In a previous post, I alluded to Ben Klein’s paper on competitive fiat money. (As a quick note, I am going to refer to paper money that is not redeemable into some commodity as “fiat money” for ease of exposition.) In many ways, the paper was ahead of its time. What Klein was claiming
Price Theory and Cryptocurrency
Price Theory and Cryptocurrency
Price Theory and Cryptocurrency
In a previous post, I alluded to Ben Klein’s paper on competitive fiat money. (As a quick note, I am going to refer to paper money that is not redeemable into some commodity as “fiat money” for ease of exposition.) In many ways, the paper was ahead of its time. What Klein was claiming