William J. Luther

Florida Atlantic University

Assistant Professor of Economics

5353 Parkside Dr

Jupiter, FL 33458

United States

http://www.wluther.com

American Institute for Economic Research

Director, Sound Money Project

PO Box 1000

Great Barrington, MA 01230

United States

http://www.aier.org/staff/william-j-luther

SCHOLARLY PAPERS

45

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22,475

CITATIONS
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16

Scholarly Papers (45)

1.

Can Bitcoin Become a Major Currency?

GMU Working Paper in Economics No. 14-17
Number of pages: 9 Posted: 06 Jun 2014 Last Revised: 22 May 2018
William J. Luther and Lawrence H. White
Florida Atlantic University and George Mason University - Department of Economics
Downloads 4,344 (1,717)

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Bitcoin, Medium of Exchange, Store of Value, Unit of Account

2.

Bitcoin is Memory

Journal of Prices & Markets, 3(3), 2015: 22-33.
Number of pages: 12 Posted: 09 Jun 2013 Last Revised: 22 May 2018
William J. Luther and Josiah Olson
Florida Atlantic University and Kenyon College
Downloads 3,412 (2,622)
Citation 1

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bitcoin, crypto-currency, currency competition, medium of exchange, memory, monetary standard, money, payment system

3.

Bitcoin and the Future of Digital Payments

Number of pages: 14 Posted: 18 Jul 2015 Last Revised: 24 May 2018
William J. Luther
Florida Atlantic University
Downloads 2,594 (4,220)

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Bitcoin, Cryptocurrency, Digital Payments, Payment Systems, Network Effects, Switching Costs, Regulation

4.
Downloads 1,687 ( 8,742)
Citation 1

Cryptocurrencies, Network Effects, and Switching Costs

Mercatus Center Working Paper No. 13-17
Number of pages: 45 Posted: 18 Jul 2013 Last Revised: 22 May 2018
William J. Luther
Florida Atlantic University
Downloads 1,686 (8,585)
Citation 1

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bitcoin, cryptocurrency, currency competition, lock-in, medium of exchange, monetary standard, money, network effects, path dependence, spontaneous switching, standardization

Cryptocurrencies, Network Effects, and Switching Costs

Contemporary Economic Policy, Vol. 34, Issue 3, pp. 553-571, 2016
Number of pages: 19 Posted: 27 May 2016
William J. Luther
Florida Atlantic University
Downloads 1 (632,212)
Citation 1
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5.
Downloads 1,519 ( 10,349)

The Political Economy of Bitcoin

Number of pages: 30 Posted: 29 Nov 2014 Last Revised: 22 May 2018
Joshua R. Hendrickson, Thomas L. Hogan and William J. Luther
University of Mississippi, Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 1,519 (10,151)

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Money matching, Random matching, Endogenous matching, Cryptocurrency, Bitcoin

The Political Economy of Bitcoin

Economic Inquiry, Vol. 54, Issue 2, pp. 925-939, 2016
Number of pages: 15 Posted: 26 Feb 2016
Joshua R. Hendrickson, Thomas L. Hogan and William J. Luther
University of Mississippi, Rice University - Baker Institute for Public Policy and Florida Atlantic University
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6.

Using NPR's Planet Money Podcast in Principles of Macroeconomics

Number of pages: 15 Posted: 07 Feb 2014 Last Revised: 09 Dec 2014
William J. Luther
Florida Atlantic University
Downloads 948 (21,450)

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National Public Radio, Planet Money, Podcast, Teaching

7.

Regulating Bitcoin: On What Grounds?

Luther, William J. 2016. "Regulating Bitcoin: On What Grounds?" In Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, Hester Peirce and Benjamin Klutsey (eds.). Arlington, VA: Mercatus Center at George Mason University.
Number of pages: 25 Posted: 17 Jul 2015 Last Revised: 22 May 2018
William J. Luther
Florida Atlantic University
Downloads 785 (28,142)

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Bitcoin, Budgetary Policy, Consumer Protection, Cryptocurrency, Drug Trade, Illegal Transactions, Illegal Transfers, Macroeconomic Policy, Monetary Policy, Regulation, Silk Road, Terrorism

8.

