Thursdays 7am PST / 10am ET / 4pm CET

XORG (Experimental organizations): Playing organization into existence

Working session on games as organizations. ECSA Zoom


Wednesdays 11am PST / 8pm CET

ECSA Protocol Development: A Bi-Weekly Demo for Developers


The next session to be announced soon!

Economic Paper Reading Group


May 24-26, 2024

ETH Berlin + p4p Unconference

https://ethberlin.org ; https://offline.place/events/2024/05/24/p4p-unconference/

May 27-31, 2024

ECSA Berlin Open Office

Cultivation Space, 13-20 daily

Gottschedstraße 4/Aufgang 4, 13357 Berlin

May 29, 2024

Authoring futures: Protocols for postcapitalist expression

Nome Gallery @18:00

POTSDAMER STR. 72, 10785 BERLIN, https://nomegallery.com/ ; https://hackmd.io/@ECSA/ByK7OOOm0

May 31, 2024 @17-22

ECSA Sauna


Provinzstr. 40-44, 13407 Berlin

September 12-13, 2024

Finance and Society Conference 2024

University of Sheffield



May 21, 2024

House of Text, Lintulahdennkatu 3, Helsinki


Protocols for Postcapitalist Expression – a discussion withe authors

A discussion on postcapitalism with Dick Bryan, Jorge Lopez & Akseli Virtanen, the authors of the Protocols for Postcapitalist Expression (Minor Compositions / Autonomedia, 2023)

“To change our economy we need to change our economic language, for the nature of our economy is bound by the expressivity of the language that can conceive it.”

Welcome to a discussion on postcapitalist economic-organizational expression!

The recently published book Protocols for Postcapitalist Expression (Minor Compositions / Autonomedia, 2023) by Dick Bryan, Jorge Lopez and Akseli Virtanen has been said to be a major contribution in pushing political economy into the information age and opening economics to politics.

The book argues that money is a very interesting networking technology and an interoperability protocol. Furthermore, it shows how the recent developments in distributed computation and record keeping have given us now the ability to create – in a decentralized way – similar economic collaboration protocols as money has historically been. Yet to unlock the full potentiality of an informationally mediated economy and the autonomist politics it could enable, we need a new understanding of the economy: understanding economy as a network — a group of agents interacting according to certain shared understanding about the relations that make the network and its state — and opening these interaction protocols as a design and expression space for everyone.

The digital revolution has pretty much failed us economically. Social media horizontalized our communication, but left the information and protocol layer called the economy untouched. We can’t control the economic protocols that underpin the value capture of our communication. The book architects a next generation economic medium which can redesign the default convergence of communication, finance and computation in ways that are programmable from below.

There is no doubt that our economic organization is catching up with the new substrate of high speed computer networks with high informational capacities, bandwidth and connectivity: this will make radically new economic-organizational composition possible. The book’s thesis is that it will elevate the economy into something that resembles an expressive medium. As a medium, the economy is fundamentally a communication and writing system: an economic messaging protocol. And, as such, it can also be reprogrammed to communicate different things, with different logics, and with different network relations (who can do what).

This is important because protocols are essentially about the organization of the potentiality space: they set the interaction space of what can be said and done, when, by whom, for what purpose. For example: what counts (can count) as liquidity; what counts (can count) as collateral; and who gets to decide these?

The issues of liquidity and collateral go to the heart of what drives capitalism as a financial system. To challenge what counts as liquidity and as collateral under capitalism is the basis on which to open up the agenda of building the postcapitalist economic network. This focus, and the construction of an economic protocol for distributed liquidity and distributed collateral is at the heart of what the book proposes. We need a more expressive economic grammar to answer the questions differently – for our economic organization is always bound by the expressivity of the language we use to conceive it.

Join the discussion with the authors where they share about their project on developing an open economic medium to author futures, exercise and express economic agency, form distributed economic alliances, and to dialogue about what holds value, while creating it.

The book has also been released as an open access publication, but in a way that rethinks the economic space of open access publishing and experiments with text as a culture and network generating protocol. Test it out yourself: https://postcapitalist.agency

Dick Bryan, Jorge Lopez and Akseli Virtanen are members of the Economic Space Agency, a collective of post-structuralist economists, economic kubists, software engineers, game designers, artists and intangible asset creators deeply passionate about the economy.

Reading material
On Economic Intelligence(Foreword) by Jon Beller, Prof. Media, Pratt NYC
Table of Contents, Ch 1 & Ch 2
Postcapitalist discourse glossary: A map to postcapitalist space

May 15-22, 2024

ECSA Lohja Sessions

April 11-13, 2024


STRP Festival Eindhoven: A Matter of Freedom

April 4-5, 2024

University of Sydney

Cutting the Gordian Knot of Finance (Finance & Society Symposium)

It is increasingly apparent that the existing neoliberal policy paradigm is a recipe for ongoing economic stagnation, political polarization, and ecological degradation. But growing awareness of the exhaustion of the neoliberal model has so far largely failed to translate into changing policy practices. How do we explain this blockage and how do we get past it?

Existing commentary often adopts a tone of lament and accusation, criticizing policymakers and politicians for their persistent attachment to a neoliberal worldview without considering the sources of its tenacity. As a result, calls for a post-neoliberal policy agenda often remain abstract, incapable of intervening effectively into the landscape of interests and ideas that has emerged over the past decades.

The Finance Symposium at the University of Sydney aimed to advance a deeper diagnosis of the challenges facing a post-neoliberal agenda, doing so by adopting the language of political economy and focusing specifically on the chokehold that finance has developed on the practices and imagination of economic policymaking.

During the past four decades, finance has gone from being one economic sector among others to functioning as the central nervous system of contemporary capitalism. Economic policymaking has been deeply shaped by the idea that any measures interfering with the workings of financial markets will harm the public interest in a robust economy. This conviction has greatly leveraged the ability of finance to resist regulation and to demand the constant use of public resources for backstops and bailouts. Thus, what binds the machinery of policymaking to the power of finance is not a set of discrete ties but rather something akin to a Gordian knot.

The symposium brought together an interdisciplinary group of invited social scientists, including the ECSA chief economist Dick Bryan and other well known finance thinkers like Perry Mehrling, to examine the mechanisms and relationships that maintain the hold of finance on the contemporary political economy. In this way, the symposium aimed to produce a clearer picture of what post-neoliberal projects are up against, and a better understanding of what points for counter-leverage exist – how the Gordian knot of finance has been tied and how we might be able to undo it.

The symposium was organized in association with the Finance and Society Network, sponsored by the Hewlett Foundation, and received additional support from the University of Sydney.

December 9-12, 2023

Marlborough, NY

ECSA Marlborough Sessions IV

ECSA team working retreat at Marlborough, NY, now already a tradition, this time accompanied by friends from BlockScience too. Working on the ECSA token system, first decoupling the external capital market facing instrument and the internal value calculation system (working pretty much like what has became now called “points”), then bridging them together in a way that protects the inside and gives it stability, and that allows also for a smooth transition to the economic space protocol native token and its distributed issuance logic (no central ledger). State of the art economic design, if we may say this ourselves!

December 8, 2023, 5:30mpm-7:30pm


585 Woodward Ave, Queens, NY, 11385

ECSA in NYC: Protocols for Postcapitalist Expression – A Present from a Postcapitalist Future

Our economic white paper Protocols for Postcapitalist Expression was published as a book (Colchester / New York / Port Watson: Minor Compositions 2023) and is now available from your favourite book store also in the US. We were celebrating the event with some friends at Woodbine! More here.

December 7, 2023, 4pm-6pm

Pratt Main Library

Brooklyn Campus. 200 Willoughby Avenue Brooklyn, NY 11205

ECSA in NYC: Building Economic Democracy From Below with Kali Akuno / Cooperative Jackson

Kali Akuno is a co-founder and director of Cooperation Jackson, which is an emerging network of worker cooperatives and supporting institutions. Cooperation Jackson is fighting to create economic democracy by creating a vibrant solidarity economy in Jackson, MS that will help transform Mississippi and the South. You can find more information about Cooperation Jackson at www.CooperationJackson.org. Organized together with the Economic Media Lab, hosted at Pratt Institute,  a center for the organization and coordination of courses, workshops, studios and public events devoted to the study and design of economic media.

August 26 -September 1, 2023

Commons Hub

Reichenau an der Rax; https://crypto-commons.org/crypto-commons-gathering-2023

Crypto Commons Gathering 2023

August 3-7, 2023

Cultivation Space

Gottschedstrasse 4, Berlin

ECSA Labs Berlin Sessions

ETH BCN 2023

July 5-7, 2023


ECSA key note on Wed July 5 @ 10:20

ETH Barcelona

Here is the thinking related to the ETH BCN presentation — why we think the inevitable future of blockchain space is an inter-blockchain economic grammar as “Layer 1”:

Reciprocal Stakeholding: A New Economic Networking Primitive

We would especially like to thank the ECSA Labs crewMichele Ionio, Rüzgar Imski, Pablo Somonte Ruano, Daniel Shimbaum and Aleksa Stojanovik for making everything happen at the backend.

July 4, 2023

Torre Amat, Barcelona


ReFi Gathering Spain

June 28, 2023

19:00 @ Calle Bastero 13, 28005 MADRID SPAIN

CryptoCafe Madrid

“Economic Space Agency (ECSA) is one of the interesting projects working with collaborative finance (CoFi). They are developing protocols for expressing postcapitalist economic organization. The first layer of their economic networking protocol stack is functional and passing most specification tests. They talk about it as a new kind of a medium, a formal medium for creating economic organization (an economic media). They call it the economic space protocol. It is an economic networking protocol that gives people the power to create economic networks. Economic networks, they believe, will be for Web3 what social networks were for Web2 and shared keyword networks were for Web1. Economic space protocol is a grammar for creating economic networks. It enables a programmable network where participants can publish, validate, and value each other’s contributions. It introduces a novel value primitive and a transaction type that involves exchanging stake for access to each other’s output and reciprocal credit lines. The protocol redefines wealth by recognizing stake as preferred stores of value and incentivizes cooperation by rewarding those who align their performances with one another. It establishes distributed governance to decide what should be valued and forms an economic medium in which all agents have universal issuance rights.

The ECSA economic whitepaper “Protocols for Postcapitalist Expression”, describing the functioning of the protocol, is ready for release and published as a book by the well known radical publisher Minor Compositions (Forthcoming 2023).

Akseli Virtanen and Jorge Lopez from the ECSA core team join us at Cryptocafe to talk about the project, its next steps, the forthcoming token launch and the release of the book via NFTs.

Check also ECSA crew talking about the Whitepaper Intro!”

May 29-31, 2023

Brno University

ECSA Brno Sessions

May 22-28, 2023

CryptoCommons Hub, Austria

Hirschwang an der Rax

Collaborative Finance

April 7-8, 2023

Mexico City


Antikythera: Synthetic Catallaxy

Synthetic Catallaxy is Antikythera’s research theme focused on the ongoing organization of artificial computational economics, pricing and planning. A lot fo fun, Akseli participating from the ECSA team.

Antihythera’s research explores the potential of planetary scale computation as economic structure and infrastructure. Contemporary cloud and commerce platforms complicate any strong distinction between planned and market economies, with many setting prices, planning infrastructure, and modeling and generating demand in real time. These platforms represent, in this way at least, a kind of Synthetic Catallaxy

The term “Catallaxy” refers to the shared values, knowledge, information, and communication of those participating in a market economy. The calculations that span the globe linking markets not only transmit information but produce and constitute information: about labor, about value, about predicted future value and the value of those predictions. Value becomes information, and information becomes value. The Antikythera agenda presumes that the economic genres of the next century will not be a simple extrapolation of the present, nor will they be necessarily legible through the now traditional lenses of public vs. private, state vs. market, top-down vs. bottom-up, centralized vs. decentralized, pre-vs. post. A different architecture of economic information must be produced, modeled, circulated and expressed to enable a viable planetarity.

The Synthetic Catallaxy Salon assembled international designers, policymakers, researchers, and economists around the questions of economy and governance.  The purpose of the salon was to analyze and develop planetary scale infrastructure and interventions, focused on four areas of Synthetic Catallaxy research: planning, price, carbon macroeconomics, and UBX (Universal Basic X).

March 29, 2023 @ 12pmUK/1pmCET/2pmFIN/10pmSYD

Essex University/Center for Commons Organizing


ECSA Book: Protocols for Postcapitalist Expression. Agency, Finance and Sociality in the New Economic Space


ECSA crew discussing the chapters, key themes and interesting topics within and around the ECSA economic paper “Protocols for Postcapitalist Expression”,  coming out this spring as a book from Minor Compositions/Autonomedia.

