Resisting electronic payment systems: burning down the house?

Ben Craig

Economic Commentary, 1999, issue Jul

Abstract: This commentary explains the phenomena of path dependence, hysteresis, and network economies using lively historical and contemporary examples. The author shows how the path dependence and network economies can interact to produce a variety of undesirable ends-inefficient payment systems, the adoption of inferior technology, or disasters like the 1834 fire that destroyed the British House of Lords.

Keywords: Payment; systems (search for similar items in EconPapers)
Date: 1999
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