Economics Needs a Post-Crash Revolution
The Austrian school of economics has been advocating for an alternative form of monetary thinking since the 1920s, and despite predicting with astonishing accuracy the mechanics of almost every recession since then nobody takes them seriously because the teachings goes against establishment economists at the Federal Reserve, the IMF, and other central planners (probably related to the fact that they show with logic that recessions and the &quot;business cycle&quot; are to a large extent created by interference by central banks and not a natural consequence of the free market).<p>What needs to happen after the coming recession is the total abandonment of the notion that centrally planning the price and quantity of money to induce inflation is somehow a necessary policy to ensure that the economic machine functions, and with that the complete abolishment of central banking and a return to either a gold standard or, with recent developments in mind, the adoption of a crypto-backed money supply that cannot be manipulated by governments.<p>Inflationary monetary policy is the root cause of many of the issues we see today (widespread inequalities, political tension, erosion of purchasing power and, yes, ridiculous startup valuations) we see today, and it is about time that we abandon it.