the insightful discussion by F. Schar, “Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets”, Federal Reserve Bank of St. Louis REVIEW, second quarter 2021, 153-174. 3  particular), just like the traditional one. Once this is acknowledged, DeFi schemes lose most of their appeal.8 The second view cannot be easily dismissed.
More fundamentally, I suspect that trend growth in output and employment are both a function of culture and social attitudes. How much do we as a society value consumption today as compared to consumption tomorrow? How much do we value education? How much do we value being independent as compared to being dependent on the state? How highly do we regard private property rights?