
Narrative Economics

Notably, it is a story about how Bitcoin investors have become rich simply by being aware of new things on the cutting edge.
Robert J. Shiller • Narrative Economics
They are interested in new stories about Bitcoin because they believe that other people will be interested in them too.
Robert J. Shiller • Narrative Economics
It was not solely created for the sake of improving financial technology. But
Robert J. Shiller • Narrative Economics
Bitcoin is the catalyst for peaceful anarchy and freedom.
Robert J. Shiller • Narrative Economics
For example, in 1938 the existentialist philosopher Jean-Paul Sartre wrote, A man is always a teller of tales, he lives surrounded by his stories and the stories of others, he sees everything
Robert J. Shiller • Narrative Economics
Bitcoin both invoke monetary theory. In both cases, an enormous number of people began to regard a particular innovation as cool, trendy, or cutting-edge. In
Robert J. Shiller • Narrative Economics
Having a Bitcoin wallet makes the owner a citizen of the world and in some sense psychologically independent of traditional affiliations.
Robert J. Shiller • Narrative Economics
Few people who trade Bitcoins understand this technology. When I encounter Bitcoin enthusiasts, I often ask them to explain some of its underlying concepts and theories, such as the Merkle tree or the Elliptic Curve Digital Signature Algorithm,
Robert J. Shiller • Narrative Economics
find its story similar to the famous tulip mania narrative in the Netherlands in the 1630s, when speculators drove up the price of tulip bulbs to such heights that one bulb was worth about as much as a house.