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Resisting electronic payment systems: burning down the house?

Author

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  • Ben R. Craig

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.

Suggested Citation

  • Ben R. Craig, 1999. "Resisting electronic payment systems: burning down the house?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jul.
    • Handle: RePEc:fip:fedcec:y:1999:i:jul
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    File URL: https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/1999-economic-commentaries/ec-19990701-resisting-electronic-payment-systems-burning-down-the-house.aspx
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    Citations

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    Cited by:

    1. Stuart E. Weiner, 1999. "Electronic payments in the U.S. economy : an overview," Economic Review, Federal Reserve Bank of Kansas City, vol. 84(Q IV), pages 53-64.
    2. Karen Furst & William Lang & Daniel Nolle, 2003. "Internet Banking," Journal of Financial Services Research, Springer;Western Finance Association, vol. 23(3), pages 251-251, June.
    3. Eleonora Patacchini & Edoardo Rainone, 2014. "The Word on Banking - Social Ties, Trust, and the Adoption of Financial Products," EIEF Working Papers Series 1404, Einaudi Institute for Economics and Finance (EIEF), revised Jul 2014.

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    Keywords

    Payment systems;

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