Episode 1: Ch1 Introduction
Episode 2: Ch2 From Capitalist to Post-Capitalist Economy: Transcending Hayek and his Digital Disciples
Episode 3: A New Definition of Surplus / the 12 Magic Gifts of the ECSA Economy
Episode 4 Ch3: Market as a space exchange and a space of communication
Episode 5 Ch4: Performance

Episode 6 Ch5: Stake as the Key to Value

Episode 7 Ch6: Synthetic Commons


January 11-20, 2023

Marlborough, NY

ECSA New York Sessions

We spent some time together in New York and Toronto to prepare for the hectic spring ahead of us: the publication of the ECSA economic paper, the related NFT-operation, inviting the first close collaborators to the ECSA network and the ECSA token sale.

The Economic Space Agency is developing protocols for post-capitalist economic-organizational expression and launching a token to give everyone access to the protocol’s expressive powers. We think of it as a new kind of a medium. A formal medium for creating new kind of economic organization (an economic media). We call it the Economic Space Protocol. It is an economic networking protocol that gives people the power to create economic networks. Economic networks, again, we believe will be for Web3 what social networks were for Web2 and shared keyword networks were for Web1. The Economic Space Protocol is like a new kind of economic intelligence. An economic system creator in a box. It enables a new organization type called an Economic Space, a programmable network where participants can publish, validate, and value each other’s contributions. It introduces a new value primitive known as the Economic Space Performance and a new transaction type that involves exchanging stake for access to each other’s output and reciprocal credit lines. The protocol redefines wealth by recognizing stake as preferred stores of value and incentivizes cooperation by rewarding those who align their performances with one another. It establishes distributed leadership to decide what should be valued and forms an economic medium in which all agents have equal capacities, like issuing stake and clearing credit. Finally, it serves as an innovation platform for creating markets, organizations and business models not possible within traditional financial systems.

The ECSA Economic Paper “Protocols for Post-Capitalist Expression”, describing the functioning of the economic networking protocol and what you can do with it, is published as a book by Minor Compositions (Q2/23).

The first layer of the virtual economic networking protocol stack is functional and passing most specification tests. The ECSA token is live, we are right now distributing it to historical contributors. Next, we will start making a market for it.

October 25, 2022

University of Sydney

Cryptocurrencies as Units of Account

We think it is the unit of account function of money that is the most interesting and important in crypto’s connection to generating social change. This is the function that expresses the social system of calculation – it is specific to each society and it articulates social values by what it is able to count (and not count). It is in this domain that cryptocurrencies can be truly socially transformative.

The concept of unit of account, sometimes called ‘money of account’, is subject to some popular confusion.  When the state declares a fiat currency as legal tender, it also names its currency: the Bolivian boliviano, Libya dinar, Samoan tālā and Icelandic krona, etc. Many people think that a currency’s name is what the term ‘unit of account’ means. But if this declaration of a name were all that’s implied by the term ‘unit of account’ it would be a superficial feature of any money, and scarcely warranting identification as one of the three functions of money.

The critical point of emphasis in its function is unit of account, meaning unit of valuation;  a means by which assets can be valued, and hence compared quantitatively with each other. That emphasis immediately resonates with blockchain technology, for blockchains are distributed ledgers, recording quantities of valued things. So the question of ‘unit of account’ is the question of what and how a blockchain will measure and record on a ledger.  Any cryptocurrency has the capacity, should it be an intentional design feature, to create (or create the conditions for) new means of valuing, and hence the choice of ‘how to attribute value’ in ways different from capitalism.

Here Dick talks about the three ECSA propositions of how the unit of account function of money can be seen as the key to making cryptocurrencies/cryptotokens a force for social and economic change. In the process, we depict three distinct dimensions of units of account and present the argument that each dimension can be revealed in network design, outside the decree of the state and not constrained by compliance with ‘the profit system’.

For more, see Cryptocurrencies as Units of Account: Modifying the DNA of the Economy

September 29 - 3 October, 2022

Moos Space

Moosdorfstraße 7-9, 12435 Berlin

ECSA Berlin Office

Economic Space Agency team was in work for a few weeks in Berlin and opened the office for a long weekend.

Our starting points for the Berlin Office: (1) The economy is a programmable space. It is catching up with the new substrate of high speed computer networks with high informational capacities, bandwidth and connectivity. They are elevating the economy into something that resembles an expressive medium. (2) As a medium, the economy is fundamentally a communication and writing system: an economic messaging protocol. (3) Understanding the economy this way–as a communication network on a programmable substrate–reveals our economic relationships to be networking protocols. (4) We believe economic networks are the new economic abstraction, a value-producing, value-sharing and value-expressing form of informationally mediated society. Economic networks will be for Web3 what social networks were for Web2, and “shared keyword” networks were for Web1. (5) The key to making them accessible is in their programmability. (6) Accessibility means ability to define value, what counts as liquidity, what as collateral. So not values just as ideas, stripped of power; here, values as new kinds of assets and collateral that can enter into circulation and change the outcome of events large and small. (7) This expressive power needs to be made accessible — programmable economy must be endlessly, ceaselessly made accessible to all, with equal functionality and equal rights of expression. That is why our economic networks need to become distributed.

At the office, among others: Akseli Virtanen, Dick Bryan, Jorge Lopez, Jonathan Beller, Pekko Koskinen, Joel Mason, Roberto Soundy, Mikael Brygger, Matthew Slater, Tomaž Fleischman, Jakub Lanc, Pablo Ruano, Michele Inovino, Jesse Janssen, Lio Mondano, Marleena Halonen, Orion Reed, Aleksa Stojanović.

ECSA Berlin Office Program

September 26 -Septermber 28

University of Oxford

OxBAT 2022: Oxford Blockchain, Art & Technology Conference

September 12-18, 2022

ETH Berlin, Berlin Blockchain Week

August 26 -September 2, 2022

Commons Hub

Reichenau an der Rax

Crypto Commons Gathering 2022

A really nice gathering again organized by Felix and Guilio. ECSA sessions on the Economic Grammar of the Multitude, Protocols for creating distributed economic networks (Economic Media), Metamuseum, Robin Hood Decentralized, ECSA Labs, and XORG (experimental organizations). By ECSA core members Pekko Koskinen, Akseli Virtanen and friends.

July 22-23, 2022



Non-Fungible Tokens and Their Impact on Art, Creation, Curation

Over the last couple of years, Non-Fungible Tokens stormed into the creation of arts and, even more so, the art market. New forms of visual arts have developed, and existing artworks are increasingly represented by NFTs. Some of them gain outraging prices. Nevertheless, the general comprehension of what exactly NFTs are, how they influence the creation of visual art, what their legal effects are and should be, and how they affect incentives and values in art markets is far from complete. The conference assembles artists, lawyers, and economists from outstanding institutions to discuss these issues. Among them Pekko Koskinen from the ECSA team, on “After NFTs: Art and Its New Formalism”. More on the Program.

November 29, 2021


Kluuvikatu 7

Metaverse X Finance

Metaverse is eating finance, including the foundational categories of money, assets, yield and wealth.

The economy is moving on a programmable substrate. Cryptoeconomy is not just another asset class or just a new tech sector. It is a different way of doing the economy. It unlocks novel ways of organizing economic activity, owning and engaging intangible assets and incentivizing human behavior using programmatic systems. It is the economic interaction plumbing necessary for the emergence of the Metaverse.

What should we understand about the different asset types, including the yield bearing, revenue producing, cash flow and asset backed tokens? Where is the cryptomarket heading, what does the on-chain data tell us about the most promising projects right now? How to take advantage of blockchain as technology across sectors while mitigating the downside risk? What kind of investment vehicles and strategies are available? What are the critical components of cryptonative asset management? What should a careful investor understand about the asset class and counterparty risk and how they can be managed? Where do the exponential returns and yields come from? What are NFTs and why are they so interesting from the investment perspective? What novel skills are required to assess the potential of assets that don’t lend themselves easily to the traditional tools of analysis that have supported debt and equity markets for decades?

August 28 - September 2, 2021

Hirschwang an der Rex, Austria


CryptoCommons Gathering

July 22, 2021

Essex Business School & Kaplan Singapore

Alternative Finance / Rethinking Financial Education Symposium

May 18, 2021


The Derivative Condition

March 26-28, 2021

Supermarkt, Berlin

MoneyLab #10 Berlin: Disaster Capitalism


The aim of the session is to do some collective sense making around NFTs  – what are they, why are they interesting, and why now? – especially around how they are opening the avenue for thinking crypto as a new network creation media (economic-organizational media), a medium for creating and expressing new value forms (value-creating&sharing-networks) that characterize the information age.
So what are NFTs? Why are they interesting? What are they opening up, and how? What are the concerns about them and the current financial imagination around them? What are the important political, aesthetic, informational and financial changes they are a part of or pointing to? How to use the session.


ECSA is formulating a grammar for expressing post-capitalist economic organizations. As part of this process, we’re offering XORG Initiative, together with Supermarkt, RYBN.org, Goldin & Senneby, YKON, Robin Hood Coop, BlockScience, m-cult, Breadchain and FRAME among others. XORG utilizes games as a structural medium for organizations. The different fields of game design suggest different methods for drafting organizations. For example, roleplaying games offer structures for meaningful events and forging novel social entities. Organizations can be “played into existence” with methods of playtesting, even by fragments. For example, playstorming starts from the first interactions without a full game around you. The structural variety of games is a reservoir for potential organizations. For example, the different point structures reflect most tokens used in cryptoeconomies; but they also hold many possibilities yet to be considered. In sum: organizational design can resemble game design; organizational realization can operate as play. Session documentation. Introductory interview with Pekko Koskinen.

Join the XORG Telegram group

Pekko Koskinen on organization as an art of rights structures

November 25, 2020

MetaGov Seminar


MetaGov Seminar on ECSA Organizational Grammar

Pekko Koskinen (ECSA lead game designer and an organizational artist) has designed some quite famous indie games, but also a religion (played for years in a weird town in northern Finland), a populist politician, and some seriously surrealist economies for metaverse.

Our experience of organization: It is unbelievably difficult to design good organizational protocols, and even harder to implement them. This has made us respect the legacy legal organizational structures and their traditions much more. Yet, we do approach both organization and economy always as a game.

ECSA has different legal organizations (a Delaware C-corp, a Finnish Cooperative, A Swiss Foundation, A Swiss Association) which we are using as interfaces/tools for accomplishing different purposes – imitating in this sense what the global multinational corporations have been doing for a long time. And we have a virtual “protocol organization” which controls our ledgers, guides the interfaces and which has also had different forms – a Cyber Partnership, Federated Node Structure, a Protocol Library – and it is here where we concentrate on this discussion: We’ll talk shortly on the historical perspective, what have we learned about “protocol organization”, especially what have the pain points been. Then how we are approaching organization right now as creating “rights/capabilities structures”, because they create at the same time both the governance and the economic forms. (We’ve been creating a toolbox/grammar for expressing such compositions easily). And lastly: what are we solving for, right now, with the next iteration of ECSA “rights structure” (the ECSA protocol organization, aka ECSA Codex).

Here is the framework of ECSA Organizational grammar (Space) as an art of rights structures.

Jorge Lopez on ECSA Economic Grammar

November 11, 2020

MetaGov Seminar


MetaGov Seminar on ECSA Economic Grammar: Protocols for Post-Capitalist Expression

What is that new thing that the native properties of the emerging p2p networking technology actually make possible (vs. doing the same finance just with a more capable substrate)?

ECSA’s answer is: a post-capitalist economic media.

But what does that mean? It means the production of many different “values” and the use of DeFi-like money market, credit, staking & exchange protocols for collateralizing, circulating and allowing many different kinds of values (like for example care, research, the environment, open source….) to access the accounting system, become stakeable and conceptualized as “surplus”.

The economic networking protocols ECSA is designing allow the expression of any informational event or activity (and their compositions) as a value proposition, their encoding into a token form and entering into a value accounting, staking, collateralizing and circulation system. This is called “performance” in the economic paper; and the paper outlines a value theory of performance.

The Economic Space Protocol forms (A) a partition resistant & scalable market place [distributed exchange protocol] (B) a distributed payment & settlement network [distributed credit issuance & clearance protocol], and (C) distributed risk-sharing/ownership formation network [distributed equity protocol] among n-parties for these multi-dimensional value performances and their productions.

By doing this it also allows the expression of distributed production organization around these values (kind of like DAOs… but more expressible, composable, flexible, granular i.e. where multiple agents can at the same time participate in the design and operating of shared ownership/risk-sharing structures).

