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The Harwood Economic Review
Spring 2018

Table of Contents

Why Is Bitcoin So Valuable?
William J. Luther

Bubbles, Technology, and Bitcoin
James L. Caton

Intrinsically Worthless to Whom?
Brian C. Albrecht

Bitcoin Went From Periods of High Volatility in 2016 to Consistenly High Volatility in 2017
Max Gulker

Bitcoin’s Largest Price Changes Coincide With Major News Events About the Crypotocurrency
Max Gulker

HarwoodEconomicReviewSpring2018_0

AIER Staff

Founded in 1933, the American Institute for Economic Research (AIER) is one of the oldest and most respected nonpartisan economic research and advocacy organizations in the country. With a global reach and influence, AIER is dedicated to developing and promoting the ideas of pure freedom and private governance by combining advanced economic research with accessible media outreach and educational programming to cultivate a better, broader understanding of the fundamental principles that enable peace and prosperity around the world.

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Max Gulker

Max Gulker

Max Gulker is an economist and writer who joined AIER in 2015 and left in 2020. His research focused on two main areas: policy and technology. On the policy side, Gulker looked at how issues like poverty and access to education can be addressed with voluntary, decentralized approaches that don’t interfere with free markets. On technology, Gulker was interested in emerging fields like blockchain and cryptocurrencies, competitive issues raised by tech giants such as Facebook and Google, and the sharing economy.

Gulker frequently appears at conferences, on podcasts, and on television. Gulker holds a PhD in economics from Stanford University and a BA in economics from the University of Michigan. Prior to AIER, Max spent time in the private sector, consulting with large technology and financial firms on antitrust and other litigation. Follow @maxgAIER.

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William J. Luther

William J. Luther

William J. Luther is the Director of AIER’s Sound Money Project and an Associate Professor of Economics at Florida Atlantic University. His research focuses primarily on questions of currency acceptance. He has published articles in leading scholarly journals, including Journal of Economic Behavior & Organization, Economic Inquiry, Journal of Institutional Economics, Public Choice, and Quarterly Review of Economics and Finance. His popular writings have appeared in The Economist, Forbes, and U.S. News & World Report. His work has been featured by major media outlets, including NPR, Wall Street Journal, The Guardian, TIME Magazine, National Review, Fox Nation, and VICE News.

Luther earned his M.A. and Ph.D. in Economics at George Mason University and his B.A. in Economics at Capital University. He was an AIER Summer Fellowship Program participant in 2010 and 2011.

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Brian C. Albrecht

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Brian C. Albrecht is an assistant professor of economics at Kennesaw State University. His research interests include political economy and monetary economics. He has published articles in scholarly journals, including the Journal of Economic Methodology and the NYU Journal of Law & Liberty.

Albrecht earned his M.A. in Economics from the University of Minnesota, his M.Sc. in Economics of Public Policy from the Barcelona Graduate School of Economics, and his B.A. in Physics and Political Science from St. Olaf College.

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James L. Caton

James L. Caton

James L. Caton is an Assistant Professor in the Department of Agribusiness and Applied Economics and a Fellow at the Center for the Study of Public Choice and Private Enterprise at North Dakota State University. His research interests include agent-based simulation and monetary theories of macroeconomic fluctuation. He has published articles in scholarly journals, including The Southern Economic Journal, the Journal of Entrepreneurship and Public Policy, and the Journal of Artificial Societies and Social Simulation. He is also the co-editor of Macroeconomics, a two-volume set of essays and primary sources in classical and modern macroeconomic thought.

Caton earned his Ph.D. in Economics from George Mason University, his M.A. in Economics from San Jose State University, and his B.A. in History from Humboldt State University.

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