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Постинституциональная Теория Блокчейна: Трансакционная Ценность И Ассамбляжи
[Post-Institutional Theory of Blockchain: Transaction Value and Assemblages]

Author

Listed:
  • Frolov, Daniil

Abstract

The paper on the example of blockchain demonstrates the possibilities of post-institutionalism – a new generation of institutional methodologies and theories, alternative to the new institutional economics. Based on the theory of transaction value, it has been proved that radical reduction of transaction costs by blockchain technologies will not lead to the elimination of intermediaries, but will redirect them to improving the quality of transactions and expanding the offer of additional (including hyperrelevant) transaction services. Using the theory of institutional assemblages, it is argued that it is impossible to form a homogeneous system of blockchain institutions based solely on the principles of decentralization, transparency and openness. The institutional system of blockchain will be organically hybrid, combining elements of opposing institutional logics – regulatory and algorithmic law, Ricardian and smart contracts, private and public systems, uncontrollability and arbitration. Thus, the conclusions of the neoinstitutional theory of blockchain (Davidson, De Filippi, Potts, 2018) are refuted from post-institutional positions.

Suggested Citation

  • Frolov, Daniil, 2019. "Постинституциональная Теория Блокчейна: Трансакционная Ценность И Ассамбляжи [Post-Institutional Theory of Blockchain: Transaction Value and Assemblages]," MPRA Paper 95962, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:95962
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    blockchain; smart contracts; digital economy; transaction costs; transaction services; institutions; institutionalism;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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