Some of those who advocate a “new economy” attribute it generally to technological innovations and breakthroughs in globalization that raise productivity and proffer new capacity on demand and that have, accordingly, removed pricing power from the world’s producers on a more lasting basis. There is, clearly, an element of truth in this proposition.
This is something that I find important. Academic research has to look deeper, trying to understand the different functions of payment methods. There are benefits and limitations to every single one of them. That is why we gave this year’s conference the title “cash in the age of payment diversity”. Diversity means accepting one another’s individual characteristics. Accepting diversity lays the groundwork for co-existence.