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Economics as a discipline is fraught with normalcy bias. Macroeconomics assumes a government. Taxes are assumed. Deficits are a given. Central banks, fiat legal
by pithic 9y ago
Economics as a discipline is fraught with normalcy bias. Macroeconomics assumes a government. Taxes are assumed. Deficits are a given. Central banks, fiat legal tender, and fractional reserve banking -- none of these existed 150 years ago, yet they are as foundational to modern economics as mass is to physics.
- Frogolocalypse 9y agoThat's why bitcoin is such a disruptive invention. It solves what was previously the unsolvable Byzantine Generals Problem. Before that invention, a cryptographically secure decentralized store of value was not possible. Now it is. That's why it is such a disruption.