When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …

We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital … platforms. We identify two key costs affected by the technology: the cost of verification and the cost of networking. The cost … inefficiencies and governance challenges …

versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any …, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large … majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non …

interventions to support democratic elections. Yet little evidence exists on whether elections enhance the domestic legitimacy of …

Capital equipment - such as computers and industrial machinery - embodies skill-biased technology, in the sense that it … skill-biased technology. In this paper we develop a tractable quantitative model of international trade in capital goods to …

We suggest that the geographical patterns of income differences across the world have deep underpinnings. We emphasize … characteristics of economies. Per capita incomes differ around the world in no small part because of sharp differences across regions …, technology, and geography, and that none of these alone is sufficient to account for the diverse patterns of global growth. We …

In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains … from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research … and development, brands, and organization capital. What distinguishes technology capital from other forms of capital is …