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1. EVAN SCHWARTZ MULTIPLE JUMPS TRANSACTION LEDGERS SOFTWARE
2. EVAN SCHWARTZ MULTIPLE JUMPS TRANSACTION LEDGERS CODE

At best, it vaguely asserts that scale does not matter and a description for an individual is also a description for a market. This simplification supports aggregation and generalisation but it can’t anticipate the complex and surprising things that happen when a bunch of individuals get together and interact. Dr Ussher’s complaint of traditional macroeconomic theory is that it assumes individual independence. And things do seem to work this way - for simple, competitive markets that we make easy to understand.īut that’s not true of most real markets. Philosopher Adam Smith called this the ‘ invisible hand’ of the market, and many economists since have grounded their economic theories on a faith in this principle. And what’s true of an individual, they reason, is true of the sum of these individuals, or the economy: given a whole marketplace of these mythical self-interested, intelligent decision-makers, things will settle into the most beneficial situation for everyone.

Traditional economic models assume an ideal person - Homo economicus - who makes rational decisions about what’s best for them. And because the economy’s tendrils are woven through every aspect of our society and environment, part of this work means developing a much more accurate way of seeing our economy within its geography. It’s a project created by an international group of professors, and it aims to build tools that help communities understand and be more intentional about their impact on the planet.

EVAN SCHWARTZ MULTIPLE JUMPS TRANSACTION LEDGERS CODE

Code A: Giving the ecosystem a stake in the economyĭr Leanne Ussher is an economist who works with Code A, which is short for ‘Community Decision-making for Ecosystem Adaptation/Accountability/Action’. In other words, it helps us focus our economic lens more clearly on the deeply networked world we live in, so we can optimise our resource use with an aspiration of living in harmony with nature. This happens in two ways: first, economic activities are situated in a network view, breaking down silos around people, organisations, and locations and second, it can track multiple forms of value as they flow through exchanges, regions, and production processes. HREA allows developers to build economic and financial apps that take a zoomed-out view of the economy, allowing us to see the ecosystems within it and recognise its place within the biosphere.

EVAN SCHWARTZ MULTIPLE JUMPS TRANSACTION LEDGERS SOFTWARE

hREA is a software toolkit, built on Holochain and based on the Valueflows economic vocabulary, itself based on a seemingly unspectacular but quietly innovative accounting standard called Resources, Events, and Agents (REA). This article explores a nascent technology that gives us a new lens through which to look at the world, and three groups that plan to use it in an effort to create more integrated and innovative ways to provide for human needs within the current system. I don’t honestly think that bookkeeping practices are the sole cause of depleted fisheries, desertification, income disparities, polluted air and water, and increasing atmospheric CO₂ levels, but I do find it telling that there isn’t even a place in our balance sheets for the imbalances we cause.īut what if there were ways to account for, and more consciously see, environmental and social externalities? And what hidden opportunities might appear when everyone has a clearer view of the people, resources, and processes that make up the whole of our geographic, economic, political, and social activity? Every externality - every ecological or social cost shouldered by the commons - simply doesn’t have a place on the books. But as the unknown sage says, “we shape our tools thereafter our tools shape us.” As a lens through which we see the world, they both enable and push us to affect the world, sometimes violently, according to their numerical, linear logic. And it can be argued that they merely reflect the values of the cultures that created them. These seem like such tame technologies all they do is help us keep track of numbers. Banking and double-entry accounting gave Mediterranean traders new eyes with which to see commerce, allowing greater understanding of business operations and eventually helped pave the way for explosive industrial growth in the past several centuries.

Small metal discs gave kingdoms the power to transcend relationships in trade and finance armies, changing the stories of entire cultures in a moment. Knotted strings and sticks pressed into wet clay helped us remember promises made and kept, birthing concepts like trade and debt. Every so often, an unspectacular technology comes along and quietly changes the face of the planet.