Joshua R. Hendrickson
CEA Deserves an F on Bitcoin Mining Tax Analysis
"The CEA’s argument would result in a failure on an introductory microeconomics exam. One expects better from a team of professional economists." ~ Joshua R. Hendrickson
Lessons from the Phillips Curve
"The exploration of the Phillips Curve has taken many different paths and yet somehow ended up in the same place. The world could have been spared much of this meandering…
What Is an FTX?
"The existence of the FTT token combined with the opacity of the relationship between Alameda and FTX is crucial to the story." ~ Joshua R. Hendrickson
The Unquestioned Monopoly
"Despite the arguments made against monopoly and the arguments made in favor of competition, there is one monopoly that largely goes unquestioned. I’m referring, of course, to the monopoly over…
Criminal Code
"The Tornado Cash ban is very disappointing. Rather than bolstering financial privacy, the U.S. government is making financial privacy a crime." ~ Joshua R. Hendrickson & William J. Luther
Bitcoin and the Cost Fallacy
"Energy cost doesn’t put a floor under the price. Instead, it is the price that influences the energy cost. The price of bitcoin is just about supply and demand. Same…
Inflation and Relative Prices
"Although inflation is often classified as a macroeconomic topic, it is clear that a firm understanding of price theory is necessary to work out all of the costs associated with…
Inflation and Time
"The monetary regime that we have had since Richard Nixon closed the gold window is one of persistent price inflation. A comparison of money prices today and money prices in…
When A Dollar Isn’t a Dollar
"A few weeks ago the stablecoin called TerraUSD broke its peg from the dollar and collapsed along with the protocol’s flexible price LUNA token, and now you know why." ~…
The Federal Reserve’s Moving Target
"If persistent deviations from the Federal Reserve's target can be costly in terms of resource misallocation, imagine the costs associated with simultaneous fluctuations in both inflation and its target for…
