Protocolized Economics [electronic resource].

Ethereum Foundation 2024

Open access content

Protocols guide and shape a staggering amount of human effort and resources. In many of our greatest leaps, from hand washing to networked computing, the essential feature is a protocol. By codifying behavior for complex coordination, protocols disseminate solutions that are simple relative to the problems they address. This generates immense value by enabling more coordination with less effort. Economics, as a field concerned with understanding productivity and resource allocation, has historically modeled protocols implicitly through more elemental constructs and factors: agent preferences, technologies, social and political trends. But just as historical economic models expanded from agent-focused to include firms and institutions, even though firms and institutions are composed of individual agents, future models need to expand to include protocols, even though their component elements are already represented…
https://www.librarystack.org/protocolized-economics/?ref=unknown

Economics

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Steve Powers