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  • Series: New Horizons in Institutional and Evolutionary Economics series x
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Jeroen C.J.M. van den Bergh, Albert Faber, Annemarth M. Idenburg and Frans H. Oosterhuis

This study offers a unique evolutionary economics perspective on energy and innovation policies in the wider context of the transition to sustainable development.
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Wilfred Dolfsma

The formation of preferences is an elusive subject that many social scientists, and especially economists, have tended to avoid. In this original new book, Wilfred Dolfsma combines institutional economics with insights from the other social sciences to analyse the way in which preferences are formed in a social context.
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Edited by Erik S. Reinert

The expert contributors gathered here approach underdevelopment and inequality from different evolutionary perspectives. It is argued that the Schumpeterian processes of ‘creative destruction’ may take the form of wealth creation in one part of the globe and wealth destruction in another. Case studies explore and analyse the successful 19th century policies that allowed Germany and the United States to catch up with the UK and these are contrasted with two other case studies exploring the deindustrialization and falling real wages in Peru and Mongolia during the 1990s. The case studies and thematic papers together explore, identify and explain the mechanisms which cause economic inequality. Some papers point to why the present form of globalization increases poverty in many Third World nations.
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Jason Potts

The creative industries are key drivers of modern economies. While economic analysis has traditionally advanced a market-failure model of arts and culture, this book argues for an evolutionary market dynamics or innovation-based approach. The book explores theoretical and conceptual aspects of an evolutionary economic approach to the study of the creative economy. Topics include creative businesses and labour markets, social networks, innovation processes and systems, institutions, and the role of creative industries in market dynamics and economic growth.
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Understanding the Blockchain Economy

An Introduction to Institutional Cryptoeconomics

Chris Berg, Sinclair Davidson and Jason Potts

Blockchains are the distributed ledger technology that powers Bitcoin and other cryptocurrencies. But blockchains can be used for more than the transfer of tokens – they are a significant new economic infrastructure. This book offers the first scholarly analysis of the economic nature of blockchains and the shape of the blockchain economy. By applying the institutional economics of Ronald Coase and Oliver Williamson, this book shows how blockchains are poised to reshape the nature of firms, governments, markets, and civil society.
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Chris Berg, Sinclair Davidson and Jason Potts

Institutional cryptoeconomics is the application of the transaction cost economics of Ronald Coase, James Buchanan, Oliver Williamson, and Elinor Ostrom to blockchain technology. This chapter provides an introduction to the book. It introduces the origins and technology of distributed ledgers with the 2008 invention of Bitcoin by the pseudonymous Satoshi Nakamoto, as well as the allied technologies (such as smart contracts) that form a key part of later analysis. It also provides a methodological observation about the analytic role of ‘high-trust economics’.

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Chris Berg, Sinclair Davidson and Jason Potts

This chapter introduces the institutional economics of distributed ledger technology. Blockchains are a distinct general purpose technology that provide reduce the transaction costs of exchange; that is, they are an institutional technology. The chapter presents the economic attributes of blockchains in the framework developed by Oliver Williamson. Blockchains complement and compete with other institutions that work to mitigate opportunism by industrialising trust. The chapter concludes with a comparative institutional analysis of blockchains as an institutional technology.

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Chris Berg, Sinclair Davidson and Jason Potts

This chapter considers blockchains as constitutional orders. Blockchains compete and complement with firms, markets, governments, clubs, and the commons. Additionally, their versatility (the constitution can be varied for each application) allow them to adopt the characteristics of other institutions. The authors call this the ‘universal Turing institution’. The chapter then explores the dynamics of institutional and constitutional innovation in distributed ledgers.

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Chris Berg, Sinclair Davidson and Jason Potts

Ledgers are a fundamental economic technology. This chapter develops the ledger-centric view of the economy. Ledgers provide an underlying infrastructure for exchange by allowing actors to prove, validate, and verify property ownership. In this sense ledgers map economic, political and social relationships. The chapter offers three analytic categories of ledgers (general, actual, and perfect), and considers the evolution of ledger technology in this context. Finally, the chapter tackles ledgers as rule sets for economic coordination, and the significance of this for interoperability.

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Chris Berg, Sinclair Davidson and Jason Potts

This chapter answers the question of whether cryptocurrencies are money. Blockchain tokens do not fit neatly into our categories of financial assets. The chapter asks whether, and how, money is a public good or emergent social institution, and then applies this to crypto-tokens. Money can be seen as ‘dequity’: a unique instrument with the features of both debt and equity. The chapter then considers the evolution of money in a world of a multiplicity of cryptocurrencies and other technologies – such as artificial intelligence – that allow for barter transactions to occur at a low cost.