Blockchain of Fashion
Nobel Prize Winning Economist Labels Crypto as Latest in Alternative Currencies Pattern
In an article dated May 21 called "The Old Allure of New Money," 2013 Nobel laureate of Economics, Robert Shiller labelled cryptocurrency the latest iteration of concepts for currency alternatives.
The economist based at Yale also mentions authors of the Communist Manisfesto, Friedrich Engels and Karl Marx, who proposed that communist conditions where the private property would be eliminated, would necessarily result in "communistic abolition of buying and selling"
Shiller outlined the various types of alternative currency throughout history, and went on to say; "New ideas for money seem to go with the territory of revolution, accompanied by a compelling, easily understood narrative." Shiller firstly refers to Josiah Warner's "labor notes" from 1827 and the Cincinnati Time Store, which traded merchandise in units of work hours. This currency was not to last long...the store closed in 1830.

The economist based at Yale also mentions authors of the Communist Manisfesto, Friedrich Engels and Karl Marx, who proposed that communist conditions where the private property would be eliminated, would necessarily result in "communistic abolition of buying and selling".

Looking closer to now, Shiller touches on the Great Depression movement which was called "Technocracy" and proposed to replace the US Dollar which was then gold-backed with an energy measure. Their book "The ABC of Technocracy" proposed the idea of founding an economy on the basis of energy.

Looking at the modern age, Shiller postulates crypto, like its predecessors, is linked to "a deep yearning for some kind of revolution in society." He also believes the public's general lack of understanding of how cryptocurrencies function creates attraction, he says no one, outside of computer science departments, can explain how cryptocurrencies work, and that that mystery creates an aura of exclusivity, gives the new money glamour, and fills cryptocurrency devotees with revolutionary zeal.

Robert Shiller, Lars Peter Hansen, and Eugene Fama won the Nobel Prize in Economics in 2013 for "their empirical analysis of asset prices." Shiller developed the Case-Shiller index with colleague Karl Case, which is now used by Standard and Poor's Financial Services.