January 10th, 2024
WSJ recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing how cash is here to stay.
Political tensions, weather events, or health emergencies often lead to public fears, causing people to have cash on hand. Although electronic based payments enable people to use cash less, cash is still held onto as a safety net.
Zagorsky adds, “The world is becoming a much more unstable place…there are a lot of countries where there is a concern over the government and people just use cash.”
The demand for cash often increases during times of emergencies or crises, so the system is unlikely to disappear completely.