Subjective political economy (Journal Article)

We extend the Institutional Possibility Frontier (IPF) — a theoretical framework depicting the institutional trade-offs between the dual costs of dictatorship and disorder (Djankov et al. 2003) — by incorporating the notion of subjective costs. The costs of institutional choice are not objectively determined or chosen by society; they are subjective to the political actor … Continue reading Subjective political economy (Journal Article)

The economics of crypto-democracy (Conference Paper)

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 are a governance technology that reduces the costs of consensus, coordinating information, and monitoring and enforcing … Continue reading The economics of crypto-democracy (Conference Paper)

The origin of the entrepreneur and the role of the innovation commons (Conference Paper)

We introduce the proto-entrepreneur as an economic agent who must first — i.e., before acting entrepreneurially — coordinate non-price information with others in order to reveal exploitable opportunities. Entrepreneurship, therefore, involves dual economic discovery problems, each of which may hold different efficient institutional solutions. Applying transaction cost economics logic to this problem, we reveal what … Continue reading The origin of the entrepreneur and the role of the innovation commons (Conference Paper)

How innovation commons contribute to discovering and developing of new technologies (Journal Article)

In modern economics, the institutions surrounding the creation and development of new technologies are firms, markets and governments. We propose an alternative theory that locates the institutional origin of new technologies further back in the commons when self-organizing groups of technology enthusiasts develop effective governance rules to pool distributed information resources. The ‘innovation commons’ alleviates … Continue reading How innovation commons contribute to discovering and developing of new technologies (Journal Article)

Blockchains and the boundaries of self-organized economies: predictions for the future of banking (Book Chapter)

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 organizations (rather than a world in which all … Continue reading Blockchains and the boundaries of self-organized economies: predictions for the future of banking (Book Chapter)

Cultures of sharing in 3D printing: what can we learn from the licence choices of Thingiverse users? (Journal Article)

This article contributes to the discussion by analysing how users of the leading online 3D printing design repository Thingiverse manage their intellectual property (IP). 3D printing represents a fruitful case study for exploring the relationship between IP norms and practitioner culture. Although additive manufacturing technology has existed for decades, 3D printing is on the cusp … Continue reading Cultures of sharing in 3D printing: what can we learn from the licence choices of Thingiverse users? (Journal Article)