I used to be relatively passive to Bitcoin and crypto-currencies in general. I was long persuaded by Peter Schiff's argument that Bitcoin was a bubble that would "have a very short life" due to its lack of intrinsic value and speculative nature, and that it therefore does not fulfill Aristotle's five criteria for good money. … Continue reading What Good has Bitcoin Done for the World?
This answer was originally posted on Quora in September. Short answer: No Long answer: This proposition was disproved theoretically by Ludwig von Mises in the first half of the twentieth century. He is known for having elaborated the “economic calculation problem”, first in his 1920 article “Economic Calculation in the Socialist Commonwealth” and expanded upon … Continue reading Mises’ Economic Calculation Problem: An Answer to “Is it possible to have an economic system with no money?”
My answer: A common currency even just for a continent like Europe has a lot of downsides and few benefits. In theory, a common currency will increase trade between countries as it’s easier for individuals to do so without having to worry about exchange rates and changing money every time one travels abroad. Still, with … Continue reading Quora: “What are the benefits and drawbacks of a global currency?”
Whence comes the boom in economic development - and why does it tend to eventually turn into a bust? Recessions like the Great Depression (1930s) and the Great Recession (2008) have frequently been pointed to as central flaws in a market free economy. Without showing direct causal relationships, deregulation is claimed to be the great … Continue reading The Austrian Theory of the Business Cycle