Together these capabilities combine into a new medium, or a new grammar, for economic-organizational expression. It is a new kind of internet native and very expressive economic platform for the information age.

The nature of our “economy” (our economic-organizational composition) is bound by the expressivity of the language that can conceive it. We have created a much more expressive language/medium – which is free to use and gives everyone the same capacities of expression – to describe and participate in our economic-organizational formations.

30 September, 2020

Token Engineering Switzerland


Stablecoins Demystified: The Why, How & Where

Akseli Virtanen talking about stability, volatility and ECSA’s long-volatility strategy: creating new stabilities. Also how the ECSA analysis from the very beginning of 2020 saw what was about to happen in the macro landscape of money when the crisis hit, see What is Stability? The time for alternative money.

From the talk: “We would like to challenge the conventional understanding of monetary ‘stability’ and reconsider its significance for the role of stablecoins. Being stable with respect to a fiat currency (or a basket of fiat currencies) is one take on stability, but it embeds the primacy of fiat over crypto, and leaves the stability of fiat currencies unquestioned. In this context, stablecoins are being styled as the acceptable face of crypto because they are a crypto version of fiat: the US dollars you hold when you don’t hold US dollars. But where do you go when you want to dissent from fiat, when you want to take a stand against fiat by betting against it (shorting it) and finding new stability from a different set of economic and social relations. For make no mistake, money is a social relation.

We think the latter is the real social potential of cryptoeconomy. It provides an opportunity to re-think the social role of money, and the social incentives that are embedded in fiat currency — money as a series (protocols) of social relations. And if and when fiat currencies face their next future crisis, we want to be talking already about what new stabilities — new social relations, processes and goals that we believe should be constant; new metrics of stability — we are advocating. This is the issue we should pose of every aspiring token: what is its own notion of inter-temporal stability that it claims to secure?”

Token Engineering Switzerland

September 19-20, 2020


Töölönlahdenkatu 4, Helsinki

MoneyLab #9 Helsinki: Playgrounds for Post-Capitalism

MONEYLAB #9 HELSINKI: Playgrounds for Post-Capitalism

Moneylab #9 Playgrounds for Post-Capitalism starts from the situation where our core economic infrastructure is moving fully onto a programmable medium. In short, the economy is becoming programmable. What does this mean? One way to think about it is this: just like social networking applications gave us social media, the emerging economic networking applications will give us economic media. How we relate to each other economically will be remediated by applications in exactly the same sense that our social relations already are. Crowdfunding, p2p lending, cryptocurrencies, liquidity farming, automated market makers, DeFi and DAOs are just the first baby steps of this transformation.

The economy and its key conventions – money, markets, debt, equity, liquidity, who can issue and clear, how are we organized together and share the risks and upsides, what counts as liquidity, what counts as collateral, what counts as value and who decides about these – are opening up as playgrounds for expression. And we want to express, experiment, play, speculate and fabulate! We want to profanate finance: return it to common use and play!

Marshall McLuhan (1964) famously said that the message of any new medium is the change of scale or pace or pattern it introduces to human affairs. In MoneyLab #9 we want to ask: If the media is the message, what is the message of economic media? What change of scale or pace or pattern does it introduce to human affairs? That might be the political question of our age.

It is clear that post-capitalism will be a financial system. And that only a critical appropriation of the language and protocols of finance can bring forth the subjectivity required to move post capitalism. Perhaps the real potential of cryptoeconomy and decentralized finance is here: that it allows us to start creating social derivatives, collective risk generating and arbitraging practices, speculating and leveraging on our capacity to act together, on a certain gap or on opportunity, and collectively enjoy the upside. 

MoneyLab #9 addresses potential tools that we have available, from experimental digital cooperatives to new cryptographically enabled organizational forms. We also experiment with the possibilities of games for prototyping economies: How could play get us beyond theory and bridge between creativity and practical realities of future, people-driven economies.

Money Lab Helsinki is co-produced by m-cult and Economic Space Agency in cooperation with the Institute of Network Cultures (NL), Supermarkt Berlin (DE) and Oodi Central Library.|

Economic Media with Geert Lovink, Jonathan Beller and Akseli Virtanen
What comes after DeFi? With Dick Bryan and Akseli Virtanen
Experiments in Governance with Primavera De Filippi, Ela Kagel, Nathan Schneider, Colin Drumm & Pekko Koskinen
Crypto-Cooperatives with Ana Fradique, Jyrki Jauhiainen and Akseli Virtanen 

What is post-capitalism as a financial system?

July 2-23 2020


The Economic Space Protocol – Towards the Internet Economic System. Pre-alpha review.

What is an internet native economy? What is “post-capitalism” as a financial system? What is “economic media”? What is a “spread” between the network capacities of the economy with internet architecture and the network capacities of the current capitalist economy? What is “living in the spread”?

READING: The Economic Space Protocol: Section 1/Introduction + Section 2/Design Principles

1 Introduction
1.1 The economy is a network; its protocols designable
1.2 The vision: The economy with internet architecture
1.3 Post-capitalism is a financial system
1.4 The ECSA offer: The long position and the Big Put
1.5 Outline of the Economic Paper

2 Design Principles of the Economic Space Protocol are the same as those of the Internet Protocols


LISTENING (11min): What is the ECSA vision? Economic grammar for the information age Discussion with Akseli and Dick, at Supermarkt, Berlin 24.9.2019.

Akseli Virtanen: Rethinking Money and Credit in a Cryptoeconomy

March 7-8, 2020

Cryptoeconomic Systems Journal Conference

MIT, Cambridge, MA


What is going on? Economy is moving onto a programmable medium
What is ECSA doing? Reprogramming the infrastructure on which debt and equity operate
What is the result? Credit-for-mutual-liquidity and equity-for-mutual-stakeholding represent a profound change in the future economic roles of debt and equity.

In short:
We show that functionalist definitions of money (unit of account, means of exchange, store of value, standard of deferred payment) shut down the broader question of what money is in the era of its digital redesignability, and instead limit the definition of money to operationalizing ‘fiatness’. We show that the basic functions of money (unit of account, means of exchange, store of value, standard of deferred payment) should be disaggregated and protocolized separately, because they are different building blocks of the social, and furthermore, that by understanding money as a set of protocols (and not as a “coin”), it can be redesigned to acquire further functionality.

We first identify a different framing for the functions of money that emerges out of distributed issuance – money issued through a distributed exchange protocol. We then turn to perhaps the most conspicuous apprehension about mutually-issued tokens: how to secure their liquidity? We then show how a distributed issuance of credit can ensure that the economy does not freeze when there is a blockage in the distributed ledger matching process. In a system where all agents can participate in issuance within the distributed exchange protocol and network, when offer matching is mediated through a common asset (or unit of account), netting enables exchange and settlement to occur without the need to actually hold the common asset (or unit of account). It means a non-money-intermediated means of liquidity: a distributed monetary system that can secure liquidity without the need for central control of issuance/un-issuance of a money instrument.

The distributed exchange protocol constitutes the backbone of a distributed clearing house and payment system. The goal of the mutual liquidity protocol we propose is not to issue credit with the objective of seeking an income stream (interest payment of debt), but a mutual responsibility for securing inter-temporal matching on a ledger. Credit-for-mutual- liquidity and equity-for-mutual-stakeholding represent a profound change in our understanding of the economic roles of debt and equity.

ECSA Team in Santa Cruz

Session on the Dealer Function with Colin Drumm

February 5-13, 2020

Santa Cruz


ECSA Team Retreat in Santa Cruz. We worked together on two three things, for 10 days.

(1) The iteration 3 of the ECSA protocol organization: open sourcing ECSA, distributing ECSA. An important piece in our work, maybe the most important, has been the development of, and experimenting with, our own organizational protocol. How to set up a robust and resilient infrastructural-legal interface for the long term success of an open source infrastructural project like ECSA. It needs to allow a heterogenous enough team from many areas of expertise and intellectual backgrounds to create together for a long enough time. That is hard! And we need to have an organizational protocol that allows both open and flexible engagement and participation, but also more focused and tighter organized sub-teams coordinated by a virtual keel of peer-to-peer stakeholding and risking together. This is the ECSA organizational protocol iteration 3.

(2) Human relating, to the protocol, and even to another human. The feeling and affect in the team. Also tensions and conflicts. We have learned that the value emerges out of little differences, frictions, disagreements, even conflicts, from staying in the trouble of cooperation. That is hard! We have learned that the creative energy of many different people coming together and co-operating produces small inventions, ideas, innovations: continuous small non-personal changes, the small ideas that joint effort continuously creates. That creation of value means the creation of new (interpersonal, social, political, aesthetic, economic, emotional) relations. Basically, that is what the creation of new economic space in the end means. It is a very different logic to a market, to a hierarchy, or to some kind of collectivist logic. It questions an idea of rational decision making, an individual rational decision maker-actor with her clear boundaries. Instead important are compassion, sympathy, imitation, repetition, innovation. And we need to nurture that.

(3) We’ve also learned that for the value (the little difference) to become economic, it needs social quantification, social adaptation, social repetition-ability. The third thing we worked on was our communication and messaging. That is hard! What is our vision? What is our product? What are the breakthroughs? Who are the users and how are we going to reach them? You will see the results soon :).

ECSA team Akseli Virtanen, Ben Lee, Ana Fradique, James Foley, Jon Beller at MIT

A distributed Exchange Protocol Jorge Lopez (Chief Architect, ECSA)

October 5-6, 2019

MIT, Cambridge

Protocols for Cryptoeconomic Networks. MIT Cryptoeconomic Systems Summit

MIT’s Cryptoeconomic Systems Summit special session on the ECSA economic white paper. “We show how a distributed issuance of credit can ensure that the economy does not freeze when there is a blockage in the distributed ledger matching process. In a system where all agents can participate in issuance within the distributed exchange protocol and network, when offer matching is mediated through a common asset (or unit of account), netting enables exchange and settlement to occur without the need to actually hold the common asset (or unit of account). It means a non-money-intermediated means of liquidity: a distributed monetary system that can secure liquidity without the need for central control of issuance/un-issuance of a money instrument. The distributed exchange protocol constitutes the backbone of a distributed clearing house and payment system. The goal of the mutual liquidity protocol we propose is not to issue credit with the objective of seeking an income stream (interest payment of debt), but a mutual responsibility for securing inter-temporal matching on a ledger. Credit-for-mutual-liquidity and equity-for-mutual-stakeholding represent a profound change in our understanding of the economic roles of debt and equity.” From Money and credit in a cryptoeconomy

Please find more videos of the Event in our Library here

An economic grammar for post-capitalism (Akseli Virtanen, Co-Founder)

A distributed exchange protocol (Jorge Lopez, Chief Architect, ECSA)

Economic protocols for liquidity creation (Dick Bryan, Chief Economist, ECSA)

A peer-to-peer value creation system (Jon Beller, Chief Media Architect ECSA)

Distributed network protocols as metapragmatic grammar (Prof. Benjamin Lee, Chief Economic Anthropologist, ECSA)


ECSA team Eugenio Battaglia, Fabian Bruder, Robin Vodruba at work

September 23-24, 2019

Supermarkt, Berlin

A Shared Economic Grammar: ECSA x DAOIncubator at Supermarkt

What is ECSA’s economic vision and what is its strategy? Why is “disintermediation” not enough? What changes when economy and its key conventions – like money, markets, credit, unit of account, issuance, clearing,  liquidity etc. –  in themselves become programmable? When they become distributed as protocols? When their grammar becomes shared like a language and they turn into media of expression?

What does a distributed economy mean, why is it important, and what are its conditions? How does ECSA’s take on economy differ from Radical Markets and from Hayek and his digital disciples? What happens to money, market, price, unit of account, issuance, and credit when they become distributed as protocols (as a shared grammar)? What if different functions of money were organized separately by different protocols? What is a peer-to-peer value creation, issuance and credit? What are the protocols of securing liquidity in a distributed cryptoeconomy? What is a distributed clearinghouse and how does it work? What is p2p credit? How does p2p stakeholding work?

Schedule and contents

Jonathan Beller: A Peer-to-Peer Value Creation System
Dick Bryan & Akseli Virtanen: What is Stability?
Podcast: ECSA Vision: Akseli Virtanen and Dick Bryan at Supermarkt, Berlin 24.9.2019
Podcast: Crypto-political Economy. Akseli Virtanen & Dick Bryan at Supermarkt, Berlin, 25.9.2019

Supermarkt Berlin



Eugenio, Lene, Pekko and Akseli playing ECSA with legos

July 16-18, 2019

Full Node, Berlin

ECSA Team Creation and Play Sessions

Building economic space together is a special mission; re-creating subjectivities in post-capitalism is a task equally important as it is delicate. We steadily learn from each other: What is ECSA culture? How do we relate to each other? What does not work? What do we want to change?

