![]() ![]() And I think there’s a good chance they’ll succeed and I’m impressed by the high amount of talent in crypto work or the crypto movement. I’m not sure it will all work, but I can see legitimate use cases with high benefits. ![]() TC: What’s your take on the current industry?Ĭowen: I started out as a crypto skeptic but over time I have become what I call a crypto hopeful. I find this disheartening about my own profession, but that’s how it is. It’s in weird places, and it’s not by professional economists. So, most of the best work on crypto is on medium, on Twitter. Some amount of time and experience helps as well. TC: Do you see a new crop of Economist coming out or just focus on cryptocurrency?Ĭowen: You need really a lot of external training outside of economics that none of us had in grad school, including just basics in cryptography wage. But the fact that they’re economists doesn’t make them as qualified to have an opinion as you might think. But unless you work on monetary theory, the professional incentive to ponder crypto is pretty small and most people don’t do it often. So I don’t think there’s a consensus yet. There’s a fair number of working papers people trying to model it, people who are intrigued and curious. Some in particular such as Paul Krugman have been quite harsh. They’ve not been the leading thinkers behind the crypto movement. TC: What are economists thinking of crypto? Do they study it? Worry about it?Ĭowen: I think most of them haven’t followed it much. In an effort to understand what economists think of this burgeoning industry, I reached out to Cowen to talk about the history of crypto as it deals with monetary policy and ask a simple question: What would the greatest economists of the past have thought of the current crypto mania? ![]() All this is to say that he’s a smart guy. He’s a popular thinker and blogger in a world of academics, and his work has appeared in Bloomberg and the New York Times. A professor at George Mason University, Cowen was named one of the Economist’s top 36 economists who were most influential over the past decade. Tyler Cowen is an economist and writer who co-founded the popular blog, MarginalRevolution. ![]()
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