Institutional Acceleration: The Consequences of Technological Change in a Digital Economy

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Darcy W. E. Allen (RMIT University) Chris Berg (RMIT University)

Institutional Acceleration

The Consequences of Technological Change in a Digital Economy

Darcy W. E. Allen (RMIT University), Chris Berg (RMIT University), Jason Potts (RMIT University)

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English

Cambridge University Press
29 May 2025

Economics; Business innovation; E-commerce: business aspects; Distributed databases; Artificial intelligence

Series: Elements in Evolutionary Economics

This Element develops a theory of institutional acceleration to explain the transformation to a digital economy through a cluster of frontier technologies: artificial intelligence, blockchain, quantum computing, cryptography, and low-earth orbit infrastructure. Unlike previous technological revolutions, these technologies transform not how we organise things, but how we coordinate economic activity. The authors' supertransition thesis explains why these digital technologies shouldn't be understood in isolation, but rather should be understood in how they combine to create new institutional possibilities, leading to more open, complex, and global economic systems. Drawing on evolutionary economics and institutional theory, this Element shows how this evolutionary process is reshaping our institutional economic architecture. Ultimately, institutional acceleration drives greater computation and knowledge into our economic systems.

By: Darcy W. E. Allen (RMIT University), Chris Berg (RMIT University), Jason Potts (RMIT University)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Weight: 144g
ISBN: 9781009638609
ISBN 10: 1009638602
Series: Elements in Evolutionary Economics
Pages: 88
Publication Date: 29 May 2025
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Introduction; 1. The supertransition thesis; 2. Vectors of technological change; 3. Combinatorial innovation and the supertransition; 4. Institutional acceleration; 5. An economy of digital institutions; 6. Adaptation and agency in the supertransition; References.