Narrative economics is “the study of the viral spread of popular narratives that affect economic behavior” (3) — spending, investing, starting a business, hiring staff, etc. Economic narratives influence government policies and the formation of institutions. Economist Robert J. Shiller introduces his book Narrative Economics: How Stories Go Viral and Drive Major Economic Events by…More
Category Archives: Economics
Greening the blockchain
While the 2021 United Nations Climate Change Conference COP26 takes place in Glasgow this week, attention turns to the energy waste of cryptocurrency transactions. A substantial part of the cost resides with the “proof of work” (PoW) process by which validating nodes on a blockchain compete to solve a numerical puzzle the solution to which…More
China’s oceans of everyday data
A book by Kai-Fu Lee called AI-Superpowers outlines what’s needed for the current generation of artificial intelligence (AI) to succeed, and why China has the necessary ingredients to lead in the area. Lee is CEO of Sinovation Ventures, a firm that finances Chinese high-tech startups. Prior to that he was president of Google China, and…More
Digital cash 101
Bitcoin is a cryptocurrency, i.e. it is digital money that purportedly carries some of the benefits of cash. You can buy things with it, give it away, invest it, and stash it without involving a bank. But unlike cash, there’s no physical paper or coinage. You could try to design your own banknote, or make…More
Pseudo-crypto currencies
I heard about onecoin through the BBC Podcast called The Missing Cryptoqueen by journalist Jamie Bartlett and producer Georgia Catt who investigated the scheme and the damage it has wrought to individual lives. As I listened to the first episode of the podcast I thought I was hearing a mockumentary, or a mystery story in…More
Shock and plunder
In her recent book on surveillance capitalism Shoshana Zuboff explains how digital corporations exploit our data, and us, just they claim that their products meet our needs and help us realise our dreams. “our lives are plundered for behavioral data, and all for the sake of others’ gain. The result is a perverse amalgam of…More
Surveillance capitalism and its discontents
Social psychologist Shoshana Zuboff’s book on surveillance capitalism reveals the perils and menace of the digital age. I’ve now read all 535 pages, or at least it was mostly read to me in urgent tones as an audiobook at 1.5x speed. The content was so useful to me as I contemplate the implications of the…More
Obfuscation and its remedies
He “took every step that he could to try to obfuscate, to try to get people to lie, tried to reward those people who refused to cooperate with a legitimate investigation, tried to punish and denigrate the people who were cooperative” (The Hill). That’s how the former Watergate special prosecutor (Richard Ben-Veniste) summarised the Mueller…More
Cooperation and complicity
The Barras is a market in Glasgow that is (or was) notorious as a site for hustlers. It attracts both bargain hunters and spectators. Ten years ago a group of us conducted a study of the area, mainly to consider its soundscape. On more than one visit we observed a familiar scenario involving the sale…More
What’s wrong with the sharing economy
The so-called sharing economy has come under a lot of criticism lately. Think of the apparently (almost) unregulated and unfair practices surrounding Uber, the global car hire (taxi) firm that designates its drivers as self-employed. Passengers like Uber. Once subscribed, you book a car and driver via your smartphone. You track your nearest available ride…More