Introducing “Triple Entry Bookkeeping” – an accounting methodology that incorporates the non-financial #impact of commercial transactions. It is a way to factor in #externalities, positive or negative, within market prices and asset valuations.
It sets out rules for #ProgrammableMoney that can account for impact (+ & -) and adjusts purchasing power accordingly, for both buyers and sellers i.e. creates market based incentives for doing good.
It offers an arithmetic framework that could support proposals by @YanisVaroufakis for the #Kosmos (a synthetic digital currency modelled on the #Bancor by John Maynard Keynes, originally proposed as a unit of account to track international flows of assets and liabilities).
Read the full paper at www.sumptuousaccounting.org