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Hey Everyone,
We'd like to wish a warm congratulations to Professors David Card, Joshua Angrist and Guido Imbens for winning the latest Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
In contrast with other fields of study, where researchers often work in controlled laboratory environments, economic research can be particularly tricky.
We all know that correlation does not necessarily imply causation, but all three men found unique and innovative ways to show how natural experiments can teach us about cause-and-effect relationships.
It's fascinating to think that the knowledge we now take for granted was born through hard work and dedicated research in the early 90s.
It's also interesting to note that it took nearly three full decades for their accomplishments to be formally acknowledged by the Nobel committee.
The prize money of 10 million Swedish krona will be divided amongst the three prize winners, with half of that amount going to Card and the remaining 50% being divided between Angrist and Imbens.
That comes out to approximately $1.14 million or 20.5 bitcoin, using CoinDesk data. |
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Tortoise, not hare
What I learned from all this is that economics is more like a tortoise than a hare. It took several decades and a mountain of evidence to change public opinion on such important matters like minimum wage and privileged education.
There's no telling how long it will take to fully grasp the weight of the great monetary policy experiment that is quantitative easing.
It also explains why there's such confusion and conflicting opinions about COVID-19 and the efficacy of vaccines and lockdowns.
The research hasn't even been completed yet, let alone compiled or discussed impartially. The greatest lessons of the pandemic, I believe, are yet to be learned.
The short-term effects of both QE and COVID-19, however, are clear as day. The rich got richer and the poor got proportionately poorer, all under the auspices of avoiding something worse.
Perhaps we did avoid something worse, perhaps we didn't. Unfortunately, we probably won't know for at least a decade.
Have a wonderful evening/morning. |
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| Mati Greenspan Analysis, Advisory, Money Management |
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Bitcoin Market Journal is a daily newsletter focusing on blockchain and crypto investments. It is written and edited by Charles Bovaird, Mati Greenspan, John Hargrave, and Alex Lielacher.
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