This was one of the more reasonable and accurate assessments of both of these somewhat related topics:
“ Two emerging and extreme theories are reframing the existing economic conversation as we know it.”
An important point in this statement is the word “extreme”. However, the author completely undermines this otherwise important observation by then suggesting that this is about traditional Liberal vs. Conservative economics. I’ll wager that phil0xcypher is American or possibly comes from a less-than-well-governed country, since these countries (Germany, Netherlands, Sweden, Denmark, Norway, Finland) are having no such discussions.
The way they run their democracies is the cleanest in the world and the way they run their economies has little to nothing to do with the author’s references to “Liberal vs. Conservative” economics as he frames it, as if there were a battle.
Now, given the broad reach of what is contained in these two “ideologies” (Keynesian/Austrian), there is not a clean disassociation. But these countries pursue their economic order and priorities very differently from countries with comparatively high degrees of political and corporate corruption. Their economies work and orient policies based on a social beneficial contract among all economic entities from individual-to-corporate-to-governmental. The net result is that they operate as semi-mercantilist entities, as they understand that they are wound into a global system of value exchange. Interestingly, a key component is therefore absent from classical mercantilism: precious metals. Instead, maintaining their value as producers of high-value products and perpetually climbing the value chain of global manufacturing and services.
As a result, their balance of payments is almost always in surplus or close to balance.
To my mind (and others’), there is a correlation to degree of political and economic corruption and illiberal systems and this debate. The countries that are having this debate and those where crypto-currencies are (at least among the elite) generating significant interest are these same countries.
Any country participating in this debate at all should probably be focusing more on improving their democratic, economic, regulatory and legal systems to become more liberal/social and less on the snake oil of crypto or MMT or rival ideologicalized economic theories.
