Computable Economy

Abstract

The recent arrival of an innovation supercluster of digital business technologies (web3/ industry 4.0, etc) is driving a deep, global institutional transformation from industrial to digital economies. A digital economy is a new type of economy that is qualitatively different because it is far more ‘computable’. This paper elaborates the concept of a computable economy (or ‘Turing complete economy’) - as well as elements of computable agents, computable markets, computable capital, computable institutions, computable innovation and computable commons. The web3 innovation supercluster is an evolutionary phase-transition from a mostly non-computable to an extensible computable economy.

Keywords: web3, blockchain, computable economics, digital economics

JEL Classification: B52, O3, O4