Top Five Economics Book To Learn Bitcoin

In this article, we will outline some of the best resources for learning about why failing economic practices led to the invention of bitcoin, by exploring first principles of economics, through the Austrian economics viewpoint.

  1. “Economics In One Lesson” – Henry Hazlitt
  2. “The Ethics Of Money Production” – Jörg Guido Hülsmann
  3. “The Origins Of Money” – Carl Menger
  4. “Anatomy Of The State” – Murray N. Rothbard
  5. “Human Action” – Ludwig von Mises

Economics In One Lesson

In “Economics In One Lesson,” Hazlitt argues that we need to consider the unintended, often unseen consequences of government policy and economic action. Illustrating this point with “the broken window fallacy,” he points out that the economy is harmed when the baker has to spend money to replace a broken window. Instead of using that money to invest in a new oven or a paint job for his bakery, which helps him and other businesses, his funds are being diverted to replace the window, which only helps the local glazier. Because we see that the broken window helps the glazier and can’t see the harm that it does to the broader economy, many of us assume broken windows are good for economic growth. But, this obviously isn’t true. In short, whenever the government or rogue window-breaking actors divert funds from the individual, the economy suffers.

The Ethics Of Money Production

The Ethics Of Money Production” argues that money production should be privatized, the same way most goods are produced. In this book, author Hülsmann rebuts popular misconceptions of the government managing money. Government control doesn’t lead to stability but to inflation, counterfeits, and instability. And, a decentralized market is better suited to determine the value of currency, not the government. Hülsmann also points out that paper money was not voluntarily accepted when first introduced to society. The government had to coerce people into using it, sometimes even by punishment of death. People should be able to use whatever medium of exchange they wish as long as it is voluntary. Coercion to join a monopoly in currency is unethical, cuts against freedom and property rights, and opens the door to corrupt, monopolistic practices.

Source link Bitcoin Magazine

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