Finish Keynsian description

concepts/ideologies/keynsian-economics.md

@@ -1,4 +1,8 @@
 # Keynsian Economics
+Keynesianism refers to a school of economic thought advanced by the British economist John Maynard Keynes in the early 20th century. In his 1936 work *The General Theory of Employment, Interest and Money* outlined a set of macroeconomic theories and models of how aggregate demand which have strongly explanatory power for modelling economic output and inflation. Keynes's work together with the post-war neoclassic school, pioneered by Kenneth Arrow and others, gave rise to what is the mainline branch of modern economics that that focuses on quantitative and empirical models to explain [market](../market.md) phenomenon.
+
+A definition feature of Keynsian thought is that in the presence of market shocks and business cycles, economies do not naturally stabilize themselves very quickly and thus require active intervention that boosts short-term demand in the economy. Keynsians argue that wages and employment are slower to respond to the needs of the market and require [central banks](../central-banks.md) and governmental intervention to smooth over economic turbulence and mitigate recessions. This school of thought largely influences the modern fiscal interventionist policies of central banks like the Federal Reserve and the European Central Bank in their policies in the post [Bretton Woods](../bretton-woods.md) era.
 
 ## References
-
+* Blinder, Alan S. 2018. ‘Keynesian Economics’. Econlib. 5 February 2018. https://www.econlib.org/library/Enc/KeynesianEconomics.html.
+* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.

concepts/moral-hazard.md

@@ -4,4 +4,4 @@ A situation in [market](market.md) behaviour in which participants are encourage
 Often cited as a factor leading to the 2008 subprime mortgage crisis.
 
 ## References
-* [@momtaz_entrepreneurial_2020]
+* Momtaz, Paul P. 2020. ‘Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings’. Journal of Business Venturing, 106001.

concepts/nft.md

@@ -3,6 +3,10 @@ A type of [smart contracts](smart-contracts.md) that associates a tradable [cryp
 
 NFTs at their most basic conceptual core are a hyperlink or URL to a *datum* that is itself sold as a tradeable asset where the connection between the concepts of the URL and the *datum* portrayed as a [ficticious commodity](ficticious-commodity.md) is generated by the [Tinkerbell effect](tinkerbell-effect.md).
 
+Since the image or data associated with an NFT is stored on a public server, any member of the public can "right-click" on the data to access the information independent of their ownership.
+
+Some NFTs are purely conceptual and do not link to any data at all. In these situations abstract notions and contextual [narratives](narrative-economics.md) about the NFT are the product being sold to investors. This may be part of a piece of [performance art](art.md).
+
 ## Redefinition of Ownership
 NFTs have been critized as using an overloaded definition of the word *ownership* to supplant traditional philosophical and legal definitions of the term with an entirely new definition of "ownership" which is intrinscly linked to a specific [blockchain](blockchain.md) concept and not to the perception of the term in wider society. The new definition fractures the canonical notion of ownership from its components of "access" and "assignment" to portend that digital assets—which are infinitely reproducible—admit an entirely new (and incommensurate) definition under the in the presence of "universal access".
 
@@ -35,6 +39,13 @@ NFTs have been critizied as being a [bubble](bubble.md).
 
 NFTs have been critizied as having a payout structure similar to a [pyramid scheme](pyramid-scheme.md) or [multilevel marketing scheme](mlm.md).
 
+## Comparables
+NFTs have been compared to metaphors and other schemes in which narrative-driven [ficticious commodites](ficticious-commodity.md) are also sold based on the [Tinkerbell effect](tinkerbell-effect.md).
+
+* A purchasable recipe with no physical good or rights attached.
+* Name-A-Star Registries
+* [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
+
 ## Investment Properties
 
 NFTs have no [use value](use-value.md).

site/pages/about.md

@@ -4,9 +4,9 @@
 
 ### A project of Life Itself Labs & friends
 
-Web3 is a huge phenomenon but it can be hard to make sense of. We're launching this collaborative initiative to address this. Our focus is on the economic and political aspects rather than the technical details.
+[Web3](../../concepts/web3.md) is a huge phenomenon but it can be hard to make sense of. We're launching this collaborative initiative to address this. Our focus is on the economic and political aspects rather than the technical details.
 