Labor Economics from an Austrian Perspective

GMU Working Paper in Economics No. 12-41
Number of pages: 57 Posted: 17 Aug 2012 Last Revised: 18 Oct 2017
Peter J. Boettke and William J. Luther
George Mason University - Department of Economics and Florida Atlantic University
Downloads 540 (46,315)

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Austrian, Austrian business cycle theory, Böhm-Bawerk, entrepreneurship, Hayek, labor, labor theory of value, marginalism, Mises, search, uncertainty, unemployment

9.

Is Bitcoin Intrinsically Worthless?

AIER Sound Money Project Working Paper No. 2018-07
Number of pages: 23 Posted: 17 Jul 2017 Last Revised: 22 May 2018
William J. Luther
Florida Atlantic University
Downloads 496 (51,646)

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bitcoin, cryptocurrency, intrinsic worth, money, payment, payment system

10.

Positively Valued Fiat Money after the Sovereign Disappears: The Case of Somalia

GMU Working Paper in Economics No. 11-14
Number of pages: 34 Posted: 04 Apr 2011 Last Revised: 28 Jun 2016
William J. Luther and Lawrence H. White
Florida Atlantic University and George Mason University - Department of Economics
Downloads 449 (58,445)
Citation 5

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Belief, Focal Point, Inertia, Learning, Monetary Regime, Monetary Standard, Money, Search, Self-fulfilling Prophecy, Somalia, Somali Shilling

11.

The Monetary Mechanism of Stateless Somalia

Number of pages: 26 Posted: 29 Apr 2012 Last Revised: 26 Aug 2015
William J. Luther
Florida Atlantic University
Downloads 440 (59,868)
Citation 2

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institutions, monetary regime, monetary standard, Somalia, Somali shilling, purchasing power

12.

The Ordinary Economics of an Extraordinary Crisis

MACROECONOMIC THEORY AND ITS FAILINGS: ALTERNATIVE PERSPECTIVE ON THE WORLD FINANCIAL CRISIS, Steven Kates, ed., Edward Elgar Publishing
Number of pages: 19 Posted: 19 Jan 2010
Peter J. Boettke and William J. Luther
George Mason University - Department of Economics and Florida Atlantic University
Downloads 409 (65,423)
Citation 2

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Financial Crisis, Austrian Business Cycle

13.

Banning Bitcoin

Number of pages: 19 Posted: 14 Oct 2016 Last Revised: 22 May 2018
Joshua R. Hendrickson and William J. Luther
University of Mississippi and Florida Atlantic University
Downloads 372 (73,390)

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Ban, Bitcoin, Cryptocurrency, Currency, Endogenous matching, Money, Money matching, Political economy, Random matching, Transactions policy

14.

Hayek, Keynes, and Modern Macroeconomics

Number of pages: 20 Posted: 31 Mar 2010 Last Revised: 30 Jun 2011
Roger Koppl and William J. Luther
Syracuse University and Florida Atlantic University
Downloads 346 (79,586)

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animal spirits, cognition, complexity, Great Recession, Hayek, Keynes, radical uncertainty, state of confidence

15.

Synthesizing State and Spontaneous Order Theories of Money

Advances in Austrian Economics 18 2014
Number of pages: 24 Posted: 03 Sep 2012 Last Revised: 01 Mar 2015
Alexander William Salter and William J. Luther
Texas Tech University - Rawls College of Business and Florida Atlantic University
Downloads 330 (84,096)
Citation 1

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chartalism, Knapp, medium of exchange, Menger, money, search, spontaneous order, state theory of money, unit of account

16.

