Money can be recognized as a technological development comparable to the wheel and of similar antiquity. Among the more recent developments in the technology that facilitates transfers of utility (in the sense of game theory) are systems like those of EZ Pass, by means of which vehicles traversing toll bridges or toll highways can pay their toll fees without stopping for the attention of human personnel manning the tollbooths.~Ideal Money
I recently wrote a short email to the management of a bridge construction project going on in my hometown. The email made a suggestion that a certain side street, at a key merging point near the construction, is causing traffic to have a psychological brain lapse when it comes to zipper merging. This is a growing consensus throughout the community that the level of congestion of the traffic flow is far worse than intended.
My thoughts were inspired (along with the long hot wait in heavy traffic) by a comment made by Nash when asked about ‘game theory’ and ‘public policy’:
…(an additional road)…can slow down the total network…the addition road doesn’t necessarily help.
Perhaps my comments to the project management will be rightfully mocked, I’m sure they have received hundreds of such comments before but I did get a strong feeling for Nash’s comparison when I experienced this issue first hand (I suggested the incoming traffic from the side street might be closed at regular/scheduled intervals in busy times, thus allowing traffic IN, but also simplifying the psychology of the merging process).
With respect to today’s emerging economics (ie bitcoin) Nash’s point makes me think about the Greece/Euro crisis in a similar way. Could the existence of bitcoin (even if it doesn’t directly solve or create any problems) have had this indirect effect in the build up to today’s economic circumstances?