We propose a method to construct a price index of cultural consumption in geographic space. The index — the CCPI — is calculated from a standardised cultural consumption basket purchased by a representative consumer over 30 locations in Australia, using 2010 price data. We use a full cost...

Abstract. Blockchain (or crypto) foundations are nonprofit organizations that supply public goods to a crypto-economy. The standard theory of crypto foundations is that they are like governments with respect to a national or regional economy, i.e. raising a public treasury and allocating...

This chapter uses economic theory to explore the implications of the blockchain technology on the future of banking. We apply an economic analysis of blockchains based on both new institutional economics and public choice economics. Our main focus is on the economics of why banks exist as...

Blockchains have enabled innovation in distributed economic institutions, such as money (e.g. cryptocurrencies) and markets (e.g. DEXs), but also innovations in distributed governance, such as DAOs, and new forms of collective choice. Yet we still lack a general theory of blockchain governance....

Innovation policy has developed along two broad fronts: market failure and systems failure. Both focus on investing in innovation (solving a market incentive problem) and building infrastructure for innovation (solving an institutional coordination problem). But an alternative approach to...

This paper conceptualises polities as commons and describes how changes to access rules and boundary rules serve to reallocate property rights within and across political commons. Fiscal processes typically transform private property into common property, with the state becoming the forum where...

This paper proposes an extension of the Coase theorem to explain how political systems and jurisdictions change. This model suggests that it is the relative imposition of transaction cost over different modes of jurisdictional change as well as wealth effects that enable or prevent variously...

This paper outlines a framework describing the tradeoff between inefficient markets, politics, and jurisdictions, and applies it to the problem of jurisdictional design. An extension of the Coase theorem is first presented describing how the relative imposition of transaction costs and wealth...

We introduce the case for non-territorial unbundling by taking a discursive approach through public choice and evolutionary economic theory. The argument begins with an appreciation of the many paradoxes and problems of majoritarian voting and proceeds to explore the theory of non-territorial...