Author Archives: Saifedean Ammous

A Beginner’s Guide to Austrian Economics

For years I had noticed how some of the smartest people I know all tell me that they find economics very difficult to understand. Doctors, engineers, businessmen, and many other highly intelligent people would all share a similar story: “I took a few economics courses in college and did well, but I didn’t understand anything/forgot […]

Cryptocurrencies and the functions of money

I have a new working paper for the Center on Capitalism and Society analyzing whether cryptocurrencies can perform the three traditional functions of money. The paper’s abstract: This paper analyzes five cryptocurrencies’ monetary supply growth, credibility, and stability, to evaluate whether these currencies have a viable monetary role as a medium of exchange, store of […]

The “blockchain technology” fiction

Four months ago I published a piece in American Banker discussing the strangely trendy topic of “blockchain technology”, in which I explain my skepticism of the entire notion that “the technology behind bitcoin” could serve any useful function for the financial intermediaries it was specifically designed to replace. Bitcoin’s technology is as useful to the banks trying […]