Economics

The Irony of Bitcoin

Dr. Tiemann reviews how Bitcoin, the new “crypto-currency,” works and shows that, while designed to not require the participation of banks or other trusted financial intermediaries, nevertheless, Bitcoin does require verification that can be established by ordinary people, which is not yet available.

Competition

In his note on market competition Dr. Tiemann writes: “It’s an attempt to dig a little deeper than the stylized models we study in economics courses, and think a bit about how competition operates in the real economy.”