Published on September 16th, 2017 | by bitcoin0
Institutional Cryptoeconomics: A New Model for Another Century
The rollout of blockchain technology raises complex questions in economics, public policy, law, sociology and political economy.
What we call “institutional cryptoeconomics” starts from a simple premise – the blockchain is not just a new general purpose technology, it is a new institutional technology.
Economists understand general purpose technologies (like steam power or the semi-conductor) as great engines of economic growth.
There is no doubt that the blockchain is a general purpose technology, but it is much more.
As a new institutional technology, we expect that blockchains will disrupt and transform both economic activity and social organization.