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Very interesting dinner this evening with CEO of blockchain company I advise, together with an old friend who was my tutorial partner at university 30 years ago. I believe my friend has made a major breakthrough in modelling macroeconomics — sees essential simplicity others miss.
The importance of this breakthrough — you might call it "molecular economics" — is that it allows you to state what properties of a system of exchange will keep true in all circumstances. With blockchain we can design new "mini economies" to solve trading and incentive problems.
The problem is that this is a paradigm change, and blow apart many widely popular economic theories by offering a simple mathematical proof they cannot be true. A lot of PhDs and professors stand to lose face as a result. Hence getting these ideas adopted is not simple or quick.
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