Jerm and American economist Scott, who lives in China, discuss Austrian economics, focusing on individual choice, voluntary exchange, and the damaging effects of money printing, which they see as a form of theft.
They highlight how government policies widen the gap between rich and poor, and stress that interest rates should align with money supply growth to support economic stability.
The conversation covers the benefits of decentralisation in driving competition and innovation, and notes China's economic progress as stemming from its support for property rights and market competition. They argue that powerful interests shape education and media narratives, distorting public understanding of economics.
Ultimately, Austrian economics offers a clear lens for seeing economic truth, and the key lesson is to uphold freedom and liberty in policy. The future of economies may depend on correcting the imbalances caused by centralisation.
Scott’s Substack: https://austrianchina.substack.com
