Category: Economics

The Legitimacy of Bitcoin

David McWilliams: 'Ireland is three decisions away from being a perfect  country'
David Williams: No, just no!

David McWilliams piece in this weekend’s Irish Times – Cryptocurrency is Patently Not Real Money – is quite possibly the strongest argument I have seen for the legitimacy of bitcoin. Normally I really like his provocative and creative thinking, but not today. Let’s look at some of his arguments.

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Computational Theocracy

Creation of Robotic Adam - Stock Image - C002/8593 - Science Photo Library
Is God creating robots, or are robots creating God?

In considering technological theology, it is necessary to distinguish between what I refer to as transcendent theologies: belief, absolutes, or truth, and what I call lived theologies: scripture, ritual, mantra, holy places and order. Transcendent theologies are claims to higher knowledge, beyond what is possible in nature, in areas like life after death, and the existence of God (upper case ‘G’). Lived theologies are claims about how one should live in order to serve god (lower case ‘g’), what it means to live a good or successful life. Transcendent theologies in one sense do not matter to our life on earth; they are by definition unprovable, revealed to us through prophesy, and while they may inform our lived theology, they relate to a higher order of existence than that with which we are currently concerned. Lived theologies are extremely important, and while often informed by revealed religion, they predate all of the great modern religions. Each of us adheres to a lived theology, with some base understanding of right, and righteousness, whether that’s an altruistic, socially sensitive collectivism, or a Darwinist individualism. In each case we seek to advance our interests based on an understanding of the world, an evolved ontology – that is our lived theology.

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Epistemic Theology and Epistemic Technology

The 'Robotic Moment' | Essay by Sherry Turkle | Britannica
We are in what Sherry Turkle calls ‘the robotic moment’

In considering my proposal of technological theology as a waypoint in our current trajectory, from religious, political and economic theology, the idea of epistemic theology was brought to my attention in considering the grounding of Carl Schmitt. There have been questions about the theology of Schmitt (was he primarily Christian, or secular?), and some questions over whether political theology is about the politics of theology or the theology of politics; medieval political theology certainly appears to have been about the latter. Adam Kotsko suggests political theology is more concerned with the relationship between the two fields of theology and politics, though the consensus is moving towards what he calls a politically-engaged theology. My reading, reflects a range of kinds of theology, in that political theology is an ontological structure, allowing the world to be understood and engaged with. Just as Deleuze and Guattari argued that the role of the philosopher is to ‘create concepts’ (What is Philosophy?, 1991(FR), 1994(transl.), Columbia, p.5), so political theology is a way to understand the world, to understand the real in social, or more specifically political terms. It is, in Schmitt’s explanation, a secular theology (Political Theology: Four Chapters on the Concept of Sovereignty, Chicago UP, 1985/2005).

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The Philosophical Influences of F. A. Hayek

Friedrich Hayek receives the Nobel Prize in Economics, in 1974

Friedrich Hayek is perhaps best known as the father of neoliberalism, a quasi-messianic belief in markets as the prime source of a concept of value (and deliverance from totalitarianism), and the idea of spontaneous order, that things – all things – are not controlled, but ordered, spontaneously. His Nobel prize in 1974 was awarded in part for his ‘penetrating analysis of the interdependence of economic, social and institutional phenomena.’ In other words, he was no mere ‘financial’ economist, whatever that might mean. His was a big project, one that encompassed the ultimate political objective of protecting individual liberty, in a career that spanned over sixty years, and major works including The Road to Serfdom and The Constitution of Liberty.

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Hirschman and The Romantic Spirit

Albert Hirschman, 1915-2012

When we think of the romantics, at least in the Anglo-Saxon tradition, we often consider careful lovers in lace and ruffles, lovers primarily of love itself, as a noble, worthy aesthetic. We think of the poetry of Wordsworth (‘I wandered lonely as a cloud…’), Shelley (‘O wild West Wind, thou breath of Autumn’s being’) and Coleridge (‘In Xanadu did Kubla Khan / A Stately pleasure-dome decree…’), or of Edmund Burke’s concepts of the sublime and the beautiful. Situated in late eighteenth century Europe, however, and juxtaposed with Continental romanticism, the picture becomes altogether more political, theological, and – though fractured into myriad interpretations – more substantial. It becomes, in essence, a reaction to the Enlightenment, to the new scientism, a rejection of dogma.

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The Golden Calf and Trickle-Up Economics

When Moses went up Mount Sinai to get the Ten Commandments (Exodus, Ch. 19 ff.), he took a bit longer than expected. The people, concerned that Moses might not actually come back, decided to make their own God to worship, and created a golden calf, from the assorted gold of the people there gathered. ‘These are they Gods, O Israel, that have brought thee out of the land of Egypt,’ said Aaron, and by all accounts they had something of a party to celebrate. The story always made me think about the utility of the calf; it was very expensive. The economic cost of the thing was immense. And while the yield – being metaphysical – was literally incalculable (what price redemption and/or salvation!), surely there were cheaper ways to fashion a God? What about a nice painted papier-maché calf? That would have looked just as good.

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