Ludwig van Mises and the UFC:
The times they are a-changin’.
In 2020, Russel Okung, Super Bowl Champion and then NFL offensive tackle of the Carolina Panthers, made some headlines by deciding to receive half of his salary in Bitcoin. At the time he started the trend #paymeinbitcoin which lost momentum in the wake of the FTX scandal and the ensuing crypto winter.
This week something more extraordinary happened: After winning his fight in the lightweight division of the UFC, Brazilian MMA fighter Renato Moicano announced: “I love America, I love the constitution […]. And let me tell you something: If you love your country, read Ludwig van Mises’ 6 lessons of Austrian Economics… Motherfuckers!”
https://www.youtube.com/shorts/sEln2ehGEEg?si=SNjK0N1gZTVI_lki
The last word rounds off a perfectly legitimate philosophical call-to-action from an unlikely source.
Ludwig van Mises was one of the most prominent proponents of the Austrian School of Economics and mentor of nobel laureate Friedrich Hayek. The Austrian School emphasizes the spontaneous organizing power of the price mechanism, the importance of individual preferences and choices, and the limitations of government intervention.
For all of these reasons it remains relevant today. However, I would argue the reason it is now finding its way into the mainstream in as extraordinary a way as the post-fight incantations of an MMA fighter, is for its view on inflation.
Inflation is and will continue to be a defining problem of our time.
And unlike our politicians, Austrian economists subscribe to the strict view that inflation is not a magical and baffling phenomenon but that it is always a result of monetary expansion.
Or in Friedrich Hayek’s more blunt words:
"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflation engineered by governments for the gain of governments"
For these reasons, Bitcoin proponents have found a natural home in the theory of Austrian economics. In fact they argue that Hayek prophesied the rise and importance of Bitcoin as early as 1984.
https://www.youtube.com/watch?v=1tHO3cylCRM
arcticorangutan / Arctic Orang-Utan
npub1lem…y3sy
2024-04-17 14:40:50
Author Public Key
npub1lem4kp0fmrqada46zdns53w42pxj79xlgwq4m3fyy0j09mrza6hqh3y3syPublished at
2024-04-17 14:40:50Event JSON
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"content": "Ludwig van Mises and the UFC:\n\nThe times they are a-changin’.\n\nIn 2020, Russel Okung, Super Bowl Champion and then NFL offensive tackle of the Carolina Panthers, made some headlines by deciding to receive half of his salary in Bitcoin. At the time he started the trend #paymeinbitcoin which lost momentum in the wake of the FTX scandal and the ensuing crypto winter.\n\nThis week something more extraordinary happened: After winning his fight in the lightweight division of the UFC, Brazilian MMA fighter Renato Moicano announced: “I love America, I love the constitution […]. And let me tell you something: If you love your country, read Ludwig van Mises’ 6 lessons of Austrian Economics… Motherfuckers!”\nhttps://www.youtube.com/shorts/sEln2ehGEEg?si=SNjK0N1gZTVI_lki\n\nThe last word rounds off a perfectly legitimate philosophical call-to-action from an unlikely source.\n\nLudwig van Mises was one of the most prominent proponents of the Austrian School of Economics and mentor of nobel laureate Friedrich Hayek. The Austrian School emphasizes the spontaneous organizing power of the price mechanism, the importance of individual preferences and choices, and the limitations of government intervention.\n\nFor all of these reasons it remains relevant today. However, I would argue the reason it is now finding its way into the mainstream in as extraordinary a way as the post-fight incantations of an MMA fighter, is for its view on inflation.\n\nInflation is and will continue to be a defining problem of our time.\n\nAnd unlike our politicians, Austrian economists subscribe to the strict view that inflation is not a magical and baffling phenomenon but that it is always a result of monetary expansion.\n\nOr in Friedrich Hayek’s more blunt words:\n\n\"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflation engineered by governments for the gain of governments\"\n\nFor these reasons, Bitcoin proponents have found a natural home in the theory of Austrian economics. In fact they argue that Hayek prophesied the rise and importance of Bitcoin as early as 1984.\nhttps://www.youtube.com/watch?v=1tHO3cylCRM\n\n",
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