These testing rounds are a paramount to what we want ECSA to be: a virtual keel, a strategy for coming together to cross-stabilize and amplify each other, to systemically allow multiple identities, within which firm and flexible relations emerge.


ECSA team Akseli Virtanen, Pekko Koskinen, Lene Vollhardt, Erik Bordeleau, Joanthan Beller in Berlin

May 6, 2019

Haus der Statistik, Berlin

After Scarcity: Propositions for a Post-Hayekian Economy. With Kim Stanley Robinson

For many of us, computer technology seems almost inseparable from the corporate hypercapitalism of Silicon Valley. In “After Scarcity”, Bahar Noorizadeh explores the soviet cybernetic past in search of our possible post-neoliberal future. “How might we use computation to get us out of our current state of digital feudalism and towards new possible utopias? Afterall, what would Vladimir “socialism is electricity plus statistic” Lenin have to say about blockchain?”  https://dis.art/after-scarcity/info

This fascinating 30 min. sci-fi essay film will act as a free indirect entry point for a wider discussion around the disruptive potential of crypto- and cyber-economies. Including: Stefan Heidenreich’s recent work around a non-money economy partly based on algorithmic matching formulas, and ECSA’s general proposal to build a financial and computational infrastructure for post-hayekian economy.  


ECSA team Jorge Lopez, Dick Bryan, Pekko Koskinen, Bob Meister, Benjamin Lee at work in Santa Cruz

April 4-9, 2019

Santa Cruz

ECSA Economic White Paper, Santa Cruz Session II

Economic white paper sessions. We have been working for some time now quite intensively with something we are very excited about: the Economic Space Agency economic white paper Protocols for Cryptoeconomic Networks. It is in a pre-alpha private review, so still worked on, parts unfinished, and not yet publicly shared — but if you would like to join the process of rethinking economic conventions as protocols, and thus as a design space, please just contact me — we are happy to share the text. We have realized that we are creating a language for new economic expression. It is an economic language that can express capitalist network protocols, but even more, it can go beyond them. It can encompass capitalist value calculus, but express more qualified values and refuse their collapse into the monological value-expression that disqualifies non-money values as economic externalities. It is capable of valuing, for example, the biosphere, care, intangibles and social innovation — without reducing their information into one index of price and one measuring unit of profitability. It is a post-capitalist language (a language for post-capitalist economic expression), in a literal sense. A new economic grammar for the information age.

Towards Post-Capitalism. A Language for New Economic Expression

What is Crypto-Political Economy?

Sant Cruz Session II, Program.


Joel Mason with the mic, with Cassio Santiago, Pekko Koskinen, Erik Bordeleau, Jonathan Beller, Akseli Virtanen, at Trust

March 10-12 2019

Trust & Haus der Statistik, Berlin

How to Short Capitalism? The Crypto-Political Economy of Economic Space Agency.

Economic Space Agency is building the next generation network infrastructure for programmable economies. Most blockchain and distributed ledger technologies applications are oriented toward the creation of distributed markets, reinforcing rather than disrupting oligarchic concentration of wealth over time and questioning what “value” is actually traded. ECSA offers something different: a fully integrated, commons-oriented approach to cryptoeconomy. Activities currently deemed desirable but unprofitable and unmeasurable – for example care, art, affect, biosphere enhancement – can not only now be expressed as value-creating activity, but they can also be synchronised and cross-referenced with each other in a way that gives them liquidity.

How to short capitalism? ECSA 3-day event program

Haus der Statistik

ECSA team on stage in Siegen: Erik Bordeleau, Jon Beller, James Foley, Pekko Koskinen, Fabian Bruder, Jacky Vu

Akseli Virtanen on cryptoeconomic protocols

7-8 March 2019



Infrastructures of Money. ECSA at Moneylab, Siegen

How can cryptographically enabled distributed economic-organizational systems – aka economic spaces – allow for the building of a radically different political economy and modes of collective individuation? The capitalist profit extracting value calculus and its implied take on “rationality” is a design environment that is geared toward a certain kind of optimal behavior. It is a protocol for the kind of people and sociality it requires to function, seeking, nudging, sifting up and training players toward the required and desired (game theoretic, axiomatized expected utility seeking) competencies – the programmatic abstraction called homo oeconomicus. Economic agencies and DAO’s of different natures are designed to think like corporations and compete in the next level of economic game going ahead. Without techno-social devices and infrastructures that operate at the protocol level for reshaping the economic gamespace toward commons-oriented purposes, we are left without politics, incapable of addressing and intervening efficiently in the processes redefining our rapidly evolving and fragmenting future. Program: MoneyLab, Siegen

ECSA Tem Benjamin Lee, Jonathan Beller, Pekko Koskinen at NYU/Stern

16-18 October 2018

New York University / Stern Business School

Cryptoeconomic Working Session II

The Economic Space Agency project is to create new (post-capitalist) economic space and tools for people to start operating and exploring this space. We think we are discovering a new distributed value form and value calculus which are different to the capitalist commodity form and calculation of value. If this is true, it means reorganization and reproduction of economic space itself.

The ECSA token system can be framed as a put option on capitalist value calculation: people buying the ECSA token are purchasing access and relation to new value forms and thus a difference to capitalist calculation of value. ECSA is offering the right for agents to part with/sell out of capitalist calculus of value. We call it a put option as a statement of our long position as a difference to valuing and calculating just “profit” — the value of a put option rises as the value of the underlying asset (capitalist value, or more precisely, capitalist perspective on value, how it is created and captured) declines. In this session we explain the ‘big put’ as an exploration of how to organize the production of value and how calculate value in ways different from those that define capitalism.

ECSA Cryptoeconomic Working Session II at NYU/Stern

Jorge Lopez working his way through the ECSA Tech Stack, Starfish, San Francisco

October 4, 2018

Starfish, San Francisco

ECSA Tech Stack – A Technical Session

An exploration session on the lower levels of the ECSA Tech Stack: Distributed runtime + Programmable language for organization + protocols for value expression, measurement & exchange.

Gravity: Distributed Runtime. Gravity node provides with secure computational containment, serialization, persistence, networking, and hardware interfaces to be utilized up the stack.

Gravity Protocol: Informational Integrity. The Gravity protocol provides event ordering, scaling, strong security, fail recovery and high availability. It ensures network wide consistency, and enables distributed atomic transactions.

Space: Organizational Expression. Space is a capability oriented organizational development environment and language to easily reason about, describe and program organizations.

Space Protocol: Organizational Interoperability. The Space Protocol allows distributed applications “Spaces” to interoperate, regardless of their implementation substrate.


Planning the session: Akseli Virtanen, Kim Stanley Robinson, Dick Bryan and Jorge Lopez at Davis

October 3, 2018

Starfish, San Francisco

The Big Put: On Post-Capitalist Value Forms and Value Calculus

The ECSA token system can be framed as a put option on capitalist value calculation: people buying the ECSA token are purchasing access and relation to new value forms and thus a difference to capitalist calculation of value. ECSA is offering the right for agents to part with/sell out of capitalist calculus of value. We call it a put option as a statement of our long position as a difference to valuing and calculating just “profit” — the value of a put option rises as the value of the underlying asset (capitalist value, or more precisely, capitalist perspective on value, how it is created and captured) declines. In this session we explain the ‘big put’ as an exploration of how to organize the production of value and how calculate value in ways different from those that define capitalism. Program. Organized by Starfish, Mission, San Francisco.

Jorge presenting at Token Engineering, London


Token Engineering, London

Distributed Exchange, Synthetic Indices & Network Derivatives

Space is a modular organizational grammar and an organizational development environment that allows us to describe agents, relationships, protocols and organizations through an offer centric association grammar. Space allows us to describe existing, but most excitingly, new organizational forms while allowing them to remain interoperable. Economic Space is a modular economic grammar – allowing not only decentralized exchange but also the design of distributed value production and its organization. It opens a new economic design space of a more longer term (persistent) and multidimensionally value creating social relationships (of belonging, interacting, governing, risking together) than just issuance and exchange of tokens which collapse relationships. Token Engineering Session #3, hosted by Outlier Ventures.

August 24-31 2018

Berlin Biennale

Akademie der Kuenste, Berlin

Thousand Financial Plateaus. ECSA at Berlin Biennale’s Public Program

The Economic Space Agency (ECSA) conceives of  finance as a creative medium and financialization as an artful practice with the potential to exceed the restrictions and extractions of the current market economy. With the emergence of smart contracts technologies, we see the potential for the cultivation of truly p2p ecosystems of value fueled by artists’ capacities to produce new aesthetic and social forms.

ECSA invites you to one day event at Berlin Biennale’s Public Program with presentations, discussions and collective making around new economic theory and design. Our starting points: (1) Economy has a history, and it has a future. (2) Finance is not primarily about monetary value but rather social-political design – a mode of coordinating the future and its emerging possibilities through the design of collective attractors. (3) The new network technologies will produce a radically different economy. Blockchain and smart contracts are making possible the open-sourcing of finance, turning economic and financial forms into modular toolkits. What future can we call into being through a re-programming of our social and financial protocols? What kind of new economic space and agency can we re-engineer?

A special thank you to Pedro Victor Brandão.

Berlin Biennale Official Announcement

ECSA team Jackie Vu, Lene Vollhardt, Jenny Joy Miranda at work, Lohja retreat

July 27-August 22, 2018

Lohja, Finland

ECSA Protocol Organization II, Team Retreat, Lohja, Finland

How to create a human relatable protocol organization? A network with consequences? A derivative community? That is held together by a virtual keel. That understands the new physics of the new economic space: voluntary organization, functional equivality, no central point of coordination, impossibility of turning into private property. Drafting of the ECSA Offer, Protocol Organization and Team Agreements. Part II, in Finland.

ECSA team at work in Portugal

July 4-11, 2018

Fortes Nuovos, Portugal

ECSA Protocol Organization I, Team retreat, Fortes Nouvos, Portugal

How to create a human relatable protocol organization? A network with consequences? A derivative community? That is held together by a virtual keel. That understands the new physics of the new economic space: voluntary organization, functional equivality, no central point of coordination, impossibility of turning into private property. Drafting of the ECSA Offer, Protocol Organization and Team Agreements. Part I, Portugal.

Dick Bryan talking about the unit of account at NYU/Stern

16-18 May 2018

New York University / Stern Business School

Cryptoeconomic Working Session I

In their money role, crypto-tokens can be an alternative unit of account, not just a means of exchange. They open a possibility to invoke a new measure of value, not just facilitate new processes of trade. As such, tokens can have a ‘backing’ in the value of output they facilitate, and not function simply as tools of speculative position-taking. Here is their radicalness, that they open a possibility of re-thinking and re-engineering what we understand by production. What are the new social units of production? How is such production measured as a social contribution? How is output distributed, accessed and owned? Re-defining and re-measuring production provides the material basis of the crypto economy — a basis that gives crypto-tokens a long-term future as the currency of an alternative economic logic. A different way of doing economy.

Cryptoeconomics Working Session at NYU / Stern Business School

ECSA team on stage, Moderna Museet Stockholm


Moderna Museet Stockholm

Manipulate the World: The New Monetary Perspectivism of Economic Space Agency, Moderna Museet Stockholm

Moderna Museet invites you to discussions with artists and economists on cryptocurrencies and the future of the economy, with a specific focus on the practice of Economic Space Agency. ECSA was one of the key artists at the exhibition Manipulate the World – Connecting Öyvind Fahlström, with its special focus on manipulating the informational layer of our reality called finance and economy.

Öyvind Fahlström’s work “World Bank”, featured in the exhibition Manipulate the World, is closely linked to Economic Space Agency. A gold depot is at the centre of this staged installation, which is a geopolitical analysis of the world economy from 1971. “World Bank” is contemporary with the abandonment of the gold standard and the emergence of the current financialized economy which has come to define today’s debt relations, increasing concentration of capital and uneven distribution of risk.

Economic Space Agency is a startup company in San Francisco aimed at democratizing the financial sector.  Their innovations in cryptocurrency – i.e. digital, non-governmental currencies such as bitcoin – have been described as “an alternative way of occupying Wall Street”. Their network extends from post-Marxist philosophers and human rights activists, to internet innovators and financial engineers.

Moderna Museet official announcement

Stockholm School of Economics Announcement

Pierre Guillet de Monthoux, Jakob Senneby, Simon Goldin, Erik Bordeleau at the Stockholm School of Economics.

