Saturday, December 9, 2017

Brian Romanchuk — Bitcoin As A Vindication Of Mainstream Monetary Economics!

Say what you want about the backers of Bitcoin, they managed to create a currency unit that acts in the insane fashion that matches the way money works in mainstream economic models. For anyone with any attachment to reality, it offers a very good real world explanation why the DSGE approach to economics is inherently useless. It is an extremely safe bet that this lesson will be completely missed by the mainstream economics profession....
Bond Economics
Bitcoin As A Vindication Of Mainstream Monetary Economics!
Brian Romanchuk

3 comments:

GLH said...

I agree with this about Bitcoin: https://www.howtogeek.com/335471/bitcoin-is-not-a-currency-its-an-unsafe-investment/

Matt Franko said...

Makes sense as the libertarians are both attracted to bitcoin as there is no authority in that system which is congruent with the S in DSGE ie "stochastic" vs a non-libertarian deterministic system where the outcome is determined via an authority...

Both concepts are attractive to libertarians...

Current price of bitcoin in USDs represents the value libertarians currently place on an ability to avoid being under a USD authority (our govt institution) related to "money!"...

GLH said...

They may suffer because of their ideas.