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Joseph Salerno | PACE UNIVERSITY

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"New York Post" featured Lubin economics professor Joseph Salerno in "High NYC housing costs contribute to poorer quality of life"

06/24/2019

"New York Post" featured Lubin economics professor Joseph Salerno in "High NYC housing costs contribute to poorer quality of life"

...Pace University professor of economics Joseph Salerno agreed that a “plethora of regulations” cause New York housing shortages.

“A study has shown that from the mid-1980s to the early 2000s, the average price per square foot of housing was approximately twice the average cost of building an extra foot of housing in New York, due mainly to regulatory regulations,” he said.

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"Eurasia Review" featured Lubin School professor emeritus Joseph Salerno's piece "The Great Cryptocurrency Crash Of 2018"

09/14/2018

"Eurasia Review" featured Lubin School professor emeritus Joseph Salerno's piece "The Great Cryptocurrency Crash Of 2018"

It looks like we have an asset bust for the record books in the making.  The cryptocurrency crash now under way today surpassed the dot-com bust that occurred at the beginning of the millennium,.  While the NASDAQ Composite Index suffered a decline of 78% from its peak in March 2000 to its trough in October 2002, the MVIS CryptoCompare Digital Assets 10 Index, has tumbled 80% from January of this year to today.

During this period, the price of bitcoin, which represents 55% of the value of all cryptocurrencies, has plunged from around $19,300 at its January peak to $$6,300 as I write this.  In the estimate of one commentator, the only “currency” in the world that is now faring worse than bitcoin is the Venezualan bolivar.

Whether or not cryptocurrncies recover–and I doubt they will–it is clear that their volatility make them unfit to serve as a general medium of exchange. However this lesson will likely be lost on the promoters of cryptocurrency. 

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