Institutional cryptoeconomics

Sinclair Davidson and Jason Potts

Chapter 1 in The Economics of Blockchain and Cryptocurrency, 2022, pp 1-12 from Edward Elgar Publishing

Abstract: In this chapter we set out an economic framework that explains the impact blockchain technology will have on the economy. Blockchain is not just a new general purpose technology, it is a new institutional technology that will dramatically change economic behaviour because it changes the nature of transaction costs within the economy. Blockchain is best understood as an economic phenomenon with reference to the work of Ronald Coase and Oliver Williamson.

Keywords: Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2022
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