18-19 January 2018

Stockholm School of Economics

Economy and Its Conventions as a Design Question

Financial derivatives, blockchain and tokens are breaking the conventions of economic organization. Just as the formation of the joint stock company and the rise of stock markets from the 1840s transformed capitalism (and was the context in which Marx was re-framing our understanding of capital, accumulation, and surplus value) we are now at a turning point of similar significance. It is in the nature of a turning point that we must challenge conventional categories of analysis. The core ‘economic’ categories we need aren’t anymore the categories of the joint stock company and profit; nor are they going to be sufficiently clarified around issues of ‘intangible’ production; perhaps they are not even the emerging popular categories by which blockchain and tokens are being right now discussed. We need different frames of thinking about value and production.

AT ECSA, we create mutant organizations, wild financial instruments and economic pets.
ECSA Open Office Program.
Organized by Stockholm School of Economics

Full house, ECSA team at E-Flux, NYC

September 26-27, 2017

E-flux & Pratt, NYC

Cryptocurrencies and Its Discontents

The Occupy Wall Street movement raised an essential question that we haven’t quite been able to answer yet: How to occupy an abstraction? Financial capitalism hangs above our heads like an extractive cloud that escapes our grasp. It uses monetization as the mechanism by which social, cultural, economic, and ecological values are all flattened out and made equivalent to one another. And obviously, this whole extractive architecture is inherently hierarchical: some privileged few are allowed to issue money, while everyone else can only issue promises to pay money. How can we shift from the individual precarity generated by extractive finance to new forms of mutual indebtedness and metastable stakeholding? For starters, we need  to conceive of money as a technical object of social design; that is, something that can and needs to be re-engineered to serve our collective aspirations. In that sense, the excitement around blockchain and crypto-currencies is an excitement around a new means of encryption that takes one huge step towards the democratization of finance through techniques of decentralization. Organized by E-Flux.

ECSA team Jorge Lopez and Duke Jones talking about poly-centricity and do-it-your-self blockchains at UC Berkeley

August 23, 2017

UC Berkeley

Poly-Centricity. Blokchain meets Object Capabilities, ECSA at UC Berkeley

How blockchain technologies can leverage the secure computation model of object capabilities to expand its reach, capacity, and interoperability towards open web platforms and open web infrastructure, without forsaking security and data sovereignty? Current blockchains provide trustless third parties and the ability to operate smart contracts on a public ledger. Meanwhile, object capabilities are based on transmitting tokens of authorities and rights that allow token-holders the ability to securely perform operations in a distributed system that is private, granular, and scalable. Blockchains make compromising information incredibly expensive through massive replication of data. Capabilities extend the promise of security through more light-weight mechanisms such as “Proof of Authority” and greater decentralization at the application layer.

Jorge at stage with Brian, Mark, Arthur, Zooko and Michael

July 3, 2017

Foresight Institute, San Francisco

The Next Frontier: Blockchain meets Object-Capabilities

On July 3rd GRAVITY is coming out of the garage, and co-hosting a symposium with the Foresight Institute at Alamo Square, SF, entitled, “The Next Frontier: Blockchain meets Object-Capabilities.” The panelists include Mark S. Miller, Zooko Wilcox, Brian Warner, and Jorge Lopez, and the discussion will be moderated by Michael Casey from MIT’s Digital Currency Initiative. For us, starting this dialogue is very important, because GRAVITY implements security and trust/trustlessness in a very different way compared to the more familiar approaches in blockchains like Bitcoin and Ethereum. The object capability framework, we feel, is less well-known than it deserves to be, and we hope that this event can create awareness of its possibilities by explaining how it expands the way in which distributed computation and ledger systems are currently seen.

ECSA team at work in Santa Cruz

May 2017

Santa Cruz, CA

Beyond Blockchain. Santa Cruz Sessions I

Value production is inherently networked. In order to thrive it needs an architecture as granular, scalable, and flexible as possible in order to accommodate the kinds of diverse applications and interactions that will, in turn, support its self-organization. We want to build an ecosystem in which everyone can launch and participate in crowdsales, and exchange tokens without breaking the network. For these reasons we are building Gravity: a new common infrastructure for the crypto-economy.

March 5-7 2017

The New School & The Pratt Institute, NYC

New Economic Spaces: Financialization and the Democratization of Financial tools

The Volatility Working Group (Emanuele Derman, Ben Lee, Robert Wosnitzer etc.), SenseLab (Erin Manning, Brian Massumi etc.) and Graduate Program in Media Studies at Pratt (Jonathan Beller etc.) joined Economic Space Agency to conduct a series of conversations on the current aporias and and possibilities of financialization. The topic at the table: the seemingly irresolvable problems posed by jobless society, capitalist hierarchy, climate injustice, racism, colonialization, neo-fascism in relation to the fact that the coming economic, political and financial structures are opening for design in front of our eyes. In what ways can the new network technologies and the reimagined financial technologies open new economic space?

Jorge Lopez and Mark S. Miller in conversation

November 11-14 2016

Omnicommons, Oakland, CA

Open Source Economy OS!

The classic. Open Source the Economy OS! ECSA’s first open office event in Oakland. Everybody was there: Dick Bryan, Brian Massumi, Jon Beller, Rafe Furst, Mark Miller, Bob Meister, Luciana Parisi, Erin Manning, Marina Gorbis, Robert Wosnitzer, Goldin & Senneby… Three intensive days followed by the late nights at the ECSA Garage.

“We believe that economic, social and technological trends are converging so that we can design and build tools to take more control over the operating system of the economy. Unexpected breakthroughs happen when software architects developing distributed computing and smart contract platforms, thinkers of finance who can work its ideological and organizational potentiality, legal hackers, political activists and social experimenters capable of engaging in such design, artists who are imagining new economic worlds come together in an inclusive atmosphere.

This is a radical moment: We are moving from the Euclidean economic space – a given, flat, rigid, non-changeable, zero-curvatured, linear economic space of equilibriums, scarce resources, neoclassical economics and game theoretical utility maximizing – into a Non-Euclidean economic space which is n-dimensional, topological, non-linear, synthetic, curving and moldable. It is a space where the laws of the old economy don’t hold and where we can start to do new things.”

August 2016

ECSA Garage Oakland, CA

ECSA Garage Opens in Oakland, CA


  1. Agency

    An Agency is a collective Agent: a Network of Agents appearing and acting together as a coherent whole without any central decision making. A contractual relationship of many to many via a Network derivative. Also known as the composite Agent, synthetic Agent, Derivative Agent, distributed Agent, Derivative community. Agencies may be public or private, uniquely identifiable and able to participate in other Economic spaces as a coherent whole. Through this composition the Space-protocol">Economic Space Protocol enables the creation of large scale collaborative organizational Networks. When viewing Agents in these Networks organized around a specific intent we refer to them as Agencies. 


  2. Agent

    Economic Space Agent is a first class citizen in the new Economic space: has a private Space, is able to issue and hold Rights, to accept and receive Offers and it has an internal ordered event timeline (own “blockchain”). All Agents can be issuers and clearers, engage in creation of credit, Collateral, Stake and other financial relationships. Peering together through a shared Protocol – a shared Economic grammarAgents form a Networked economic system with privacy preserving, scalable architecture, with no central data broker, host or owner.


  3. Arbitrage

    An emergent social co-creation.

  4. Autonomy

    Capability to set attractors for one’s own behavior.

  5. Big Put

    The means to put the risks of Capitalism’s fragility back onto the Market. Another name to the ECSA Token. Big Put is a play both on the capitalist desire to short itself (it is wasteful, fragile & unstable: a cultural-financial asset in decline) and the Spread that will emerge between the Network capacities of the existing capitalist economic Network and the post-capitalist economic Network: a Spread between their Stability, accessibility, efficiency of distribution, adaptability, scalability, privacy, functional equality and programmability.

  6. Capitalism

    A wasteful, fragile & unstable economic system: a cultural-financial asset in decline. Dangerous in the way being long Capitalism aggressively shorts the environment and the qualitative dimensions of our life and society. Key problem: the lack of capacity to express dimensions of Value (Monocracy of Value). 


  7. Circuit of value

    A Circuit of value refers to the process where an Economy goes through continuous processes of production, sale, consumption and investment leading to new production (hence a circuit). Expansion sees the Value of output grow as it moves round the circuit. Crisis is associated with a break in the circuit.


  8. Clearing

    Netting with an inter-temporal component. Key function in the ECSA distributed credit Protocol: every Space-agent">Economic Space Agent using it is also a clearer. Agents learn to do Clearing through the creation of Liquidity tokens: when you issue a Liquidity token, you issue it to the credit Network. Every Liquidity token becomes part of the credit Network. That is how it is possible for them to clear. Liquidity tokens are used to facilitate and confirm ledger entries, generating Stability in economic flows; they are not coins to accumulate, or loaned for profit.


  9. Collateral

    The Collateral question in Capitalism is who gets to determine what ‘assets’ are, and how they can be utilised for leverage. Workers’ primary asset – their capacity to work – is only Collateral in the context of slavery: the capacity of the employer (owner) to use the worker as Collateral; not the workers’ capacity to use themselves as Collateral. The Collateral question is the financial version of ‘class’. In Post-Capitalism, all Agents can issue assets to be used as Collateral. The construction of an economic Protocol for distributed Collateral is itself the key challenge to the current capitalist order. It is the centrepiece of a strategy for a distributed (not centralized) economic system.


  10. Collateralization of affect

    Collateralization of affect produces community.

  11. Commodity token

    Commodity Token is a Network derivative. It is issued by the buyer in acknowledgment of the completion of a transaction. Makes any Information exchangeable.


  12. Cryptoeconomy

    Must become a different way of doing the Economy


  13. Cryptoecononomics

    Economics of the hidden (the social relationality of production).


  14. Dealer function

    A Market needs to have two Prices. Dealer makes the Market by creating the inside Spread, the Spread that appears as “the Market”.  The dealer collects the inside Spread. And crosses the outside Spread. The dealer model of providing Liquidity is very different from the lender model.


  15. Debt

    A historical Protocol and a social relation. An inferior mode of finance. In financial Capitalism the growth in the forms of inDebtedness is the condition for capital accumulation, just like expansion of labor force participation, was for expanding commodity production. Our collective capacity to assume Debt and pay taxes and be the direct bearer of austerity measures create direct vehicles for financial asset accumulation. The increasing supply of government bonds s possible only through deficit cuts and excluding all inflationary spending. This is like the financial equivalent of raw material for industrial production. In financial Economy the surplus is extracted more directly from this collective capacity to become more inDebted and pay taxes than from the stagnating number of people employed in goods and services production. 

  16. Decentralized finance

    DeFi has so far introduced ‘stablecoins’ as mechanisms for Token exchange rate Stability with respect to fiat currencies and pooling mechanisms for stabilizing Token Prices; and, more recently, also decentralized banking and insurance Protocols: that assets need not lie idle, but can be mobilized for borrowing and lending, with mechanisms of insurance Offered on the side. Lending is then giving rise to the potential for leverage: borrowing in order to take positions in Markets. That, in turn, is opening up issues like Collateral requirements with margin calls and default risk. Predictably, we are seeing next the Issuance of Derivative financial products like credit default Swaps (CDS) and Collateralized Debt obligations (CDO) designed to on-sell default risk from those who wish to avoid it to those prepared to carry it for a fee. These developments have the hallmark of the sorts of Derivative products being traded in the lead-up to the 2007 global financial crisis. Whether they are pointing to crypto’s ‘Minsky moment’ ’is questuon, for the products themselves were never the source of crisis; it was their Governance, expressed in pricing models and the conditions of access to leverage they were built upon. It is not surprising that the emergence of cryptoDerivatives and a focus on DeFi Governance are emerging concurrently. We are interested in moving from DeFi to Social derivatives (using finance to create different socialities).


  17. Decolonised finance

    Decolonised finance means the necessity of financial Protocols to become the focus of democratic demands. Yet very different to Decentralized finance. Decolonisation means unmaking the naturnalness of dominating principles of rule (the Protocols), mostly unconscious embrace of terms of exchange – like Price as the only index, profit as the only measure of Value, the capital/labor relationship – that are uneven & unequal, but are encapsulating forms of economic and financial association, community and selves. Never a straightforward question of escape (the colonised_desire_their colonisation and hate the decolonised), but of reappropriating the capacity of assembly, of affinity, of association, of Value giving circulation – that capital & finance claim to belong to them. Decolonisation means reorienting the principles (the Protocols) by which people rule their own movements & how they Value these associations on their own terms. ECSA is decolonising finance.