Movie Production Incentives: Blockbuster Support for Lackluster Policy

Tax Foundation Special Report, No. 173, January 2010
Number of pages: 16 Posted: 20 Jan 2010
William J. Luther
Florida Atlantic University
Downloads 307 (91,076)

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Tax Policy, Production Incentives, State and Local Government

Friedman Versus Hayek on Private Outside Monies: New Evidence for the Debate

Number of pages: 17 Posted: 10 May 2011 Last Revised: 21 Aug 2012
William J. Luther
Florida Atlantic University
Downloads 259 (108,812)
Citation 1

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Comparative Monetary Systems, Competitive Monies, Denationalisation of Money, Friedman, Government and the Monetary System, Hayek, Medium of Exchange, Money, Monetary Standards, Monetary Regimes, Network Effects, Regulation

Friedman Versus Hayek on Private Outside Monies: New Evidence for the Debate

Economic Affairs, Vol. 33, Issue 1, pp. 127-135, 2013
Number of pages: 9 Posted: 07 Feb 2013
William J. Luther
Florida Atlantic University
Downloads 1 (632,212)
Citation 1
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competitive monies, Friedman, government and the monetary system, Hayek, monetary regimes, monetary standards, network effects

18.

Getting Off the Ground: The Case of Bitcoin

AIER Sound Money Project Working Paper No. 2018-03
Number of pages: 30 Posted: 08 Aug 2017 Last Revised: 06 Jun 2018
William J. Luther
Florida Atlantic University
Downloads 253 (112,024)

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bitcoin, coordination, cryptocurrency, currency, demand for money, intrinsic worth, launch, money, use-value

19.

An Empirical Analysis of the Austrian Business Cycle Theory

Number of pages: 28 Posted: 11 Jan 2014
William J. Luther and Mark Cohen
Florida Atlantic University and Kenyon College
Downloads 249 (113,878)

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Austrian, boom, business cycle, bust, federal funds rate, Friedrich A. Hayek, interest rate, Ludwig von Mises, macroeconomic fluctuation, monetary policy, natural rate of interest, neutral rate of interest, producer price index, productivity rule, recession, stage of process, structure of production

20.

The Optimal Austrian Business Cycle Theory

Advances in Austrian Economics 20 2016: 45-60
Number of pages: 21 Posted: 11 Nov 2014 Last Revised: 07 Aug 2016
Alexander William Salter and William J. Luther
Texas Tech University - Rawls College of Business and Florida Atlantic University
Downloads 240 (118,227)

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Austrian, boom, business cycle, bust, Friedrich A. Hayek, Ludwig von Mises, macroeconomic fluctuation, structure of production, rational expectations

21.

On the Empirical Relevance of the Mises-Hayek Theory of the Trade Cycle

Number of pages: 29 Posted: 27 Oct 2013 Last Revised: 08 Apr 2014
William J. Luther and Mark Cohen
Florida Atlantic University and Kenyon College
Downloads 217 (130,654)

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Austrian, boom, business cycle, bust, Friedrich A. Hayek, Ludwig von Mises, macroeconomic fluctuation, stage of process, structure of production

22.

Bitcoin and the Bailout

Quarterly Review of Economics and Finance, Forthcoming
Number of pages: 18 Posted: 15 Nov 2015 Last Revised: 24 Jan 2017
William J. Luther and Alexander William Salter
Florida Atlantic University and Texas Tech University - Rawls College of Business
Downloads 215 (131,789)

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bitcoin, cryptocurrency, currency competition, medium of exchange, money, payment system

23.

The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective

George Mason University Mercatus Center Working Paper No. 10-63
Number of pages: 29 Posted: 05 Dec 2010
Steven Horwitz and William J. Luther
Ball State University and Florida Atlantic University
Downloads 169 (164,360)

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Austrian Economics, Bailout, Business Cycle, FDIC, Monetary Equilibrium Theory, Monetary Systems, Monetary Policy, Moral Hazard, Nominal Income Targeting, The Great Recession

24.

Book Review: L. J. Kotlikoff’s, Jimmy Stewart is Dead: Ending the World’s Ongoing Financial Plague with Limited Purpose Banking

Economic Affairs (Institute for Economic Affairs), Vol. 31, No. 1, 2011
Number of pages: 4 Posted: 27 Feb 2011
William J. Luther
Florida Atlantic University
Downloads 166 (166,926)

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Book Review

25.

B. Mclean and J. Nocera's All the Devils are Here: The Hidden History of the Financial Crisis

Economic Affairs (Institute for Economic Affairs), Forthcoming
Number of pages: 2 Posted: 22 Jul 2011 Last Revised: 24 May 2017
William J. Luther
Florida Atlantic University
Downloads 157 (175,137)

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Book Review

26.

