Freeman

IN BRIEF

Facebook "Virtual Currency" Good for Advocacy

DECEMBER 10, 2009

Filed Under : Inflation

“Health insurance industry trade groups opposed to President Obama’s health care reform bill are paying Facebook users fake money — called “virtual currency” — to send letters to Congress protesting the bill … Facebook users play a social game, like ‘FarmVille’ or ‘Friends For Sale.’ They get addicted to it. Eager to accelerate their progress inside the game, the gamers buy ‘virtual goods’ such as a machine gun for ‘Mafia Wars.’ But these gamers don’t buy these virtual goods with real money. They use virtual currency.” (Business Insider, Wednesday)

How bad does inflation have to be before ‘Facebook currency’ becomes accepted tender?

FEE Timely Classic:
The Great German Inflation” by Bruce Bartlett

comments powered by Disqus

EMAIL UPDATES

* indicates required

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
Download Free PDF

PAST ISSUES

SUBSCRIBE

RENEW YOUR SUBSCRIPTION

Essential Works from FEE

Economics in One Lesson (full text)

By HENRY HAZLITT

The full text of Hazlitt's famed primer on economic principles: read this first!


By FREDERIC BASTIAT

Frederic Bastiat's timeless defense of liberty for all. Once read and understood, nothing ever looks the same.


By F. A. HAYEK

There can be little doubt that man owes some of his greatest suc­cesses in the past to the fact that he has not been able to control so­cial life.


By JEFFREY A. TUCKER

Leonard Read took the lessons of entrepreneurship with him when he started his ideological venture.


By LEONARD E. READ

No one knows how to make a pencil: Leonard Read's classic (Audio, HTML, and PDF)