Nobel Prize-Winning Economist: Crypto the Latest in a Pattern of Alternative Currencies
The 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas, In a May 21 article entitled “The Old Allure of New Money” .
Shiller cites John Pease Norton’s “electric dollar” and other historical parallels of rejected innovations which serve to illustrate, in his opinion, why Bitcoin and cryptocurrencies are doomed to fail. He also notes that governments are actively engaged in sounding the alarm bells, but that the devotees ignore them at their own peril.
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