Unlike traditional assets which are backed by real goods or products, cryptoassets are backed simply by ideas and technology, which do not have any intrinsic value. However, we have seen a skyrocketing surge in the price of these “lofty” assets. Take Bitcoin, the most prominent cryptocurrency as an example, the return rate is 20 million times if one had invested in 2009 and held it through 2017. Though the price fell back to around $8000 recently, influenced by the recent market price, the Year-over-Year return rate is still as high as 800%––defeating the yield rate of almost all traditional assets.
Anyone who depends on the New York subway system to get to work or school knows the almost violent physiological response one can have to the "whoosh" of a train arriving at the station. You jog down the steps, half-leap to the turnstiles, fumble with the flimsy metrocard until it relents, allowing you to slip past the gate and run head first into the car ahead. A wave of relief hits as you know you'll make it to class or work on time. So many of us share this experience; more than half of the 4 million workers living in the city report that they depend on public transportation to commute to and from work . Most of these roughly 2.3 million commuters rely on the subway and other rail services, which would explain why, historically, subway ridership measures have been highly correlated with employment.
The Columbia Economics Review is proud to present the following article by Kevin Wang, a student at Horace Greeley High School. After extensive deliberation, our executive board selected Kevin's paper as the first place winner of our Fall 2017 High School Student Essay Contest.
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Learn About EPC 2016
The Columbia Economics Review invites teams of 1 - 4 undergraduates to participate in its fifth annual Competitive Climate environmental policy competition. Cash prizes of $600, $300 and $150 will be awarded to the 1st-, 2nd- and 3rd- place finishers respectively, thanks to the generous support of the Columbia Economics Department. The winning presentations will also be recognized by the The Earth Institute and will be featured in the Spring 2017 edition of the Columbia Economics Review and on the Columbia Economics Department website. Prompt On June 1, 2017 President Trump announced