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  • Series: New Horizons in Institutional and Evolutionary Economics series x
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In this thought-provoking book, Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unravelling the notion of markets: how they work and fail, and how they may be redirected to better serve us.
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Institutional Variety in East Asia

Formal and Informal Patterns of Coordination

Edited by Werner Pascha, Cornelia Storz and Markus Taube

This illuminating book broadly addresses the emerging field of ‘diversity of capitalism’ from a comparative institutional approach. It explores the varied patterns for achieving coordination in different economic systems, applying them specifically to China, Japan and South Korea. These countries are of particular interest due to the fact that they are often considered to have developed their own peculiar blend of models of capitalism.
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National Competitiveness and Economic Growth

The Changing Determinants of Economic Performance in the World Economy

Timo J. Hämäläinen

The current paradigm shift in the world economy is challenging the traditional competitiveness and growth theories with their few explanatory variables. This book offers a more holistic framework to synthesise the key findings of the various branches of competitiveness and growth research. The author illustrates this framework with a new long wave theory of socio-economic development. This theory emphasises the competitiveness and growth benefits of rapid structural adjustment in the rapidly changing techno-economic environment. Based on thorough analysis the author argues that both markets and governments have become less efficient due to the current transformation of the world economy. His empirical data from 22 OECD countries in the 1980s and 1990s illustrates that efficiency and growth-oriented governments have significantly contributed to their countries’ economic success.
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Evolutionary Economic Thought

European Contributions and Concepts

Edited by Jürgen G. Backhaus

Evolutionary Economic Thought explores the theoretical roots of the evolutionary approach, and in so doing, demonstrates how it fits squarely into the theoretical mainstream. Focusing on the institutions of evolutionary change and the processes – such as competition – that generate change, this book takes account of important European contributions to the discipline, hitherto overshadowed by the American paradigm. As such, the book serves to broaden the current discourse. Whilst evolutionary economics itself is a well-researched and widely documented field, this book will be credited with establishing a history of evolutionary economic thought.
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Jeroen C.J.M. van den Bergh, Albert Faber, Annemarth M. Idenburg and Frans H. Oosterhuis

This study offers a unique evolutionary economics perspective on energy and innovation policies in the wider context of the transition to sustainable development.
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Understanding the Blockchain Economy

An Introduction to Institutional Cryptoeconomics

Chris Berg, Sinclair Davidson and Jason Potts

Blockchains are the distributed ledger technology that powers Bitcoin and other cryptocurrencies. But blockchains can be used for more than the transfer of tokens – they are a significant new economic infrastructure. This book offers the first scholarly analysis of the economic nature of blockchains and the shape of the blockchain economy. By applying the institutional economics of Ronald Coase and Oliver Williamson, this book shows how blockchains are poised to reshape the nature of firms, governments, markets, and civil society.
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Chris Berg, Sinclair Davidson and Jason Potts

Institutional cryptoeconomics is the application of the transaction cost economics of Ronald Coase, James Buchanan, Oliver Williamson, and Elinor Ostrom to blockchain technology. This chapter provides an introduction to the book. It introduces the origins and technology of distributed ledgers with the 2008 invention of Bitcoin by the pseudonymous Satoshi Nakamoto, as well as the allied technologies (such as smart contracts) that form a key part of later analysis. It also provides a methodological observation about the analytic role of ‘high-trust economics’.

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Chris Berg, Sinclair Davidson and Jason Potts

This chapter introduces the institutional economics of distributed ledger technology. Blockchains are a distinct general purpose technology that provide reduce the transaction costs of exchange; that is, they are an institutional technology. The chapter presents the economic attributes of blockchains in the framework developed by Oliver Williamson. Blockchains complement and compete with other institutions that work to mitigate opportunism by industrialising trust. The chapter concludes with a comparative institutional analysis of blockchains as an institutional technology.

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Chris Berg, Sinclair Davidson and Jason Potts

This chapter considers blockchains as constitutional orders. Blockchains compete and complement with firms, markets, governments, clubs, and the commons. Additionally, their versatility (the constitution can be varied for each application) allow them to adopt the characteristics of other institutions. The authors call this the ‘universal Turing institution’. The chapter then explores the dynamics of institutional and constitutional innovation in distributed ledgers.

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Chris Berg, Sinclair Davidson and Jason Potts

Ledgers are a fundamental economic technology. This chapter develops the ledger-centric view of the economy. Ledgers provide an underlying infrastructure for exchange by allowing actors to prove, validate, and verify property ownership. In this sense ledgers map economic, political and social relationships. The chapter offers three analytic categories of ledgers (general, actual, and perfect), and considers the evolution of ledger technology in this context. Finally, the chapter tackles ledgers as rule sets for economic coordination, and the significance of this for interoperability.