’t perfectly model human action in dynamic systems. Bitcoin might not only represent a monetary good… it’s an evolving network secured by incentives that no classical Austrian ever had a framework for. We’re in new territory.