Various individuals have had their say on the subject, countless have provided diverse definitions, project plannings, development draft outs, lots and lots of efforts have been placed forth, but the world still remains trapped in a capitalist market. The economic definition we've been born to adopt is that of Professor (Lord) Lionel Messi, who defined it as a science that studies human behavior as a relationship between ends and scarce means. It definitely isn't far off the chart because relatively, from years after years of watching the world grow, the past in innovation has been a relative effect of human behavior, the changes have all been to satisfy human ends, however, this all was done in a scarcity-dealt economy.
What do I mean?
A capitalist maximizes, maximation feeds on limited resources regardless of the unlimited human ends. John Stuart Mill's definition of Economics pictures a world of productivity, placing "distribution" as a necessity. He define it as the "practical science of production and distribution of wealth"
When we look at cryptocurrency and it's ecosystem, what is bound to live on for ages is the increase and decrease in volume spread. The industry spans through a few million users as of now, so if we consider the total wealth therein, in relation to the "industry's ends" which is "wealth" we'd discover that overtime, it's all going to be a "network" built to move "value" across blockchain powered protocols, this is the reason we see certain pools losing value at some point, while others gain, it is something bound to keep happening, that's the point of "distribution" it has to go round regardless of the "percentage" or "time taken"
Crypto is a fresh option running in an advanced network (the blockchain) it captures basically most fields of economy, the concepts including "opportunity cost" "wants" "scarcity" "scale of preference" and "choice"
Opportunity cost places "importance" in play, this fishes out projects with better developments and reputable stand points, it gives relevance to it as a center play because being widely spreaded, or diversified means putting out money into a number of other projects, while it could have just sat in one or maybe two. Opportunity cost becomes a principle that guides users through financial prudence. Being shrewd about one's investment choices is influenced by the "risks" involved in selling out value for speculations.
If we think of scale of preference in relation to "wants" and "scarcity" we'd realize a portfolio built up based on inter-market activities. Scarcity has been a core focus for the most part of it, and demand (wants) has only promoted it. Economic development is better defined from these set ups. The tools, the ideas, the social activities, all in one package which however, is a missing puzzle with the most importance.
Macro-economics - The failed Set Up.
This supposedly is the economy of the world. That's obviously a joke because for the first "merits" that should be observed in a macroeconomy (Even Distribution Of Income) has failed. Wealth is a focus, sustainability is pertinent, the word "Income" however, can never be "even" but, from a crypto standpoint, it can be sustainable. Macro-economics failed all its expectations including employment, provision of goods and services, price stability and many more. But the crypto economy prints "sustainable value" through a network of constant developments.
The world governed, couldn't meet its paper works because they lacked the tools to "sustain" and even as that, it grew into a rim of capitalization, whereas a central body made even limited, what was already scarce. Crypto merges pure economics and mathematical economics in a manner that meets substantial demands. In other words, it studies human behavior which propels constantly, to the direction of "wealth acquisition" giving out value by developing and distributing through a system that collects and analyzes data based on statistics…
At the end of the day, there isn't any better economy than what is coming, stay put