Studying private currencies since before they became cool. Professor of Economics at George Mason University. Blogger at https://t.co/pTKGQprsLI.
Sep 4, 2021 • 8 tweets • 3 min read
Paul Krugman is not a historian of economic thought; he only role-plays one in his NYT opinion column. He has never understood the Austrian / Hayekian theory of the business cycle, so he thinks that it couldn't have been a serious rival to Keynes’s theory in the 1930s. But
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JR Hicks was there, and wrote in his 1967 essay “The Hayek Story”:
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Jul 19, 2021 • 11 tweets • 2 min read
Thread: The Gorton and Zhang working paper on “Wildcat Stablecoins” offers a take on modern stablecoins, banking, and mutual funds that is no less ex parte than its view of 19th century free banking. 1/10 papers.ssrn.com/sol3/papers.cf…
GZ worry that, left alone, “stablecoin issuers will become the money market funds of the 21st century—too big to fail.” Money-market mutual funds are not inherently failure-prone, however, when promptly marked to market. 2/10
