In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas.
Shiller outlines the various types of alternative currency that have existed throughout history, saying that, “New ideas for money seem to go with the territory of revolution, accompanied by a compelling, easily understood narrative.” Shiller first refers to Josiah Warner’s “labor notes” of the Cincinnati Time Store in 1827, that sold merchandise in units of hours of work.The currency did not last long, as the store closed in 1830.
Continue Reading on Cointelegraph