  18. Derivative

    Derivative means generally a financial exposure to movements of an index (predominantly but not exclusively Price), but without necessarily ownership of the underlier to which the index refers. They therefore Price risk, and enable all risks to be compared. Derivative contracts differ according to the sort of exposure attached to an index. Furthermore, we are moving from a definition of Derivative as a “self-executing contract that reduces counterparty risk” (Ethereum white paper) to understanding a Derivative as a relationship between co-text and context and a sensitivity to changes: we understand Derivatives as an ongoing ability to isolate co-text from context, to turn co-text into something useful for measuring. This is a very different sense of “smartness” in Derivatives. We think they have a social logic. See Social derivative.



  19. Derivative community

    Derivative community is also known as a composite Agent and Agency. See Agency.

  20. Digitalization of economy

    A failed revolution. Social media horizontalized our communication, but left the Information and Protocol layer called the Economy untouched.


  21. Distributed credit protocol (dCredit)

    A Protocol for credit Issuance and Clearing: Agents issuing Collateralised credit enable Transactions to be netted (cleared) on Network ledgers. By issuing and Offering/accepting Liquidity tokens Space-agent">Economic Space Agents gain the capability to enter the P2P credit and Clearing Network. Reciprocal Issuance of Liquidity tokens involves Offers of credit. When matched by an acceptance, credit is granted to enable the Network’s ledger to be netted (balanced) efficiently, without a Clearing house. The Protocol gives everyone in a Network the Right and responsibility to enable smooth functioning of economic relations. Gives everyone the Right to issue “Money” based on the production of a Value (care, research, knowledge, environmental impact, etc.). Making thus liquid heterogeneous Value forms, making possible the creation and circulation of new collective Values. A key piece in the Space-protocol">Economic Space Protocol (ECSP).


  22. Distributed exchange protocol (dEX)

    A partition resistant, scalable P2P exchange. Facilitates parity path of any Tokenized Information into any other among n-parties without a central state/global replication. Creates a “Space of exchange” for different social meanings, properties & intentions to become expressible & exchangeable (i.e. liquid). A key piece in the Space-protocol">Economic Space Protocol (ECSP).

  23. Distributed ledger

    A ledger is an accounting record that contains Tokens of a specific kind and is associated with a holder. A Distributed ledger is a Network of ledgers belonging to different Agents, where in one ledger’s entry there is a record of a quantified “obligation”, and in another ledger, there is always a matching entry that records its corresponding a quantified “Right”.  For example, if the entry represented a Debt instrument, on one ledger we would have a debit, and on another ledger we would have a credit. The entries on the ledgers connect them forming a Network, where the sum of all Rights and all obligations equal zero, that is, for every entry in one ledger there is a counter-entry of the same kind and the same amount in another.  The ledger presumes that Tokens of the same kind are both divisible and additive: they can be infinitely divided into smaller amounts, or added up to a larger amount. The Distributed ledger is a record that results from the Distributed Exchange Protocol.

  24. Distributed performance index protocol (dPerformance)

    Performance index (or Network index) indexes certain aspects of the Performance of a Network/Space-agent">Economic Space Agent. Performance index can be any computed Value of a Network, anything that can be measured, registered, computed. It turns a series of such Informational events (Performance) into a purely Information based commodity: anything that can be perceived as Value be articulated as an Economic event. Indices give Economic agents the capacity to make sense of Information and guide their behavior. They Offer a capacity to enact new social priorities; to author futures in cooperation with others; to set incentives and attractors (temporal, indexical measures) for collaborations to occur and make them self-sustaining; It allows Economic agents to collectively Value intangibles and other Values, making them collectively sensible, visible & recognized as valuable, putting them into operation, circulation, organizing, regulating & incentivizing social behavior around their production. A key piece in the Space-protocol">Economic Space Protocol (ECSP).

  25. Distributed stakeholding protocol (dStake)

    A Protocol for Space-agent">Economic Space Agents to create Stakeholding relationships in each others’ Value productions and to Collateralize credit lines. By issuing and Offering/accepting Stake tokens Space-agent">Economic Space Agents gain capability to enter the P2P Stakeholding Network. Offers of Stake tokens are accepted, creating a Stakeholding relationship, and a transfer of a specific ownership. Stake serves as Collateral for credit. The Stakeholding Network is like a subNetwork created through the Stake tokens: how a Stake token relates to another Stake token (the logic) is inside Stake tokens. Putting on Offer a Stake token introduces the capacity to create another Network (a Stake holding Network) into the DEX Protocol. The capacity of P2P Issuance of Stake enables Agents to diversify (share) risks: to risk-together. Capacity to issue Stake into a Value production opens up new fundraising forms.  Gives Economic agents a capacity to create recognised Collateral for credit Issuance. In short, gives Economic agents a capacity for wealth creation and accumulation around heterogeneous Value productions. Allows new forms of sharing risk & upside (new kind of relations) directly among peers, and allows Space-agent">Economic Space Agents to design these forms; you can organize/Stakehold around Values and Networks that you Value. A key piece in the Space-protocol">Economic Space Protocol (ECSP).

  26. Econaut

    An Space-agent">Economic Space Agent

  27. Econautics

    Navigation in the new Economic space. In a Token Economy context of transparency and decentralized open source data we need a reliable runtime and a Grammar that can help us navigate and operate this Space and build knowledge Derivatives (indices) of it. Without these tools we are today without politics, economics, incapable of expressing and intervening in processes and future of our life. This is the technology development task we are taking on in ECSA. It is a new content discovery paradigm. Renaissance scientists, like Galileo Galilei and Leonardo da Vinci, invented the experiments and instruments to navigate, understand and measure the newly opened Space-time reality — the microscopes and telescopes to reveal micro- and macrocosms, inclinometers to determine latitudes, thermoscopes to show change of temperature, barometers to reveal atmospheric pressure, nautical instruments, experimental methods to understand invisible phenomena, velocity, acceleration, Gravitywe will need to do the same now for the new Economic space-time. It is going to be a new renaissance See also Navigation, and Index.


  28. Economic agent

    An Economic agent can issue and redeem Tokens: it can keep track of its own and its counterparties ledgers. It records them as assets and liabilities (balance sheet approach), one Agent’s asset is always another Agent’s liability. Together they create a distributed data structure: the Distributed ledger. Instead of a centralized state/ledger/Offer queue each Agent is holding only its own records and replication happens only at connection points i.e. only among the interested and involved parties, not among the entire Network. This provides a Network topology in which any arbitrary number nodes can fail but as long as there are other nodes present trades can still happen. Distributed state Offers a different kind of fault tolerance and scalability VS. brute force global state replication.

  29. Economic event

    Anything the Network can recognize and record. A legible and verifiable interaction that can be placed within a Space and a time. An event can be defined as the result of a series of dependent interactions that form a causality Network.


  30. Economic expression

    We’ve realized that we are creating a Language for new Economic expression. It is an economic Language that can express capitalist Network Protocols, but even more, it can go beyond them. It can encompass capitalist Value Calculus, but express more qualified Values and refuse their collapse into the monological Value-Expression that disqualifies non-Money Values as economic externalities. It is capable of valuing the biosphere, care, intangibles and social Innovation — without reducing their Information into one index of Price and one measuring unit of profitability. It is a post-capitalist Language (a Language for post-capitalist Economic expression), in a literal sense. A new Economic grammar for the Information age. The place where this post-capitalist economic Network Language is spoken and understood is the new Economic space. It is a place of Value creation where qualified Values — at once in excess of and more granular than that of USD or BTC — can both be expressed, composed and rendered interoperable. It multiplies denominations, which remain interoperable, because they share the same Grammar.

  31. Economic grammar

    Bitcoin identified the Trusted intermediary component of CapitalismCapitalism is a regime of verification which depends on faith, which depends on violence and coercion – and saw that there can be more freedom. It thus unleashed the question of the _sociality_of Value (Value is always social-institutional), but didn’t give a Language to express it. Ethereum opened our imagination for possibilities of such Language. ECSA Economic grammar actually gives us that Language: with it you can express new Value forms and the sociality and organizationality of Value (aka “composite Agents”, and “Value Networks”, “social interaction Spaces bounded by Protocols”). See also Social derivatives.


  32. Economic heresy

    If Capitalism is economic Monocracy (understands, and is ruled by, one Value only), ECSA is Economic heresy.

  33. Economic media

    Economic media describes the convergence of financial, communicative, computational and organizational media. ECSA wants to undertake the redesign of Economic media collectively, cooperatively, consciously as a new form of literacy and political engagement. Economic media are (1) Money in all its forms including bullion, currency, credit/Debt, financial instruments, and equity (‘Money’, financial and synthetic financial instruments and property of all types with their differing degrees of convertibility), and (2) all other media (print, cinema, television, social media, computation). For more than a century these media, ‘financial’ on the one hand and ‘cultural’ on the other, have been convergent. Social media is already Economic media: it horizontalized our communication, but left the Information and Protocol layer called the Economy untouched: we can’t control the economic Protocols that underpin the Value capture of our communication. And for example “Money”, “Debt”, “equity” are already social media, they express a certain kind of social relationality: the social relations Capitalism has claimed as the meaning of the word “Economy”. Post-capitalist Economic media redesigns this convergence. We want to create a more expressive Medium to describe our economic Networks, their participants, the nature of their relations and how they change, what they Value, how it is measured and exchanged. A post-capitalist Economic media which open and free to use, gives everyone equal capacities of Economic expression and does not collapse into single universal Value definition of a fiat Money or one “master Token” (e.g. BTC, ETH etc.).

  34. Economic space

    We think we are discovering a new Value form: a new social and relational form that characterizes the Information age, and the old Economic grammar does not express or understand. We call it the Economic space
    (1) Economic space is an economic collaboration Space bounded by a Protocol.
    (2) Economic space is an Expression, but can also become an expressor, i.e, an Agent or Agency. Why is it important to see an economic interaction Space bounded by a Protocol also as a synthetic Agent rather than just a Market? This reflectivity means that a Network can fold on itself, it can express itself as a living thing: that it can create its own subjectivity, talk and reason about itself and create its own (Economic space) Agency.  It means it can have an ethic, a relation to itself, to affect and be affected by itself.  [We are moving from a mere endless “multitude” (Deleuze) to “severality” (Bracha Ettinger) or to a “fold”]
    (3) Economic space is an Agent that is able to hold, issue, clear, credit, Stake and trade. It is like a hybrid of a wallet, a ledger, a trader, a dealer, a Stakeholder, an organizer, a Market maker, a curator, a navigator. An Economic space has its own ledger(s) and is able to send, receive and engage in financial relationships: to create relationships with other Economic spaces. Network of Offers enables the creation of persistent patterns (“organization”) in these relations.
    (4) Economic space is also known as a Social derivative.


  35. Economic Space Agency (ECSA)

    An Economic heresy. A Market & sense maker for a post-capitalist future. A Volatility Space Innovation: a collective risk generating and arbitraging practice, leveraging on our ability to act together on an opening and collectively enjoying the upside. A group of radical economists, software architects, game designers, activists, monetary theorists & media influencers deeply passionate about the Economy.


  36. Economic Space Agent

    Economic Space Agent has the same capacities as an Economic agent, but follows a set of Protocols that enable it to create relational Value forms, Liquidity, and risk-sharing through commodity (Performance) Tokens, Liquidity tokens and Stake tokens. Via a distributed payments and settlement Protocol, they can issue and clear credit among each other by issuing Liquidity tokens, denominated in a shared Unit of Account with a parity exchange agreement. Via a distributed risk sharing Protocol, Agents can issue Stake in the output (Performance) of an Space-agent">Economic Space Agent; it serves as a Collateral for Liquidity tokens and determines the size of the reciprocal credit line. Together these Protocols make a formal Economic grammar: a new economic Language for expressing economic-organizational relations.

  37. Economic Space Protocol

    Economic Space Protocol is a peer-to-peer economic Networking Protocol composed of a Distributed Exchange Protocol, a Distributed Credit Issuance & Clearance Protocol, a Distributed Stakeholding Protocol and a Distributed Performance Indexing Protocol. The Space-protocol">Economic Space Protocol forms an economic-organizational Grammar that is capable of making the Value of a community,  care, knowledge, research, an open source technology, commons, aesthetic and political Values etc. Offerable, exchangeable, Stakeable, liquid, consumable & spendable – economically expressible and relatable – without needing to monetize it via advertising, without restricting its use by proprietary ownership, without hiding its source code, without collapsing all Information into a “Price”.

