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On Price And Output Volatility: How Bad Is Bitcoin’s Flaw?

On Price And Output Volatility: How Bad Is Bitcoin’s Flaw?

by Joakim Book In the olden days from which our modern economic world sprung, prices were usually long-term stable but short-term unpredictable. While the value of the currency unit – the amount of goods and services you could get for a given amount of funds, income, or wealth – held fairly stable over cycles and over […]

What Are The Nobel Journalists Doing?

What Are The Nobel Journalists Doing?

by Joakim Book For weeks, economists on social media and over dinner tables around the world have speculated on who might be receiving this year’s Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It’s a fun little game that economists play – and some, stubbornly, refuse to play – on par with guessing the […]

Since Viking Times, The Nordics Have Been Different

Since Viking Times, The Nordics Have Been Different

by Joakim Book Why the Nordic countries – Finland, Sweden, Norway, Denmark, and Iceland – are different from the rest of the world has long fascinated scholars and political pundits alike. The left wants to know the recipe for Big Government so that they can successfully implement it in their home countries; the right wants […]

The “Fortune Of The Commons”: Why Are There Still Blueberries In The Fields?

The “Fortune Of The Commons”: Why Are There Still Blueberries In The Fields?

by Joakim Book I live in quite a sparsely-populated place, with lots of wilderness and nature. This time of year, we have plenty of late-summer berries in season, and it isn’t uncommon to find stray hikers hunched over bushes eagerly picking blueberries and crowberries. This is what most people, economists included, would expect: Mother Nature […]

The Political History Of Silver In America

The Political History Of Silver In America

by Joakim Book The aptly-named New York University professor William Silber wanted to title his book “Silber on Silver” – but his publisher instead had him settle for The Story of Silver: How the White Metal Shaped America and the Modern World. The wittiness of that remark in the acknowledgements shows the many instances of snark, […]

How Societies Save For An Uncertain Future

How Societies Save For An Uncertain Future

by Joakim Book Last week I wrote about how money is society’s technology for moving value across time. Without defining it more narrowly (which monetary economists do to their heart’s content), money is the technology by which we arrange the division of labor: I do my thing; you do yours; and we can trade the surplus […]