G. Heinsohn and O. Steiger's Ownership Economics: On the Foundations of Interest, Money, Markets, Business Cycles and Economic Development

Number of pages: 4 Posted: 11 Oct 2013 Last Revised: 24 May 2017
William J. Luther
Florida Atlantic University
Downloads 153 (178,973)

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book review, ownership economics, property, property rights

27.

Benn Steil's The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order

Number of pages: 3 Posted: 18 Jul 2013 Last Revised: 24 May 2017
William J. Luther
Florida Atlantic University
Downloads 147 (184,985)

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monetary systems, monetary regimes, gold standard, Bretton Woods, John Maynard Keynes, Harry Dexter White

28.

The Explicit Costs of Government Deposit Insurance

Cato Journal, Vol. 34 (1) pp.145-170, Winter 2014
Number of pages: 26 Posted: 13 Jun 2012 Last Revised: 12 Apr 2014
Thomas L. Hogan and William J. Luther
Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 144 (188,159)

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Actuarially fair, Bank failures, Comparative Institutional Analysis, Deposit insurance, Diamond-Dybvig, FDIC

29.

Estimating Optimal Denominations

Number of pages: 34 Posted: 24 May 2012
William J. Luther
Florida Atlantic University
Downloads 123 (213,190)
Citation 1

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Banknotes, Coins, Currency, Denomination, Denomination Structure, Monetary Regime, Monetary Standard, Monetary Unit, Money, Payments, Payment System, Powers-of-Three, Powers-of-Two, Somalia, Somali Shilling

30.

Monetary Equilibrium and Price Stickiness Reconsidered: A Reply to Bagus and Howden

Review of Austrian Economics 25(3) 2012: 263-269
Number of pages: 7 Posted: 29 Jan 2012 Last Revised: 16 Aug 2014
William J. Luther and Alexander William Salter
Florida Atlantic University and Texas Tech University - Rawls College of Business
Downloads 103 (242,258)

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Austrian economics, central banking, commodity standard, fiat money, free banking, macroeconomics, money, monetary equilibrium theory, monetary standard, sticky information, sticky prices

31.

Evenly Rotating Economy: A New Modeling Technique for an Old Equilibrium Construct

Number of pages: 25 Posted: 26 Jul 2013 Last Revised: 17 Sep 2013
William J. Luther
Florida Atlantic University
Downloads 96 (254,130)

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Austrian economics, evenly rotating economy, general equilibrium, matching, Mises, search, Walrasian

32.

Endogenous Matching and Money with Random Consumption Preferences

AIER Sound Money Project Working Paper No. 2018-11
Number of pages: 22 Posted: 13 Apr 2014 Last Revised: 27 Sep 2018
Thomas L. Hogan and William J. Luther
Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 94 (259,356)

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Money matching, Random matching, Endogenous matching, Monetary equilibrium

33.

The Implicit Costs of Government Deposit Insurance

Number of pages: 18 Posted: 21 Feb 2015 Last Revised: 03 Jun 2015
Thomas L. Hogan and William J. Luther
Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 88 (268,552)

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Actuarially fair, Bank failures, Comparative Institutional Analysis, Deposit insurance, Diamond-Dybvig, FDIC

34.

Adaptation and Central Banking

AIER Sound Money Project Working Paper No. 2018-01
Number of pages: 28 Posted: 04 Aug 2017 Last Revised: 22 May 2018
Alexander William Salter and William J. Luther
Texas Tech University - Rawls College of Business and Florida Atlantic University
Downloads 80 (284,645)

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Adaptation, Bailout, Central Bank, Motivation, Seigniorage, Selection, Research

35.

Mises and the Moderns on the Inessentiality of Money in Equilibrium

Number of pages: 24 Posted: 03 Mar 2015 Last Revised: 03 Jun 2015
William J. Luther
Florida Atlantic University
Downloads 74 (297,868)
Citation 1

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Austrian economics, epistemic frictions, evenly rotating economy, exchange frictions, experimental macroeconomics, general equilibrium, gift exchange, infinite games, matching, Mises, monetary economics, money, search, social norms

36.