-We will be steel-manning the key claims made by proponents of web3 through conscious, critical and open-minded dialog with a diverse set of experts. Then teasing out the underlying hypotheses and assumptions and engaging in rigorous and constructive critique. Finally, we look at the overall aspirations of the web3 movement and examine how these might be achieved, whether through improvements to blockchain based approaches or by other means.
+We will be steel-manning the key claims made by proponents of web3 through conscious, critical and open-minded dialog with a diverse set of experts. Then teasing out the underlying hypotheses and assumptions and engaging in rigorous and constructive critique. Finally, we look at the overall aspirations of the web3 movement and examine how these might be achieved, whether through improvements to [blockchain](../../concepts/blockchain.md) based approaches or by other means.
 
 ## Why "Making Sense of Web3 (& Crypto)"
 
@@ -14,7 +14,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc
 
 **Web3 & crypto has become a massive phenomenon** with very big claims made about its actual and potential impact. Claims that go far beyond traditional technology boosterism (better, faster) to claims for radical transformation (and improvement) of our economic and social systems – for example, web3 is revolutionary for X where X is everything from money and the economy to governance to funding [public goods](../../concepts/public-goods-problem.md) like (open) software, carbon removal etc.
 
-**Controversial and polarizing**: At the same time, there is an exceptional level of disagreement about these claims, even on basic points or definitions. The topic is highly controversial and even polarizing, with strong pro and anti camps. For example, within tech it is one of the most controversial topics we have ever seen and, significantly, disagreement cuts across classic ideological lines -- there are pro/anti libertarians as well as pro/anti socialists.
+**Controversial and polarizing**: At the same time, there is an exceptional level of disagreement about these claims, even on basic points or definitions. The topic is highly controversial and even polarizing, with strong pro and anti camps. For example, within tech it is one of the most controversial topics we have ever seen and, significantly, disagreement cuts across classic ideological lines -- there are pro/anti [libertarian](../../concepts/ideologies/libertarianism.md) as well as pro/anti [socialists](../../concepts/ideologies/marxism.md).
 
 **Evaluation and sensemaking are hard**: Finally, and relatedly, this topic exists at the confluence of several major areas of thought: computer science, economics, political economy, law. These topics are a) complex b) largely synthetic not analytic. As a result, few people have enough time and/or expertise to really delve into them sufficiently, especially those who would normally play a major role in our collective sensemaking such as journalists. In short, this is a topic that is difficult to grok/analyse and do collective sensemaking for.
 
@@ -26,7 +26,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc
 
 **This risks polarization resulting in stasis and further degradation of our sensemaking capacities**: Without good sensemaking we risk polarization: bifurcation in two schools of thought that are incommensurate and culture-war-like; and consequently we risk stasis and sclerosis. This is is bad wherever you stand in the debate: it blocks either necessary support or adequate prevention. In general, polarization chills discourse further impeding our capacities to make sense of this topic, especially together.
 
-**A lot of energy and attention are going into this area**: There is also a lot of energy and attention being channeled into this area across the spectrum from tech to change-makers. This is energy that could be used elsewhere -- it has an opportunity cost. If web3 can’t deliver on its promise this would be a significant waste of energy. Furthermore, given some of the elevated claims, there is a risk that disappointments here would not only tarnish web3 but reduce the energy for other types of innovation or change-making. Whilst there are opportunity costs to any action, they are particularly important in the context of web3 precisely because so much energy and good-will are being channelled here.
+**A lot of energy and attention are going into this area**: There is also a lot of energy and attention being channeled into this area across the spectrum from tech to change-makers. This is energy that could be used elsewhere—it has an opportunity cost. If web3 can’t deliver on its promise this would be a significant waste of energy. Furthermore, given some of the elevated claims, there is a risk that disappointments here would not only tarnish web3 but reduce the energy for other types of innovation or change-making. Whilst there are opportunity costs to any action, they are particularly important in the context of web3 precisely because so much energy and good-will are being channelled here.
 
 **This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with exponential growth in interest, use and investment. To take just one illustrative example, blockchain based assets are the fastest growing asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.