The new economics of blockchain | Meso Soup

[Dante-Gabryell Monson]

http://mesosoup.com/2015/12/13/the-new-economics-of-blockchain/

Excerpted :

The topic of my bit was ‘The new economics of blockchain’ and I used my time to first identify theblockchain as the general purpose technology siting at the heart of the new cryptoeconomy, and then introduce three pre-eminent economists of the blockchain: F.A. Hayek, Elinor Ostrom, and James M. Buchanan.

The upshot is that the insights from these three economists—(1) that economic knowledge is dispersed and needs some signalling and aggregating mechanism (Hayek), (2) that polycentric institutions of governance beyond markets and states such as commons can help in this regard (Ostrom), and (3) that it is citizens themselves who ultimately control their own social order in their search for rules of the game that best serve them (Buchanan)—explain the dynamics of emergent economies built on blockchains.