  38. Economy

    The Economy is a Network: a group of Agents interacting under certain agreements, i.e. Protocols, that define the relations that form the Network, their state and how these may change. Starting with Networks situates Agents in a social context and gives focus to their collective endeavour as ontologically prior to their individual interactions. Revealing the Economy as a Network means that the Protocol that unites its Agents does not need to be taken for granted, but can be redesigned. Framed this way, the Economy is programmable: how the Economy works and what are its key conventions – under what kind of relations, interactions, Agents, Values, state changes the Network operates – can become a design Space, continuously open to its participating Agents.

  39. Efficient Market Hypothesis

    Efficient Market hypothesis is the proposition that Markets reflect all available Information, so at any time Market outcomes are efficient, but all new Information will change the efficient outcome, so that efficient outcome will continually change.


  40. Exchange Unit

    Exchange units (aka units of account) are utilized by the distributed exchange Protocol to provide a Unit of Account that serves as a shared Value reference frame that does not favor any one specific Token type; and to increase the possibility for matching an Offer.

  41. Expression

    An Expression is a sequence of symbols following the Space-protocol">Economic Space Protocol that is meaningful only within the scope of an Economic space. Economic space Expressions may refer to the resources contained in the scope from which it is evaluated and clearly and unambiguously describe the actions that you or other Space-agent">Economic Space Agents may perform. These actions may include the creation of a new resource, an interaction with another Space-agent">Economic Space Agent, alteration to the Economic space record, or the invocation of another Protocol.


  42. Financial time that remains

    Re: Giorgio Agamben’s well known book The Time That Remains on political theology. Agamben develops a strategy — to question the logic of sovereign powers — which does not seek to destroy the established order of social and political relations, but deactivates and moves beyond them by re-framing and re-potentializing our experience of “now”. Political theology works always with the change of experience, opening the field of the possible, and thus, with the creation of subjectivity. That is also the business of Economic space Agency.

  43. Fundamental value

    Fundamental Value refers to the idea that there exists an underlying Value of outputs which is discrete from Price. In some versions, Fundamental value approximates long-term Price (i.e. ignoring short-term Volatility); in other versions Fundamental value is determined by forces other than supply and demand. For Marx, this determinant of output Value is socially necessary labour time. In the new Economic space it is Performances.

  44. Gift/Counter-Gift

    A prototype of Derivative, a qualitative instrument of social Volatility.


  45. Governance

    Governance is Economy. Economy is Governance.

  46. Grammar

    A Grammar is a coordinating tool, a co-referencing tool, that doesn’t require a global clock. A Language operates differently: it has no synchronization, but with validation by indexing, by embedding temporalities to one another through indexing. A Grammar makes possible the telling of multiple stories at the same time: coordinating the time of speech events, not through one utterance, but through unfolding of the many conversations as they are calibrated against each other: a Grammar coordinates any potential conversation with another with no central time. How does this relate to the Economy? The Economy cannot really be mapped to or by the calendar time – calendar time does not have the play of creativity of indexicality, creativity of each utterance being coordinated (co-referenced) with one another.


  47. Gravity

    Gravity is an open, safe and Trustworthy programmable computer Network accessible to everyone. It’s composed of a Network of Gravity Cores (VMs) interacting through the Gravity Protocol for message broadcast and ordering. Gravity Protocol creates order – shared time and Space – across Gravity Cores without one central replicated state.

  48. Index (aka Knowledge derivative)

    An index is a knowledge Derivative which measures a certain aspect of the Performance of the Network/Economic agent. Indices, Network and knowledge Derivatives build from this Information will be the primary content discovery paradigm of the Economic Web where nodes are Space-agent">Economic Space Agents and Tokens the links in the Network – just like keyword based search was the dominant content discovery paradigm in Web 1.0 (where nodes were documents and hyperlinks the links in the Network) and social based feed was for Web 2.0. (where nodes were people, brands and likes/follows the linking mechanism).

  49. Information

    We are creating a new kind of Information infrastructure which allows new kinds Information flows – what counts as Value, what counts as Collateral, what counts as liquid – to enter accounting system that articulates, accounts, moves and creates Value.

  50. Innovation

    At the core of the ECSA project because it is mutation, Innovation and creativity that drive Economy – not Prices. That is why we start with a decentralized Grammar (not physics). It allows us to tap into the virtual: change, freedom, duration, creativity VS. blockchains just making everything actual


  51. Issuance

    Issuance means the creation of new Money, securities (stocks, bonds, notes, debentures, bills, Derivatives) or Tokens. In the legacy financial system, Issuance is undertaken by banks in the case of Money, and other legal entities in the case of securities (corporations, Trusts, governments). The distributed exchange Protocol says that any Economic agent can be an issuer, so long as the Network Trusts the Issuance

  52. Language

    Why do we use a Language framing? With it, we can express the capacity of a Network to define itself as an Agent and to redefine itself. Language framing reveals the Protocol as a communication agreement: a capability to create new Spaces and Agents through conversation. Governance not about structures, but about Expressions, who can express and what. It also reveals the symmetricity in our approach: if everyone speaks the same Language, everyone has the equal capacity of Economic expression, by which they can start to define Roles, make agreements about subLanguages etc. (vs. the predefined Roles of the server-client model)

  53. Liquidity

    Liquidity is for us messaging capacity: being liquid means being able to message, to link, to issue & receive messages: it tells what kind of a membership/capacity one has in the Network. What counts as Liquidity and who decides this is one of the key questions defining Capitalism as a financial system. In Capitalism Liquidity is governed by the state, the banking system it superintends, and the Money it endorses. When only those state-approved Agents can issue, then a Liquidity premium (a rate of return on Money) can be charged for the risks involved in holding illiquid assets. Post-Capitalism challenges this hegemony as the source of Money Issuance, proposing instead p2p reciprocal Issuance amongst Agents in a Network. Where all Agents can issue, there need be no Liquidity premium. This doesn’t make Liquidity costless, but it can be backed by Stake (risking-together) rather than the power of Issuance and the transference of risk. Stake, or risking-together, becomes the ‘complement’ of Liquidity, giving the notion of ownership a very different meaning from its application in Capitalism


  54. Liquidity Bridge

    The ECSA Token constitutes the Liquidity bridge between existing capital Market and Economic spaces.

  55. Liquidity bridge

    ECSA Token creates a Liquidity bridge between existing capital Markets and the new Economic space.


  56. Liquidity Of Value

    The capacity to change, to move (a particular Right) without a dominant unit of exchange.

  57. Liquidity premium

    We cannot assume a Market. The Market is itself not a free good. The Price I have to pay for using it is the Liquidity premium. That is why Collateralized assets are Valued “at a haircut”.


  58. Liquidity token

    Liquidity Token is a Network derivative. It is the oil that lubricates the Netting process, by temporarily  ‘standing in’ for different sorts of Performance commodities or Stakes in the facilitation of the Netting process. In other words, Liquidity token is the representation of credit; the mode in which the Network records credit between one Agent and another. As credit is general, unlike commodity and Stake tokens that are specific to particular Performance commodities and Stakes, the Liquidity token is the universal Token in the Network denominated in the Unit of Account. It must be redeemed on demand for any Token on Offer by an Economic agent.



  59. Market

    We think a Market is a Space of exchange. ECSA is making Market for new Performances. Creating new “Markets” and re-engineering “Markets”. It means structuring the Space of possibilities for economic properties of objects populating such Space: giving structure to a Space of exchange (Space of possible).


  60. Medium

    McLuhan (1964) famously said: The message of any new Medium is the change of scale or pace or pattern it introduces to human affairs. What is the message of Economic media?


  61. Metapragmatic grammar

    Metapragmatic Grammar is the multi-Agent, real-time design and play (Expression) of Performance scripts (aka Social derivatives), participation in them and sharing in their outcomes. The metapragmatic nature of the ECSA economic-organizational Grammar allows multiple players to script Performances (productive organizations) like interoperating narratives, with the kind of nuance, immediacy and reflective multi-Agency native to narratives.

    Metapragmatic Grammar Offers a more fundamental understanding of the communication situation VS. the contract model and the efficient Market model. Metapragmatic grammar reveals Market as a Protocol (and that Protocol is not a Market): it is the Grammar that links, not the Market. Metapragmatic grammar redefines distributed system as a whole defined by the changing relationship of its parts, which does partitioning by indexing and does not have to choose between consistency and fork.

  62. Money

    Money is not a thing, but a system of relations: the monetary system is composed of an assemblage of different things which have been grouped together under the name “Money”. Historically Money does not arise from exchange, but from the taxing and funding activities of states. Furthermore, not all Money is the same. When Perry Mehrling says all banking is just a Swap of IOUs, this is exactly what he means: all Money is not the same, all Money is somebody’s promise to pay, all Moneys are different instruments, their Value depends on who you are what you can do in the Network: what is behind the IOU. All Moneys are social relations, social contestatations.The illusion that all Money is equally Money is maintained by monetary authorities during the “normal” operation of monetary systems. It means that the nature of the monetary system as an outcome of a social struggle (who are you, what can you do in the Network) is erased: Money is “put out of the question” in the sense that the configuration of the monetary system is taken off the table as an object of political negotiation and contestation. But during monetary crisis, Money is “called into question” in that the differences between different Moneys leaps onto the table — the difference between good Moneys and bad Moneys, the difference between the Money of the rich and the Money of the poor — and Money itself, and the constitution of the monetary system, enters again to the political imagination as an object of intervention and as a vehicle for the pursuit of justice. And that is what we want to do: we want to call it into question and reengineer its Protocols. So that it cannot be put away from the table. Money is, itself, a site of political struggle.


  63. Monocracy

    Capitalism is a Monocracy of Value. It has only one Value like one true church with one true God of the form of univocity.

  64. Navigation

    Finance is normally thought through pricing Information, Market-hypothesis">Efficient Market Hypothesis and rational decision making under uncertainty. We are moving into bringing the qualitative, the affective and flowing into the picture. It means a fundamental change in understanding economic sense-making and relationality. It is more about Navigation: navigating the new Economic space-time. See Econautics.

  65. Netting

    Netting is the process by which a range of diverse ledger entries are calculated to a net position for each Agent in relation to each other Agent.


  66. Network

    Two or more Agents connected to each other through the same Protocol


  67. Network derivative

    Tokens and assets are Network derivatives. As a concept, Network derivative expands Token beyond just a “Token”, to the metrics that are the underliers of the Token. If Network index (Performance index) is a measure of an aspect of the Performance of a Network, then the Network derivative represents a position on the index: it expresses a connection to the underlying vitality of each specific and purposeful Network. Network Derivative is a Right to an underlying – it carries always Information about the underlying process that creates it. Network derivatives are like a two way interface to massively distributed systems: through Network derivatives you can both sense into them and affect them. Network indices and Network derivatives build from this Information will be the primary content discovery paradigm of the Economic Web where nodes are Space-agent">Economic Space Agents and Tokens the links in the Network – just like keyword based search was the dominant content discovery paradigm in Web 1.0 (where nodes were documents and hyperlinks the links in the Network) and social based feed was for Web 2.0. (where nodes were people, brands and likes/follows the linking mechanism).

  68. Network Performance Index

    A unit that measures or tracks one or more dimensions of Value (or “Performance”), as one magnitude. An index counts Performance occurrences, “events”, and increases according to them. A Performance index can be Tokenized.


  69. Offer

    (1) Offer is a Protocol, but also an Expression of intent among Agents.  It creates a new relationship and a new Space for that relationship. An Economic space is collaborative in nature. Since collaboration requires voluntary participation, such collaboration is mediated through Offers. An Offer is the mechanism by which Agents express to each other specific instructions to accomplish their intent. Like a Protocol, an Offer is a set of Expressions that unambiguously and clearly encode a process to be reliably performed within the scope of a Space. Unlike a Protocol, these Expressions are not determinate, and can be amended through an “Offer composition” process, making the Offer an Offer Network. The Expressions in the Offer must follow the Economic space Grammar, and may issue or invoke Economic space Rights; for example to issue other Offers, create new Spaces, new Roles, new tasks, new Rights or new objects, altering the state of the Space

    (2) Offer is a social relation beyond contract: it is a very different way to create structure to organize Volatility. It is more than a contract, because it adds and opens a time interval and an interpretant, moving us thus beyond the semiotics of Nick Szabo and Mark Miller (smart contract as an authoritarian concept). Offer moves us from contracts to metapragmatic, co-textual, optional, Social derivatives.

    (3) Offer is one of the key structures to multi-Agent reflective Network programming.


  70. Peer to Peer

    Every Economic agent has the same capacities and operates without centralized management.


