Welcome to the Age of Monetary Exploration

The 21st Century will yield amazing discoveries about money and how humans use it best.

Cryptocurrency is full of people who believe in old economic theories that have never been tried in the real world. There’s an almost zealous adherence to esoteric principles that seem to have no place in our modern lives.

Fitting, perhaps, for a niche technology whose earliest followers — and most ardent advocates — came to it as an escape from convention. You would expect them to hold unconventional beliefs.

For the rest of us, convention is ok. Mainstream economics seems to work well enough.

Or does it? Is it really so much better than those archaic theories bitcoiners throw around?

When I studied economics in college, a professor told my class a joke about a doctoral student who presented her dissertation idea to her mentor. After she finished, her mentor said: “yes, that works in practice, but does it work in theory?”

Modern economics relies heavily on “all else being equal” and the empirical study of human activities that you can never replicate in a scientific setting.

Once you step into the real world, all else is never equal.

With time and effort, research always reveals some truths, principles, and goals.

That’s nice, but it only gets you so far. You’ll never find a one-handed economist.

Does printing money lead to inflation? That’s a very basic question, yet economists disagree. Sometimes, printing money leads to inflation. Sometimes, it doesn’t. We have theories, not proof.

Cryptocurrency can change that.

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