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RE: The Advent of Cryptoeconomics - Why Traditional Economics Is In Danger
One of my kids got a degree in economics from Yale. I think he agrees with you more than you know. Part of the problem is accurate records. Everyone is lying. When you need to qualify for a mortgage the house is worth a million. When the tax appraisal arrives you claim the same house is worth $600,000. This nonsense invades every aspect of our economies, worldwide. Black markets hide an unknown amount of activity, as well.. We need better measurement tools to even know what we are talking about.
Good point about the flexible valuation of the house. But let's not forget that it's mostly NOT the lowly homeowner who's engaging in fraud, but the banksters, the C-suite execs, and the board members.
Essentially, they engage in fraud, asset stripping, and other devious schemes. With the expected results.
I was just using an easy example everyone should be able to understand. I agree the problem is industry wide.
Yes, I understand why you used that example. I just wanted to add my 2-cents worth. Cheers!