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Blockchain NFTs have nothing to do with ownership rights. They are merely receipts for donations.

 NFTs are not property rights just like Bitcoin is not money. Property rights are usually described as a bundle of rights, but this is true of nearly every concept which can be described as having a bundle of qualities. But

Posted in Culture, Macro, Philosophy and ethics

Bitcoin is not money. Therefore it cannot replace the dollar which IS money.

UPDATED on 4/24/21re Bitcoin is not money.  There are three main functions of money: 1) a unit of account (a measurement of value); 2) a medium of exchange; and 3) a store of value.  The most important and unique function of money

Posted in Macro

Interest rates are low because of demographic changes and rising corporate power

Greg Mankiw wrote in the NYT about the puzzle of persistently low interest rates. Interest rates have been lower than ever before in history and they have been very low for decades so low interest rates seems to be the

Posted in Macro, Managerial Micro

Why did the stock market rise to record highs during the Covid-19 pandemic? Is it a bubble?

The timing of stock market gyrations are often hard to explain, and although the stock market crash at the beginning of the Covid pandemic is easy to understand, the dramatic rise later in the pandemic is harder to understand. Why

Posted in Macro

I sold my stocks. I’m an economist who usually doesn’t believe in market timing, but the market looks irrationally exuberant right now.

First let’s look at the economic fundamentals right now: GDP has crashed by more than it has since the Great Depression due to a pandemic with no end in sight. Unemployment is higher than it has ever been since the

Posted in Macro

Bush and his team were SOOO much better than Trump and his team.

Once again I find myself longing for the good old days of the George W. Bush administration which was so much more honest and competent.  And they weren’t racist nor corrupt. Here is Bush’s chief economic advisor on what should

Posted in Health, Macro

This month may be the best time in history to look for a job!

One of the oddities of the macroeconomy is the fact that GDP falls wildly every year in the beginning of winter. That means that there is a kind of recession every winter. It isn’t an official recession because everyone expects

Posted in Labor, Macro

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