Austrian Macroeconomics in Search of Its Uniqueness

AIER Sound Money Project Working Paper No. 2018-05
Number of pages: 28 Posted: 14 Jul 2017 Last Revised: 05 Jan 2018
William J. Luther and J.P. McElyea
Florida Atlantic University and comScore, Inc.
Downloads 63 (325,009)

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Austrian, Austrian business cycle, Austrian macroeconomics, business cycle, macroeconomics, macroeconomic fluctuation

37.

Economic Freedom is Negative Liberty: A Comment on Legum (2007) and Stanford (2007)

Real-World Economics Review, Vol. 3, No. 47, pp. 261-262, October 2008
Number of pages: 2 Posted: 20 Jan 2010
Robert A. Lawson, Joshua C. Hall and William J. Luther
Auburn University - Department of Finance, West Virginia University and Florida Atlantic University
Downloads 58 (338,527)

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Economic Freedom, Economic Growth, Institutions

38.

The Economics Underlying the Ethics of Fiscal Stimuli

Journal of Lutheran Ethics, Vol. 9, No. 3, 2009
Number of pages: 5 Posted: 19 Jan 2010
William J. Luther
Florida Atlantic University
Downloads 57 (341,367)

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39.

Deposit Insurance Is Not Fair

Harwood Economic Review, Winter: 6-7
Number of pages: 3 Posted: 11 Mar 2015 Last Revised: 30 Aug 2018
Thomas L. Hogan and William J. Luther
Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 55 (347,302)

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Actuarially fair, Bank failures, Deposit insurance

40.

Deposit Insurance Is Not Free

Mercatus on Policy, No. 115, 2012
Number of pages: 4 Posted: 18 Dec 2012
William J. Luther and Thomas L. Hogan
Florida Atlantic University and Rice University - Baker Institute for Public Policy
Downloads 53 (353,467)

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41.

Ireland

BOOMS AND BUSTS: AN ENCYLOPDIA OF ECONOMIC HISTORY FROM TULIPMANIA OF THE 1630s TO THE GLOBAL FINANCIAL CRISIS OF THE 21st CENTURY, pp. 418-421, James Ciment, ed., Armonk, NY: M.E. Sharpe, 2010
Number of pages: 3 Posted: 20 Jan 2010 Last Revised: 23 Jul 2011
Joshua C. Hall and William J. Luther
West Virginia University and Florida Atlantic University
Downloads 47 (372,380)
Citation 1

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Economic Growth, Institutions, Ireland

42.

Kenneth S. Rogoff's The Curse of Cash

Number of pages: 3 Posted: 23 May 2017
William J. Luther
Florida Atlantic University
Downloads 42 (389,392)

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cash, money, ban, curse of cash, crime, tax evasion, zero lower bound

43.

BRACE for a New Interventionist Economics

Number of pages: 60 Posted: 12 Jun 2014
Roger Koppl and William J. Luther
Syracuse University and Florida Atlantic University
Downloads 38 (404,005)

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E32, G12, E5, E6

44.

Suboptimal Equilibria from Nominal GDP Targeting

Number of pages: 22 Posted: 01 Jul 2015
Thomas L. Hogan and William J. Luther
Rice University - Baker Institute for Public Policy and Florida Atlantic University
Downloads 33 (423,954)

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Monetary Policy, Nominal GDP targeting, Inflation, Economic growth

45.

Patience and Principles

Number of pages: 13 Posted: 27 Feb 2016 Last Revised: 02 Mar 2016
William J. Luther
Florida Atlantic University
Downloads 23 (471,839)

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Macroeconomics, Discount Rate, Grades, Patience, Time Preference

Other Papers (2)

Total Downloads: 203    Citations: 0
1.

David Golumbia's The Politics of Bitcoin: Software As Right-Wing Extremism

Number of pages: 4 Posted: 24 May 2017
William J. Luther
Florida Atlantic University
Downloads 154

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bitcoin, ideology, software, extremism, right-wing, poltics

2.

Preface to On the Origins of Money by Carl Menger

Number of pages: 6 Posted: 16 Jun 2014
William J. Luther
Florida Atlantic University
Downloads 49

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Carl Menger, Medium of Exchange, Money, Spontaneous Order