Friday, 31 August 2018
The recent fluctuations in Bitcoin’s value are just the latest in a series of spectacular peaks and troughs since it was created in 2009. (Though its price has been falling recently, it remains five times higher than last April, before the latest major peak began.)
Commentators are often dismissive of Bitcoin buyers, writing them off as naive victims of a fraudulent bubble. But if we look more carefully, we can trace the history of Bitcoin through five key narratives. Each has drawn in a different group of buyers and in doing so contributed to its long-term growth in value.
Wednesday, 4 July 2018
|The Painter on his way to work,|
by Vincent van Gogh
Thursday, 7 June 2018
|John Maynard Keynes|
Source: Wikimedia Commons
Sunday, 4 March 2018
|Source: Wikimedia Commons|
The value of a thing, as I argued in my last post, is the price it ought to exchange at. Different people may assess the value of a thing differently, but to reach agreement on values, they need to offer explanations of those assessments in terms that other people can find reasonable. Usually this means that they will need to invoke socially acceptable standards of value to justify their assessments.
Saturday, 3 March 2018
Economics needs a theory of value, but the existing theories are thoroughly inadequate. In this post I briefly introduce the key elements of an alternative theory. This is the first output from a one year project on the construction of financial value, which has been kindly funded by the Independent Social Research Foundation.
|Source: R M Media Ltd|