The Programmable Economy: Envisaging an Entire Planned Economic System as a Single Computer through Blockchain Networks

Kartik Hegadekatti and Yatish S G

MPRA Paper from University Library of Munich, Germany

Abstract: Since the dawn of the concept of nation-states, many nations have been planning their economies to increase people’s prosperity and standard of living. All economies have a centralized feature where decisions are taken. But data collection and plan implementation has been cumbersome because of the manual nature of economic planning. Centralized systems, even when digitized, are prone to single point failures. Controlled Blockchains allow for an economic system to be decentralized, yet having central supervision i.e. quasi-decentralization. This paper deals with shifting a national economy to a network of Blockchains and creating a Programmable Economy (P.E) where the whole economic system behaves like a single computer, taking in certain inputs and providing the desired outputs. We discuss the various factors that are needed to bring about such a transformation. We also analyse the impact this will have on various aspects of the economy and people’s lives. Finally the paper concludes by summarizing the purpose, methodology and impact of a Programmable Economy (P.E).

Keywords: blockchain; K-Y Protocol; planned economy; bitcoin (search for similar items in EconPapers)
JEL-codes: C53 C63 C81 C82 C87 D04 D72 D78 D81 E27 E37 E47 E61 F17 F37 F47 (search for similar items in EconPapers)
Date: 2017-03-30, Revised 2017-05-16
New Economics Papers: this item is included in nep-hpe, nep-mac, nep-ore and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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