
Professor Jason Potts
Professor at RMIT University
Biography
Jason Potts is Distinguished Professor of economics at RMIT University, in Melbourne Australia. His work focuses on innovation economics, long run economic dynamics and the digital economy transition. He is an editor of the Journal of Institutional Economics, and a Fellow of the Academy of Social Sciences Australia. Recent books include Institutional Acceleration: The Consequences of Technological Change in a Digital Economy (Cambridge University Press), and Innovation Commons: the Origin of Economic Growth (Oxford University Press). He is alumni of Lincoln, Canterbury and Otago universities during the glorious 1990s.
How to make Ecocapital
A major conflict in rural versus urban politics is that strong property rights over private land incentivizes the NZ multi-generational farm as a business and also for ecological stewardship, yet environmental regulation works against this by constraining decision rights on private land, which is a form of capital. This talk explores a new path to resolve this conflict with a design for ‘ecocapital’ which is a new type of dynamic property right built from several novel technological and governance mechanisms (contribution systems, smart contracts and oracles, envelopment bank). I illustrate with several pilot case studies. The central idea is that ecology and agriculture can be aligned by using new digital technology affordances to harness the power of the commons to augment private property (ecocapital), and that this is a superior solution to the standard environmental economics approach that uses government regulatory power to weaken private property and create artificial capital (e.g. carbon markets).