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Chaordic Economics: How Artificial Intelligence and Web3 Transform Modern Market Systems (provisional)

Horst Treiblmaier

In 1993, Dee Hock, the founder of Visa coined the term “chaordic”, describing systems that are chaotic and ordered at the same time. In this chapter, we develop a theory of Chaordic Economics, an economic system that is determined by two fundamental technologies and their frequently conflicting implications: Web3 and Artificial Intelligence. Blockchain technologies, the foundations of Web3, enable decision making without central authorities but, at the same time, depend on elaborated protocols that prescribe how consensus can be reached in a network of peers. Artificial intelligence has well-defined algorithms and models in the background but is capable of creating novel output through processes that are entirely unpredictable. In this chapter, we introduce chaordic economic systems as an amalgamation of chaos and order that can yield economic structures that have hitherto been unthinkable.