For the past century economists have proposed a suite of theories relating to industrial dynamics, technological change and innovation. There has been an implication in these models that the institutional environment is stable. However, a new class of institutional technologies — most notably...

Democracy is an economic problem of choice constrained by transaction costs and information costs. Society must choose between competing institutional frameworks for the conduct of voting and elections. These decisions are constrained by the technologies and institutions available. Blockchains...

Public policy responses to the economics of innovation of Nelson and Arrow have sought to remedy the under-provision of innovation in free markets. This tradition in innovation economics and innovation policy assumes that innovation is normatively desirable. But much innovation occurs in...

Purpose: The purpose of this paper is to explore the long-run economic structure and economic policy consequences of wide-spread blockchain adoption. Design/methodology/approach: The approach uses institutional, organisational and evolutionary economic theory to predict consequences of...

Identification forms a key part of all but the least sophisticated economic and political transactions. More complex or significant transactions demand more formal identification of the parties involved. In this paper we develop an institutional as well as a public choice theory of identity. We...