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The Programmable Economy: Envisaging an Entire Planned Economic System as a Single Computer through Blockchain Networks

Author

Listed:
  • Hegadekatti, Kartik
  • S G, Yatish

Abstract

Since the dawn of the concept of nation-states, many nations have been planning their economies to increase people’s prosperity and standard of living. All economies have a centralized feature where decisions are taken. But data collection and plan implementation has been cumbersome because of the manual nature of economic planning. Centralized systems, even when digitized, are prone to single point failures. Controlled Blockchains allow for an economic system to be decentralized, yet having central supervision i.e. quasi-decentralization. This paper deals with shifting a national economy to a network of Blockchains and creating a Programmable Economy (P.E) where the whole economic system behaves like a single computer, taking in certain inputs and providing the desired outputs. We discuss the various factors that are needed to bring about such a transformation. We also analyse the impact this will have on various aspects of the economy and people’s lives. Finally the paper concludes by summarizing the purpose, methodology and impact of a Programmable Economy (P.E).

Suggested Citation

  • Hegadekatti, Kartik & S G, Yatish, 2017. "The Programmable Economy: Envisaging an Entire Planned Economic System as a Single Computer through Blockchain Networks," MPRA Paper 82831, University Library of Munich, Germany, revised 16 May 2017.
    • Handle: RePEc:pra:mprapa:82831
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    File URL: https://mpra.ub.uni-muenchen.de/82831/1/MPRA_paper_82831.pdf
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    References listed on IDEAS

    as
    1. Hegadekatti, Kartik & S G, Yatish, 2016. "Banking Systems in an Economy Dominated by Cryptocurrencies," MPRA Paper 82100, University Library of Munich, Germany, revised 24 Oct 2016.
    2. Hegadekatti, Kartik & S G, Yatish, 2016. "The K-Y Protocol: The First Protocol for the Regulation of Crypto Currencies (E.g.-Bitcoin)," MPRA Paper 82067, University Library of Munich, Germany.
    3. Hegadekatti, Kartik & S G, Yatish, 2016. "Roadmap for a Controlled Block Chain architecture," MPRA Paper 82070, University Library of Munich, Germany, revised 16 Aug 2016.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Anna Pietruszka-Ortyl & Małgorzata Ćwiek, 2021. "Social Facilitators of Specialist Knowledge Dispersion in the Digital Era," Sustainability, MDPI, vol. 13(10), pages 1-25, May.
    2. Anna Pietruszka-Ortyl & Małgorzata Cwiek, 2021. "Trust in the Diffusion of Professional Knowledge," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 989-1009.

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    More about this item

    Keywords

    blockchain; K-Y Protocol; planned economy; bitcoin;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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