Max Rangeley - Blockchain - The new intellectual battleground within economics

Max Rangeley. Blockchain The new intellectual battleground within economics

Blockchain technology has been hailed as a technology that could transform large sectors of the economy. The key tenets of the Austrian School will be complemented by blockchain as it allows for private digital currencies and decentralized trading networks free from the control of authorities. Several Austrian School economists, including Hayek, have written about the benefits of private, competing currencies. Orthodox economics will struggle intellectually to model the consequences as it is axiomatic for much of their macroeconomics that central banks can stimulate the economy through the money supply. For the Austrian School, reducing the monetary policy tools of central bankers - a consequence of widely used blockchain currencies - will bring benefits to the economy.