Between 2012 and 2014, the established rhetoric coming from bitcoin’s staunchest supporters was that the cryptocurrency would disrupt payment clearing costs, kill-off intermediaries and economically bank the unbanked. Now that bitcoin is failing on most of those fronts, bitcoin purists claim all that was just fake news. Apparently the movement’s real purpose was to establish a bitcoin-based reserve system that mirrored established banking hierarchies.
Tops of bottoms and bottoms of tops, or something. At least until it all swings the other way.
Bank of America Merrill Lynch took a closer look at which consumers have gotten more confident since the election, and it’s pretty much who you’d expect. The relationship between rising confidence and spending isn’t quite as clear.
- Adaptive markets, and the lessons of an infamous call to sell
- Erica Grieder on the Texas model
- An experiment in Kenya
- Sebastian Edwards on why economic populism always disappoints
- Newly conceivable ideas in economics
- The brief history of Airbnb, and what’s next
- Steven Johnson on how play shaped the modern world
- Michael Mauboussin reflects on thirty years of markets, cognitive biases, luck vs skill, and more
- The social media we deserve
- Trading Places and those frozen orange juice futures
Noah Smith, an economist who writes at Bloomberg View and on his personal blog, makes his second appearance on Alphachat. Economics methodology is a frequent subject of Noah’s columns, and I was keen for a podcast segment appraising how economics has evolved since the crisis. Among the issues discussed: