Blockchain and Supply Chains: V-form Organisations, Value Redistributions, De-commoditisation and Quality Proxies

We apply institutional cryptoeconomics to the information problems in global trade, model the Incentives under which blockchain-based supply chain infrastructure will be built, and make predictions about the future of supply chains. We argue blockchain will change the patterns and dynamics of how, where and what we trade by: (1) facilitating new forms of economic organisation governing supply chain coordination (such asthe V-form organisation); (2) decreasing information asymmetries and shifting economic power towards the ends of supply chains (e.g. primary producers); (3) changing the dimensions along which we can reliably differentiate goods and therefore de-commoditising goods and disaggregating price signals; and (4) decreasing consumerreliance on quality proxies (e.g. production within national borders)

Corporate Energy Transition: Legal Tools for Shifting Companies Towards Clean Energy Practices

This report presents the findings of an ARC funded Discovery Project, DP160100225, Devising a Legal Blueprint for Corporate Energy Transition (Peel, Osofsky & McDonnell, 2016-2020)

Blockchain and the evolution of institutional technologies: Implications for innovation policy

For the past century economists have proposed a suite of theories relating to industrial dynamics, technological change and innovation. There has been an implication in these models that the institutional environment is stable. However, a new class of institutional technologiesmost notably blockchain technologylower the cost of institutional entrepreneurship along these margins, propelling a process of institutional evolution. This presents a new type of innovation process, applicable to the formation and development of institutions for economic governance and coordination. This paper develops a replicator dynamic model of institutional innovation and proposes some implications of this innovation for innovation policy. Given the influence of public policies on transaction costs and associated institutional choices, it is indicated that policy settings conductive to the adoption and use of blockchain technology would elicit entrepreneurial experiments in institutional forms harnessing new coordinative possibilities in economic exchange. Conceptualisation of blockchain-related public policy an innovation policy in its own right has significant implications for the operation and understanding of open innovation systems in a globalised context

Blockchains as constitutional orders

Blockchains are the distributed ledger technology underpinning cryptocurrencies such as Bitcoin and Ethereum. Blockchains facilitate exchange, provide public goods (security, property rights), map identities, and provide a platform for contracting and the enforcement of contracts. Some applications of blockchains offer the possibility of new forms of corporate organisationsuch as distributed autonomous organisations. Other applications suggest the possibility of removing public good provision from states to networkssuch as property titling and identity. This chapter offers a constitutional political economy perspective on the development of the blockchain ecosystem. We argue that blockchains are constitutional ordersrule-systems in which individuals (or firms, or algorithms) can make economic and political exchanges, and so offer a unique economic environment for institutional discovery and constitutional experimentation

Neo-Schumpeterian price theory with Sraffian and post-Keynesian elements

© 2017 Springer-Verlag GmbH Germany, part of Springer Nature This paper contributes to the development of a neo-Schumpeterian price theory by combining elements of Sraffian and post-Keynesian price theory with elements drawn from Schumpeter’s own theory of prices. The result is an integrated heterodox approach to price theory incorporating the realism of post-Keynesian pricing rules and the rigour of Sraffa’s formal modelling, along with Schumpeter’s insight that capitalism develops “from within” in a disruptive and uneven manner