Decentralized finance (DeFi) has emerged as the flagship concept and use case for blockchain technology and cryptocurrency. DeFi is the use of smart contracts and other decentralized technologies to ...

This article appears in the April 2023 issue of The American Prospect magazine. Subscribe here. Economics is commonly described as the science of scarcity. We have limited resources, and we have to ...

In this paper, I draw a parallel between the stability of physical systems and that of economic ones, such as the US financial system. I argue that the use of equilibrium assumptions is central to the ...