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Spring 2018

ISSN 0890-913X

Volume 33, Number 1

Categories: Spring 2018 | Monetary policy

The Future of Money

Gerald P. O’Driscoll Jr., Cato Institute

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TheJournalofPrivateEnterprise33(1),2018,1–7TheFutureofMoneyGeraldP.O’Driscoll,Jr.CatoInstitute______________________________________________________AbstractInthisissue,wepresentasymposiumthatconsidersapossiblemonetaryfuture.Eacharticleisgroundedinrealityandhistory,butalsoconsiderscurrenttrendsandthepossiblefutureevolutionofmonetaryinstitutions.EnglandandFratrikpresentanoverviewofbitcoinanditspossibledevelopmentaseitherafinancialassetormoney.Lutherfocusesonthetheoreticalquestionofwhatthesourceofvalueforbitcoinis.Itturnsouttobeatrickyone.CargillandO’DriscollarguethattheFederalReservehasbeenfollowingtheBankofJapan’smonetarypolicy,withequallyunsatisfactoryresults.Theysuggestsomeremedies.______________________________________________________JELCodes:E5,G1,N1Keywords:bitcoin,money,networkeffect,intrinsicworth,FederalReserve,BankofJapan,centralbankindependenceI.IntroductionJustovertwentyyearsago,theCatoInstitutepublishedavolumeofessaysonthefutureofmoney(Dorn1997).1Theworkanticipatedmanyoftheissuesbeingdiscussedtoday.Theyincludedmonetarypolicyintheinformationageandthefutureofbanking.Itbeganwithasectiononelectroniccommerceandmonetaryevolution,whichwasaprescientpairingoftwodevelopmentsnowobviouslylinked(butlesssoatthetime).Manyoftheauthorsinthatvolume,suchasLawrenceH.White,GeorgeSelgin,andJerryJordan,areactiveparticipantsintoday’sdebatesoverthefutureofmoney.Moneyhascontinuedevolving,ashasthediscussion,butthemesrecur.Thepapersinthissymposiumreflectboththeevolutionofmoneyandfinance,andthetheoriesandevidenceonthatevolution.EnglandandFratrik(2018)provideanoverviewoftheissuessurroundingbitcoinandothercryptocurrencies.Theauthorsareagnosticaboutbitcoin’sfutureaseithermoneyorafinancialasset.1ThebookcollectedthepaperspresentedatCato’sfourteenthannualmonetaryconferenceheldinMay2016.

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Metadata [hide]

Title	The Future of Money
Authors/Creators:	Gerald P. O’Driscoll Jr., Cato Institute
Year:	2018
Volume:	33
Number:	1
Pages:	1 - 7
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	bitcoin, money, network effect, intrinsic worth, Federal Reserve, Bank of Japan, central bank independence

Citation:
O’Driscoll Jr., Gerald P. / 2018. "The Future of Money." The Journal of Private Enterprise, 33(1): 1-7.