  71. Peer-To-Peer Credit

    Peer-to-peer credit is one of the forms that Self-issuance may take. Token Issuance starts with an Offer and is realized on acceptance of the Offer. Users exchange Tokens grafted to their Economic spaces in effect issuing each other credit in an act of mutual Trust. This provides users with Liquidity. Rather than paying interest for Liquidity as one does with tradition credit in capitalist sytems, here one Offers and recieves Trust on a Peer to Peer basis. This economic dyad becomes the basic building block of the social and economic fabric of the ECSA platform.


  72. Performance

    Performance is activity of an Agent. It is a series of events, causally connected to each other, making Performances naturally composable and divisible. A Performance is the result of a Performance tracking function.


  73. Performance index (Performance metric, Performance count)

    Performance index measures one or more dimensions of activity of one or more Economic agents: it measures its/their economic Performance. The measurement of a Performance is a vector: a scalar associated with the specific logic from which it is generated (it’s logical dimension). A Performance index represents the compression of the Information of the Performance unto a numerical index. This compression can take many forms, such as a Performance event counter, an average, a mean, or even Derivatives measures, such as speed or acceleration. Specific Performance index Values may represent economic events themselves, and as such they can be utilized to create new composite Performances and indexes. Economic spaces contain a wealth of Information that can be utilized to create Performance indices/metrics. The available data readily includes not only all data about “Tokens” and their Performances (supply curves, vestings, sales outside TGEs, Stakes/state changes of key Stakeholders, valuations), but also all data about Network organizations  and their Performances (material progress, Governance, Stakes, realized state changes, Agents and their behaviors, what has been accomplished).

  74. Performance tracking function

    Contains the Economic event’s logic and its sequencing. Serves as a “view” of the Network that is able to “detect” when a particular Performance has occurred.


  75. Post-blockchain

    This is a simple term to cover the combination of cryptography, secure distributed computation, object capabilities and blockchain technology.

  76. Post-Capitalism

    Post-Capitalism is the economic Network that comes after Capitalism. In Post-Capitalism, all Agents can issue assets to be used as Collateral. Implicit here is the idea that a Post-Capitalism framed through finance can be depicted as an Economy of continuous creation of new Value-forms.

  77. Price

    Price is a Derivative index on underlying Information that reduces complex Information into something simple. It is just one way to index Information, and though it gets treated as the privileged index of valuation in Capitalism, it is just a political and social construct, i.e., an Expression. We can design many different kinds of indices to help us navigate. Price does not capture Innovation very well. It runs only on one note. What if we could have a symphony?

  78. Protocol

    Protocol is a shared communication agreement: a named sequence of Expressions, describing actions across real and virtual Spaces to be performed to a completion. It is always about the organization of a potentiality Space, about creating and organizing a potentiality Space.


  79. Right

    A Right gives an Agent access to a resource available in a Space or from another Agent.

  80. Risking together

    Capitalism involves firms, and increasingly households, pricing risks and deciding which to hold and which to trade. As these risks are imposed increasingly on households – via precarious work and decreasing state provision of services – Risking together involves a conscious choice to calculate and manage risks socially rather than individually.

  81. Role

    A Space Role is a bundle of responsibilities expressed as Role Functions that may be assigned to one or more Space Agents.

  82. Security

    We don’t approach Security in the sense of hiding (anonymity etc.), but in the sense of a substrate that can be audited, of a source that can be relied upon and has integrity, social accountability and injects itself into social structures.

  83. Self-issuance

    The ability and Right to issue Tokens grafted to any project, where Tokens are understood as a primary user-interface and building block of an Economic space. Thus Self-issuance is a way to design Economic space and to write Social derivatives.

  84. Social Consensus (Governance)

    When we say blockchains are “Trustless,” what we mean is that there are mechanisms in place by which all parties in the system can reach a consensus on what the canonical truth is. Power and Trust is distributed or shared among the Network’s Stakeholders, rather than concentrated in a single individual or entity (e.g. banks, governments, and financial institutions).

  85. Social derivative

    Social Derivatives  are the new basic economic cells of post-capitalist society: a new social and relational form – a form of risking and opening new opportunities together, and sharing its risks and upsides – that characterizes the Information age and which the old Economic grammar does not express or understand (it only talks “commodity”, “company” and “private ownership”). The ECSA Protocol is designed for expressing such new social-economic forms. They are our strategies for surfing the Volatility of our precarious world and the joy in working together. Derivatives are much more than mere self-executing contracts that reduce counterparty risk. They have a social logic that takes us beyond mere profit taking exchange and ownership as the form of sociality. The Derivative is a logic that allows us to understand how heterogenous parts move together, how to Value and sense the ways we are linked together, how Value is made in motion and of change, and what it means to risk-together. ECSA (like all Economic spaces) is a Social derivative, a risk generating practice  which Arbitrages, speculates and leverages about being able to act together, on a certain gap or an opening or an opportunity. It makes our flows of Stakes and risks intertwined in a way that articulates and expands the “inDebtness” that we are making this together.

  86. Space

    (1) Space is a programmable environment enabled by the Space.Agency/vision/#space">Space Language. It expands similar semantics to SmallTalk or Self by adding the Agent and the Offer as first class citizens of the Language to become able to describe logical Networks. This makes Space a powerful, capability oriented, multi-Agent Network programming environment. In other words, it is an organisational calculus to reason about and describe Networks as relationships and interactions between Agents within a Space. Within Space’s semantics, “a space” is a stateful container that binds resources and Agents together, creating a relationship where their Expressions and interactions gain a context.
    (2) Space is a Language to describe and define Networks, multiAgent interactions (or “DApps”), in a formal and mathematically modeled way (an organizational calculus). It makes Networks, their Tokens and Agents and their logics – both economic and governmental – programmable. With Space Language we can define who are the members of the Network, what are the Protocols the Network follows, what are its records, names of things, how its state transitions take place. Space programs these relations statically in Space, but also in time, meaning their progression, how they compute: the Network (“DApp”) is a living creature, it acts, orients towards the world, it changes, it transforms, it evolves.

    (3) A Space as a stateful place of interaction that can be private or public. A Space is a container that helps you organize and delineate your actions, and the resources necessary to perform them, as an ordered and coherent whole. The function, structure, and contents of your Space is determined by your intent. To keep a Space focused and effective, a Space must contain only the resources required to perform its intent. A Space contains Agents, Protocols and other Resources and defines authority boundary. A Space can be private or public. A private Space is a Space of interaction that is shared only across specific parties. A public Space is a Space of interaction that is shared with anyone who wants to participate in it / enter it. Agents have private Space and are able to issue and hold Rights, accept and receive Offers, they maintain their own “blockchain”. Protocol is the basis to create Rights, it is the rules of interaction, a sequence of Expressions that describes a state transition. Reference points to a resource, it is authority over the referenced resource and utilized in Expressions. Offer is an Expression of intent among Agents, it creates a relationship, a Space for the relationship,  and composes into Networks of relations. Accepting an Offer creates a shared Space. Space transfer enables moving from shared Space to distributed Space, from verifiable state to a verifiable Protocol. We can understand Space as a place of interaction among two or more Agents, whom are able to change it only according to the rules of the Protocols (the physics of the Space). Spaces are stateful and always shared whether by the programmer and the runtime, the user and the application, two or more users, etc.
    (4) Space is a Grammar whose actions and words are: Space, Agent, Offer, Function, Task, Object, Protocol, Reference, Record, Channel, Message 

    (5) Space is a Protocol: a set of Expressions following the Space Language (that follows Space Protocol Grammar), that clearly and unambiguously describe the reliable Performance of actions among multiple Space Agents and affecting or requiring resources. It enables you to reliably collaborate with other Space Agents, organizing without necessarily favoring centralized and/or hierarchical structures. Although the Protocol allows the Expression and operation of legacy organizations if such is your desire. The Space Protocol is designed to be substrate independent. It is our desire to see a wide array of implementations: As sophisticated as a programming Language or as simple as a board game.


  87. Spread

    Spread is a financial term for a gap – usually between the bid (buy) and ask (sell) Price where a profit can be made by trading the difference. In a social framing a Spread is a gap between two positions that provides an opportunity to maneuver to make a gain.


  88. Stability

    Where do you go when you want to dissent from fiat, when you want to take a stand against fiat, the hierarchical social relations and destruction to the environment it represents? Where do you go when you want to bet against it (short it), when you think it is a cultural-financial asset in decline, and you want to find new Stability from a different set of economic and social relations? When fiat currencies face their next future crisis, we want to be talking already about what new stabilities — new social relations, processes and goals that we believe should be constant; new metrics of Stability — we are advocating. We think this is the real social potential of Cryptoeconomy.

  89. Stake

    Stake is an ownership of a financial exposure to the contingencies of Performances. It frames contingency as economic potentiality: it is a financial position on a Performance index. It captures the preparedness to invest in some ownership (a set of Rights) of a Performance Derivative. It creates a social relationship, through a set of Rights, different to equity, but definitely invoking the skin in the game aspect. Stakes are Offered to the Market, with no knowledge of which Agent (prepared to accept the Offer) will end up the owner, and can circulate in a secondary Market. Buying Stake in a Performance is a way to signal the Network what you want to make happen.

  90. Stake token

    Stake Token is a Network derivative. It can be issued by an Agent in return for a Stake in their activity. It gives the holder the Right to participate in the surplus generated by the issuing Agent’s economic activity. 


  91. Stakeholding

    Stakeholding is a relationship like equity is in Capitalism, but the focus is on commitment to support creativity and Innovation, not just seek yield on a financial position. Stakeholding focuses on the collective, joint commitments of investing rather than the private profit interest.


  92. Swap

    While futures and options address the risks of future Price changes, Swaps engage the risks of future flows of wealth. The difference is not complete, for expected yields can be Priced, but the emphasis is critically different. Yields invoke both the contingencies of on-going ownership of assets  and their Performances, and therein lies a richness of the ‘social’ not captured in relations of one-off exchange. Moreover, the focus on flows, rather than rational decision-making under uncertainty, opens an approach to a Network that Values time, historical data and Volatility. It can track the way Agents decide and how they relate, not just what trading decisions they register on the Network.


  93. Token

    Token is a Performance Derivative. An entry in a ledger record. A Protocol equivalent of a financial asset that has an underlying.

  94. Trading agent

    A Trading agent is an Agent in the distributed exchange Protocol. It can publish an Offer and match an Offer.


  95. Transactions

    Transaction within an Economic space holds a variety of relational possibilities that aim to strengthen synergies, create securities and Value intangibles. Transactions are not simply to clear the Market, but to build mutual knowledge that can potentially transform what gets transacted towards a thriving ecosystem. Each individual Economic space Token accordingly shares a common Token.

  96. Trust

    Blockchains minimize the amount of Trust required from any single actor in the system. They do this by distributing Trust among different actors in the system via cooperation with the rules defined by the Protocol.

  97. Unit of Account

    Unit of Account is the numeraire by which all other aggregates might be measured and put at par. (compared). Units of account a.k.a. Exchange Units are utilized by the distributed exchange Protocol to provide a Unit of Account that serves as a shared Value reference frame that does not favor any one specific Token type; and to increase the possibility for matching an Offer.

  98. Value

    In the Space-protocol">Economic Space Protocol Value is no longer a one-dimensional (e.g. a dollar or BTC denominated) monologue. Through the Protocol it is possible to Value, in economic terms, “externalities” such as care, the community, the environment, and indigenous forms of life. The wagers that people make in the realm of culture (as they’ve done on say Instagram or TikTok, but also as novelists or technologists or social architects), can themselves aggregate participation in complex ways to accomplish their own ends.


  99. Value Calculus

    Social relations are majorly influenced by the ways in which Value is being determined. It is a well known fact that Price is as a form of coordination, with effects on every individual, every corporation and every government participating in fiat Markets. The ECSA stack allows a discourse to take place where Finance traditionally does not concede it. This discourse is automatically part of a mathematical procedure, its results take place in the calculation of Price. These steadily updated forms of measurement allow Value to be distributed and  allow new definitions of “surplus” to emerge.


  100. Value graph

    Value graph is the visual representation of the Distributed ledger, and depicts the Network of relationships through distinct Value forms within the Agents of the Network. The size of the nodes represent the Network valuation of a Token type at any given moment of time. This valuation is contained in the accepted Offers utilized in the distributed exchange Protocol.

  101. Value theory of performance

    Performances are the key to new Value creation (see Fundamental value). A Value theory of performance emphasises that Performances are designed and implemented so as to create Value


  102. Volatility

    Volatility means the propensity for change; the speed and extent of these changes. In finance, these changes are about Price, and Derivatives can Price Volatility. Financial traders often embrace Volatility (non-directional change) as the source of profit. Volatility can also relate to social change and Innovation (see Fundamental value) and the potential for creating new Economic space. We embrace Volatility. See Social derivative; Econautics.