First, Krugman is always wrong, and secondly Adam Smith did not live to see the amazing technological development of cryptocurrency.
We can't just "render bitcoin as a gold", only global marketplace can decide that, not a few random people on the internet.
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Adam Smith needs revision...
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https://www.youtube.com/watch?v=CemLiSI5ox8
http://serc.carleton.edu/sp/library/media/examples/example2.htmlThere is just one problem the economic explanation in the bar scene is wrong! The scene that was just described is NOT a Nash equilibrium. A Nash equilibrium occurs when economic decision-makers choose the best possible strategy, taking into account the decisions of others. The scene in the film cannot be a Nash equilibrium since if no one goes for the blonde, each of the friends best strategy given what their friends is doing is to go for the blonde! Therefore, as soon as one guy decides to go after the blonde, the agreement not to pursue her falls apart and chaos reigns! Oops. Director Ron Howard took a few liberties to try to simplify Nash's discovery.
(adam smith was not wrong)