Muslim Bitcoiner on Nostr: One of the reasons I focused so heavily on the subjective theory of value is because ...

One of the reasons I focused so heavily on the subjective theory of value is because it's pretty difficult to understand anything economics related without it.

For example, we wouldn't be able to properly understand marginal utility, and without that, we wouldn't know what the actual problem of Socialism is, which is the economic calculation problem. Read about the economic calculation problem here:
https://mises.org/online-book/socialism-economic-and-sociological-analysis/chapter-1-nature-economic-activity/3-economic-calculation

Without the subjective theory of value, we wouldn't be able to properly understand money or why money is valuable. Once this theory is understood, the idea of "intrinsic value" becomes absurd, and the idea of needing "stability" in money also becomes absurd.

Misunderstanding this concept is at the center of almost all fiat fatwas. This misunderstanding must be corrected first before even approaching the topic of money, especially Bitcoin

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I've published "Chapter 1: A Muslim's Primer on Economics" on Bitcoin Majlis

Read it here: https://bitcoinmajlis.org/chapter-1-a-muslims-primer-on-economics/

It's about 10,000 words, so it's long. This is my crude attempt to try to take a methodological approach to Economics from a Muslim perspective, heavily relying on the Austrian School of Economics. It's not comprehensive, as entire books could be written on the subject, but hopefully it provides the Muslim with a foundational understanding of Economics from first principles, and not starting from Keynesian and high-modernist biases.

I contend that it's extremely difficult if not impossible to understand this #Bitcoin    thing without having a coherent foundation in Economics. Muslims, especially scholars, should consider starting with economics when approaching the topic of Bitcoin.

Let me know what you think.