EconBuff Podcast #30 with Ryan Mattson
Dr. Ryan Mattson does a question and answer session with me in response to questions generated by his past Econ Buff episode on Cryptocurrency. Dr. Mattson answers questions about the ease of trading between cryptocurrencies. He defends the credibility of the Federal Reserve based on its historical performance in containing inflation. I push back on this defense, criticizing the FED’s performance since the early 2000s and question him on the nature of inflation containment. We explore the difference between stable and low inflation versus having any inflation at all. Dr. Mattson takes on the character of barter and trade, arguing money provides many benefits beyond facilitating a complex, modern economy. We address speculation as a property of money, with Dr. Mattson discussing the interaction between speculation and money serving as a store of value. Finally, Dr. Mattson tackles clarifying scarcity in cryptocurrency, gives a deeper explanation of how verifying transactions is a property of all money and he defends his stance on the money growth rule of cryptocurrency being primitive while pointing out that the mechanics of cryptocurrency are not primitive.
Photo by Art Rachen on Unsplash
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