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About this work

Almost all digital content costs about the same - so price no longer tells you what is good. When everything is a click away, and nothing is scarce, money stops doing its oldest job: signaling value. In The Future of Money, economist Alexander Dolgin diagnoses why money breaks down online - and proposes a deceptively simple fix. Prices work because scarcity works. But texts, music, podcasts, and ideas copy at near-zero cost, so uniform pricing collapses and audiences are left guessing. The result is adverse selection - the market failure George Akerlof, Michael Spence, and Joseph Stiglitz won the Nobel Prize for describing. Junk crowds out quality, taste erodes, and creators chase attention instead of value.

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