Keynes, Mises and Hayek

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Question:

Which monetary theory do you support?

Keynes theory, FIAT, usually inflated	1 (12.5%)
Gold Standard, Bitcoin, Mises, Austria economics, usually deflated	2 (25%)
Private currency theory, Hayek, Austria economics, neither inflated nor deflated	4 (50%)
I don't care!	0 (0%)
What the hell is that?	0 (0%)
Other monetary theories	1 (12.5%)

Total Voters: 8

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Topic: Keynes, Mises and Hayek (Read 486 times)

sabreiib (OP)

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Keynes, Mises and Hayek

May 25, 2016, 07:51:44 AM
Last edit: May 25, 2016, 08:03:17 AM by sabreiib

Please correct me if I am wrong, there are three types of main monetary theories above. Bitcoin complies to Gold standard,including hundreds of alt coins, however if some people implement Hayek's theory by adjust USD's inflation/deflation rate in real world. What's the response from crypto world?

https://www.youtube.com/watch?v=d0nERTFo-Sk

https://www.youtube.com/watch?v=GTQnarzmTOc

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yayayo

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Re: Keynes, Mises and Hayek

May 25, 2016, 11:29:09 AM

I think Hayek's theory makes the most sense. If there is competition between goods and services at the marketplace, why shouldn't there be free competition between different kinds of money? Interventionism and monetary monopolies (which include proclaiming something (gold) as standard) are bad for economic flexibility. People know best, which money is sound and which should be rejected. Central banks only destroy the natural monetary equilibrium.

Bitcoin doesn't comply to Gold standard, since there is no standard to use Bitcoin. You are not forced to use it. If you don't like it, you can use another altcoin or just stay with fiat. Bitcoin is in use, because people consider it attractive.

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Hazir

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Re: Keynes, Mises and Hayek

May 25, 2016, 12:00:37 PM

Hayek all the way, his theory has the most sense in it. According to Hayek the main cause of crisis is excessive money creation by the banks leading to overspending.
Keynesians or neo Keynesians are bunch of short sighted individuals who think that overspending and creation money by governments which also control the business cycle, is the best.
Sad part that Keynesians are currently steering global economy - which most likely will lead us to another huge global economic crisis, soon.