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Regression Theorem
The Regression Theorem, first proposed by Ludwig von Mises in his 1912 book ''The Theory of Money and Credit'', states that the value of money can be traced back ("regressed") to its value as a commodity. The theorem claims that at a point in time there was a good with intersubjective exchange value based on the value of it as a commodity (i.e. silver, gold, etc.), which lead to the good's capacity in given circumstances to procure a specific quantity of other goods as an equivalent in exchange and is derived from the human process of valuing individual goods not granted from nature, based on emotion which was then gradually adopted as money. Recently, there has been a debate about applying Regression Theorem to Cryptocurrency such as Bitcoin Bitcoin ( abbreviation: BTC; sign: ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology studies Bureaucracy (book), comparing communism and capitalism. He is considered one of the most influential economic and political thinkers of the 20th century. Mises emigrated from Austria to the United States in 1940. Since the mid-20th century, libertarian movements have been strongly influenced by Mises's writings. Mises' student Friedrich Hayek viewed Mises as one of the major figures in the revival of classical liberalism in the post-war era. Hayek's work "The Transmission of the Ideals of Freedom" (1951) pays high tribute to the influence of Mises in the 20th century libertarian movement. Mises's Private Seminar was a leading group of economists. Many of its alumni, including Friedri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Theory Of Money And Credit
''The Theory of Money and Credit'' is a 1912 economics book written by Ludwig von Mises, originally published in German as ''Theorie des Geldes und der Umlaufsmittel''. In it Mises expounds on his theory of the origins of money through his regression theorem, which is based on logical argumentation. It is one of the foundational works of the Misesian branch of the Austrian School of economic thought. Commodity money exists today. Mises looks at the origin, nature and value of money, and its effect on determining monetary policy. It does not concern all adaptations of money. He uses the so-called ''regression theorem'', a statement backed by a step by step, logical reasoning. Mises explains why money is demanded in its own right. According to Mises, money has historically come about after there has been a demand for the money commodity in a barter economy. Applications Along with Carl Menger's '' Principles of Economics'', and Eugen von Böhm-Bawerk's ''Capital and Interest'', th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities. Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bitcoin
Bitcoin ( abbreviation: BTC; sign: ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software. The word "''bitcoin''" was defined in a white paper published on October 31, 2008. It is a compound of the words ''bit'' and ''coin''. The legality of bitcoin varies by region. Nine countries have fully banned bitcoin use, while a further fifteen have implicitly banned it. A few governments have used bitcoin in some capacity. El Salvador has adopted Bitcoin as legal tender, although use by merchants remains low. Ukraine has accepted cryptocurrency donations to fund the resistance to the 2022 Russ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
