Cryptodemocracy and its institutional possibilities
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 over the structure of democracy are constrained by the technologies and instituti...
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| Veröffentlicht in: | The Review of Austrian economics 2020-09, Vol.33 (3), p.363-374 |
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| container_title | The Review of Austrian economics |
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| creator | Allen, Darcy W. E. Berg, Chris Lane, Aaron M. Potts, Jason |
| description | 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 over the structure of democracy are constrained by the technologies and institutions available. As a governance technology, blockchain reduces the costs of coordinating information and preferences between dispersed people. Blockchain could be applied to the voting and electoral process to form new institutional possibilities in a
cryptodemocracy
. This paper analyses the potential of a cryptodemocracy using institutional cryptoeconomics and the Institutional Possibility Frontier (IPF). The central claim is that blockchain lowers the social costs of disorder in the democratic process, mainly by incorporating information about preferences through new structures of democratic decision making. We examine one potential new form of democratic institution, quadratic voting, as an example of a new institutional possibility facilitated by blockchain technology. |
| doi_str_mv | 10.1007/s11138-018-0423-6 |
| format | Article |
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cryptodemocracy
. This paper analyses the potential of a cryptodemocracy using institutional cryptoeconomics and the Institutional Possibility Frontier (IPF). The central claim is that blockchain lowers the social costs of disorder in the democratic process, mainly by incorporating information about preferences through new structures of democratic decision making. We examine one potential new form of democratic institution, quadratic voting, as an example of a new institutional possibility facilitated by blockchain technology.</description><identifier>ISSN: 0889-3047</identifier><identifier>EISSN: 1573-7128</identifier><identifier>DOI: 10.1007/s11138-018-0423-6</identifier><language>eng</language><publisher>New York: Springer US</publisher><subject>Blockchain ; Decision making ; Democracy ; Economics ; Economics and Finance ; Elections ; Governance ; History of Economic Thought/Methodology ; Information ; Information technology ; Political Science ; Preferences ; Public Finance ; Social costs ; Transaction costs ; Voting</subject><ispartof>The Review of Austrian economics, 2020-09, Vol.33 (3), p.363-374</ispartof><rights>Springer Science+Business Media, LLC, part of Springer Nature 2018</rights><rights>Springer Science+Business Media, LLC, part of Springer Nature 2018.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c373t-eb5edde19a5c69437c18958aee2c3b814f26265fb2fdc6605d18f6371d7805b73</citedby><cites>FETCH-LOGICAL-c373t-eb5edde19a5c69437c18958aee2c3b814f26265fb2fdc6605d18f6371d7805b73</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1007/s11138-018-0423-6$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1007/s11138-018-0423-6$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>314,776,780,12824,27901,27902,41464,42533,51294</link.rule.ids></links><search><creatorcontrib>Allen, Darcy W. E.</creatorcontrib><creatorcontrib>Berg, Chris</creatorcontrib><creatorcontrib>Lane, Aaron M.</creatorcontrib><creatorcontrib>Potts, Jason</creatorcontrib><title>Cryptodemocracy and its institutional possibilities</title><title>The Review of Austrian economics</title><addtitle>Rev Austrian Econ</addtitle><description>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 over the structure of democracy are constrained by the technologies and institutions available. As a governance technology, blockchain reduces the costs of coordinating information and preferences between dispersed people. Blockchain could be applied to the voting and electoral process to form new institutional possibilities in a
cryptodemocracy
. This paper analyses the potential of a cryptodemocracy using institutional cryptoeconomics and the Institutional Possibility Frontier (IPF). The central claim is that blockchain lowers the social costs of disorder in the democratic process, mainly by incorporating information about preferences through new structures of democratic decision making. 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cryptodemocracy
. This paper analyses the potential of a cryptodemocracy using institutional cryptoeconomics and the Institutional Possibility Frontier (IPF). The central claim is that blockchain lowers the social costs of disorder in the democratic process, mainly by incorporating information about preferences through new structures of democratic decision making. We examine one potential new form of democratic institution, quadratic voting, as an example of a new institutional possibility facilitated by blockchain technology.</abstract><cop>New York</cop><pub>Springer US</pub><doi>10.1007/s11138-018-0423-6</doi><tpages>12</tpages></addata></record> |
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| subjects | Blockchain Decision making Democracy Economics Economics and Finance Elections Governance History of Economic Thought/Methodology Information Information technology Political Science Preferences Public Finance Social costs Transaction costs Voting |
| title | Cryptodemocracy and its institutional possibilities |
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