The Philosophy of Bitcoin and the Question of Money
Simon Butler
Abstract
Money has been a polarising and unresolved socio-economic issue for more than 300 years. In this article, we explore how the state became increasingly involved in money and, through the words of prominent monetary theorists, identify the problem of the state in money. We analyse Bitcoin to see if it is a solution to this problem but move on to contend that the political dimension needs to be the focus of theory in the 21st century and that control of the supply of money, and the power that it gives, is the root of contention.
Topics & Concepts
Money supplyState (computer science)Focus (optics)Dimension (graph theory)Endogenous moneyEconomicsRoot (linguistics)Quantity theory of moneyPower (physics)Money measurement conceptMonetary economicsPoliticsKeynesian economicsPositive economicsMonetary policyPhilosophyVelocity of moneyPolitical scienceComputer scienceLawMathematicsLinguisticsPhysicsAlgorithmOpticsPure mathematicsQuantum mechanicsBlockchain Technology Applications and SecurityEconomic Theory and PolicyWeber, Simmel, Sociological Theory