You're correct, Austrian school is based on subjective value theory, this is gwern's phrasing not mine. I was in a rush and didn't cite properly, here is the li

You're correct, Austrian school is based on subjective value theory, this is gwern's phrasing not mine. I was in a rush and didn't cite properly, here is the link: http://www.gwern.net/Bitcoin-is-Worse-is-Better http://www.gwern.net/Bitcoin-is-Worse-is-Better Although to be fair a lot of non-scholarly "Austrians" cite the intrinsic value of gold as what makes it superior to Bitcoin. So he's right in the parlance of common rhetoric. I also think he is right in that liberals tend to favor keynesianism because it makes it easier for the government to grow.