Pick any topic relevant to the theme of Web 3.0, explain how the emergence of Web 3.0 tools and business models will exemplify or animate the mutually reinforcing interaction of the following lessons:
• Schumpeter’s broad definition of creative destruction (how capitalism “creates and destroys” existing structures) and possibly Christensen’s specific theory of “disruptive innovation.” (Christensen’s theory is best thought about as one possible pathway for creative destruction to occur.)
• Hayek’s description of the economic problem and the importance of coordinating dispersed and tacit knowledge. (Will “time and place” knowledge especially in its tacit form always give humans a creative edge in the quest for value creation?)
• Hayek’s and Sowell’s arguments related to the power of the price system for coordinating decentralized economic planning. (Why will behavioral elements animating the concepts of supply and demand remain relevant for guiding resource use in a world of Web 3.0?)
• The importance of property rights, decision-rights, and ownership in the valuation and value-creation process. (Blockchain technology a core technology in the Web 3.0 framework emphasizes network protocols that allow for safe, peer-to-peer trading of “digital property.”)
• Steven Johnson’s idea of the adjacent possible and its analytical similarity with both von Mises’ (“maladjustments”) and Schumpeter’s (“combinations”) description of the entrepreneurial function. (For your chosen topic, how will the various components of Web 3.0 allow for valuable new combinations/adjacent possibilities? You may find inspiration in the idea of “composability,” a frequent theme related to Web 3.0 tools.)
• John Kay’s definition of added value (economic profit) or, more generally, the economic function of profit as explained by von Mises, Kay, and Drucker.
