Revolting against the boredom which finance and economy brings
Broadly, when considering the topics of finance and economy, there are three groups of people:
the wealthy, for whom the system is working
the workers, who work for the wealthy
the theorists, who understand the system
In German, the theorists are concerned with Betriebswirtschaftslehre, Volkswirtschaftslehre, Nationalökonomie (rough English translations: business administration, economics, and political economy), etc.
It’s incredibly boring or incredibly pretentious. No wonder there’s the German meme of BWL Justus. But why?
Assume we were to develop a completely parallel economy, technologically based on an open source distributed ledger protocol (in a completely separate network). To put money into this system, real cash money must physically burnt, turning for example 1 euro into 1 memory of a euro. Instead of a single network, this would be a federated network, similar to how Autonomous Systems are making up the internet, administered by an organization similar to IANA. Each network must have at least one physical server which can be expanded to a network of nodes in P2P fashion. Access to this network is not bound to any biometric identifiers, but to physical property, e.g. based on the unique identifiers within a smartphone.
To participate in this economy as a merchant, they must provide the equivalent of a GitHub repository hosted in a decentralized way using a technology like IPFS, in which all prices for all their offered goods and services are listed and publicly available. This system would be immediately linked to an appropriate accounting or cash register system. Moreover, the composition of each price must be clearly represented, i.e., what is required for the purchase of ingredients/components/parts, what wage payments are, and what personal profit/gain is. Everything will be further broken down in this tree structure, which implicitly arises from the recursive tracking of these repositories, until everything can be reduced to wages (for services or extraction from the earth) or personal profit.
As one of the main metrics of this system, all individuals involved can continuously fill out the PERMA questionnaires from Positive Psychology.
A tax will be levied on each transaction; the user can freely set this tax, but a default will be provided based on common consensus (i.e. the tax system is opt-out). These taxes will be completely decentralized and distributed by each participant in this system using the technique of participatory budgeting.
Economy is only boring because in its current form, it is fundamentally hindering progress, as it’s hindering billions of people from realizing their full potential.