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标签：economy

  • Why Doesn’t Bitcoin Fit Gresham’s Law (Bad Money Drives Out Good)?

    Web3 & Bitcoin

    Why Doesn’t Bitcoin Fit Gresham’s Law (Bad Money Drives Out Good)?

    Many people who question Bitcoin focus on its so-called “deflationary” character: because the total supply of bitcoins is limited and tends to appreciate, people are inclined to hoard them rather than spend them, so liquidity is poor and Bitcoin cannot become a mainstream currency. There are also two dimensions to this issue: one is temporal, the other spatial. First, considering the prospect of future appreciation, we may use money as conservatively as possible and engage less in speculation and investment. In this sense, the weakening of so-called “liquidity” by Bitcoin is inevitable, but that is not necessarily a bad thing. In a series of earlier articles of mine (such as…

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  • Bitcoin: Common Sense and Dogma

    Bitcoin: Common Sense and Dogma

    Bitcoin: Common Sense and Dogma
    Web3 & Bitcoin

    Bitcoin: Common Sense and Dogma

    Recently I’ve been following some Weibo accounts and websites related to Bitcoin, watching from the sidelines and even taking part in some of the related debates—for instance, the arguments surrounding this Weibo post were very lively: http://weibo.com/1646744100/zBFt7q7D1 I must admit that paying attention to Bitcoin while I’m anxiously preparing my doctoral dissertation does make me seem a bit off task, but I’d still like to offer myself a defense: after all, this is not completely beside the point. First of all, of course, one buys Bitcoin hoping to make money, or at least hoping to hedge risk. Right now the international and domestic financial and economic environment is facing a…

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  • Bitcoin: The Age of Exploration

    Web3 & Cypherpunks

    Bitcoin: The Age of Exploration

    Recently Bitcoin has been plunging in succession into a bear market, and its current price has already fallen below my own average purchase price (while I was writing this piece it dropped 10%!). But I figure it still has another stretch of decline ahead of it, so lately probably isn’t a good time for newcomers to enter. Of course, Bitcoin’s rhythm is the rhythm of the Internet age; a so-called bear market can’t possibly last for years the way it did after the bursting of the Nasdaq or Chinese A-share bubbles. At worst it may take ten days or half a month, at most a year or so, and it…

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  • The Economic History of Media—From Marx to Innis

    AI & the Future of Technology

    The Economic History of Media—From Marx to Innis

    Innis (Harold Adams Innis, 1894–1952), together with McLuhan, is recognized as one of the founders of the media ecology school. McLuhan highly praised Innis’s contributions, wrote prefaces to his two major works in communication studies, and even regarded his own breakthrough book *The Gutenberg Galaxy* as “a footnote to Innis’s viewpoint”[1]. But later, as McLuhan rose to fame, Innis instead became a footnote in McLuhan studies, a preliminary step in explaining the origins of McLuhan’s thought. In the academic context of media ecology, Innis is usually presented as McLuhan’s background or foil. Of course, some scholars have noticed Innis’s distinctive value, especially James Carey, who placed Innis above McLuhan. Entering…

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  • Bitcoin: An Endless Scam

    Bitcoin: An Endless Scam

    Bitcoin: An Endless Scam
    Web3 & Cypherpunks

    Bitcoin: An Endless Scam

    Previously I wrote a long article on Bitcoin, but I still did not make clear the two most crucial questions: first, the question people on the internet love to argue about most—whether Bitcoin is really a scam; second, the truly important question: what exactly is the revolution brought about by Bitcoin? The previous article in fact also touched on these two questions, but because it was so long, they may have been obscured, so let me talk about them separately here. First, let us discuss this question, which in fact is not even worth refuting: is Bitcoin a scam? Many people like to compare Bitcoin with the notorious tulip bubble,…

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  • Freedom vs. Equality — I Am a Right-Wing Socialist

    Enlightenment & the Spirit of Freedom

    Freedom vs. Equality — I Am a Right-Wing Socialist

    Last month I posted an article talking about my impressions of the two Wu teachers’ gathering, and as a result a commenter who was criticizing Professor Wu Tong showed up and we exchanged several rounds in the thread below. It’s not that I absolutely had to defend Professor Wu Tong; after all, my dealings with him have mostly been public and not much private, and I wouldn’t dare pound my chest and guarantee that he himself is beyond reproach. But taking the matter strictly on its merits, and judging only from the circumstances presented by the accuser, I still couldn’t help wanting to defend him: not only Professor Wu Tong,…

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  • I Don’t Object to the “Jeanswest Building”

    Culture & Public Commentary

    I Don’t Object to the “Jeanswest Building”

    Recently the “Zhenvis Building” next door has been the talk of the town, and there has been quite a lot of opposition and ridicule, but I basically don’t have much of a negative reaction. Peking University’s No. 3 Teaching Building was long ago renamed “Liu Qing Building,” but we still call it “Third Teaching Building,” and the university’s course schedules and notices still call it Third Teaching Building as well; at most, there’s just one more nameplate hanging on the wall. Tsinghua’s Zhenvis Building can also just continue to be called the Fourth Teaching Building, and it won’t interfere with everyday teaching and life. The only issue is that some…

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  • A Brief Note on “Wandering in the Clouds” (1)

    Life & Notes

    A Brief Note on “Wandering in the Clouds” (1)

    From July 8 to 15 I went to Yunnan with my parents for a trip—“cloud roaming,” for short. Of course, this sort of traveling can’t compare with the real “cloud roaming” I yearn for. I’m using this title for the post just to indulge my own yy~ We went with a Spring and Autumn Travel Agency group. Spring and Autumn is one of Shanghai’s old-established travel agencies; back when my parents went on their honeymoon by travel package, it was also Spring and Autumn, so it was certainly more正规 and reliable than those small, fly-by-night agencies. Still, no matter what travel agency it is, it can’t be compared with independent…

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  • [U.S.] Daniel Hausman, ed.: The Philosophy of Economics

    Philosophy & Thought

    [U.S.] Daniel Hausman, ed.: The Philosophy of Economics

    [U.S.] Daniel Hausman, ed., *The Philosophy of Economics*, translated by Ding Jianfeng, Shanghai People’s Publishing House, Century Publishing Group, January 2007, 38 yuan This book is about the “methodology” of economics, or rather, an inquiry into how it can count as a “science.” It shows the profound connection between economics and the philosophy of science; in fact, as I was reading it, I would sometimes have the illusion that I was reading an introduction to the philosophy of science rather than an introduction to economics. The introduction alone is almost a primer on the philosophy of science, including an overview of the entire line of development in the philosophy of…

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  • [U.S.] Steven Levitt, Stephen Dubner: Freakonomics

    Web3 & Cypherpunks

    [U.S.] Steven Levitt, Stephen Dubner: Freakonomics

    [U.S.] Steven Levitt and Steven Dubner: _Freakonomics—A Rogue Economist Explores the Hidden Side of Everything_, translated by Liu Xiangya, Guangdong Provincial Publishing Group, Guangdong Economic Press, March 2006, 28 yuan I generally don’t read popular books, especially the flashy, business-and-management-type titles that seem to be everywhere in the “social sciences” section of Xinhua Bookstore. But recently I decided to take another stab at economics, so I first picked up the lightest thing I could find, partly to whet my appetite and partly to see what these bestselling business-and-management books are really like. This book is billed as “the No. 1 business-and-management bestseller in the United States in 2005,” and it…

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