2025年稳定币迎来重大突破，截至6月全球稳定币总市值突破2500亿美元，首次超越Visa和万事达交易总和，成为重构 全球金融体系的核心力量。 在7月13日中国人民大学举办的CMF宏观经济热点问题研讨会上，与会专家指出，稳定币是一个重大的金融创新，以其 支付效率、隐私保护和低费用的显著优势，并借助区块链技术对传统监管的套利空间实现市场化突破。但是，稳定币的 未来并非坦途，其面临的最大挑战在于，对于稳定币的合规审查若趋严，其低成本优势会被迅速侵蚀。 比如，传统SWIFT结算需支付约5%的费用，且结算周期长达数日；而采用稳定币结算，费率可降至1%以下，同时资金 在一至两小时内，甚至秒级可到账。当前，蓬勃发展的稳定币正凭借显著的成本优势与极短的结算时间，引发现代支付 体系的重大变革。 稳定币是一种特殊的加密货币，其价值通常与某种相对稳定的外部资产挂钩，从而保持价值稳定。 中银证券全球首席经济学家管涛在研讨会上指出，稳定币是基于价值的、去中心化的、与法定货币挂钩的代币，其核心 优势在于利用区块链技术实现跨境支付的点对点、支付即结算的效率优势。 中国人民大学经济学院原常务副书记王晋斌也表示，稳定币的最大优势是支付效率和 ...

Core Points - The article discusses the recent publication of "Introduction to Austrian School Economics" by Steven Horwitz, which aims to provide Chinese readers with a comprehensive understanding of the Austrian School's fundamental theories [1][4] - Horwitz highlights the resurgence of the Austrian School, emphasizing its growing public presence and the revival of its principles over recent decades [1][4] - The Austrian School traces its origins back to the economic thought revolution of the 1870s, with Carl Menger as a key figure, and was once a dominant school of thought in economics [1][4][5] Summary by Sections Historical Context - The Austrian School emerged from the "marginal revolution" in the 1870s, shifting the focus from labor value theory to utility as the source of value [5] - Menger emphasized the subjectivity of economic value, asserting that value is determined by individuals' perceptions of a good's ability to satisfy their needs [5][8] Methodology - Horwitz discusses the methodology of the Austrian School, particularly the contributions of Menger and Ludwig von Mises, who distinguished between "exact laws" and "empirical generalizations" [6][9] - The Austrian School's methodology is characterized by a priori reasoning, which is seen as essential for understanding historical economic phenomena [9][18] Key Concepts - The book covers important concepts such as market processes, spontaneous order, capital, and entrepreneurship, while also addressing significant historical debates within the Austrian School, including the debates on planned economies and the Keynes-Hayek controversy [4][6][10] Business Cycle Theory - Horwitz equates the Austrian School's business cycle theory with the ideas of Mises and Hayek, explaining that inflation occurs when the money supply exceeds the demand for money, leading to economic cycles [10][12] - Mises argues that economic downturns are corrections of previous misallocations caused by artificial credit expansion, advocating for minimal government intervention during recessions [12][10] Knowledge and Information - The Austrian School posits that knowledge is decentralized and that market prices convey information that guides economic actors, contrasting with the inefficiencies of planned economies [15][18] - Horwitz critiques modern economics for applying natural science methods to social sciences, advocating for a focus on how order emerges under proper rules and institutions [18][22] Critique and Reflection - The article notes that while the Austrian School has valuable insights, it also faces criticism for its abstract notions of freedom and its perceived neglect of real-world complexities [22][26] - The author suggests that the Austrian School needs to adapt its theories to contemporary economic discussions and acknowledges the importance of critical engagement with its principles [26][27]