Banks, Iain M. The Algebraist

Iain M. Banks, The Algebraist (2005). Not part of Banks's Culture sequence, although it's a space opera which overlaps in various ways with the Culture universe. In terms of economics, it's notable for its reputation currency kudos (used by the Dwellers). Here's a snippet:

Bribing creatures who found the concept of money merely amusing tended to tax even the most enterprising and talented arbitrageur. The Dwellers clove to a system in which power was distributed, well, more or less randomly, it sometimes seemed, and authority and influence depended almost entirely on one's age; little leverage there.  

Alternatively, every now and again a species would attempt to take by force of arms what those involved in Dweller Studies attempted to wrest from the Dwellers by polite but dogged inquiry. Force, it had been discovered - independently, amazingly often - did not really work with Dwellers. They felt no pain, held their own continued survival (and that of others, given the slightest provocation) to be of relatively little consequence and seemed to embody, apparently at the cellular level, the belief that all that really mattered, ever, was a value unique to themselves which they defined as a particular kind of kudos, one of whose guiding principles appeared to be that if any outside influence attempted to mess with them they had to resist it to the last breath in the bodies of all concerned, regardless.

And another:

The problem was that to the Dwellers all professions were in effect hobbies, all posts and positions sinecures. This tailor that Y'sul and the City Administrator were babbling on about would have had no real need to be a tailor, he was just somebody who'd found he possessed an aptitude for the pastime (or, more likely, for the gossiping and fussing generally associated with it). He would take on clients to increase his kudos, the level of which would increase proportionally the more powerful were the people he tailored for, so that somebody in a position of civil power would constitute a favoured client, even if that position of power had come about through a lottery, some arcanely complicated rota system or plain old coercive voting - jobs like that of City Administrator were subject to all those regimes and more, depending on the band or zone concerned, or just which city was involved. The City Administrator, in return, would be able to drop casually into just the right conversations the fact she had such a well-known, high-kudos tailor. Obviously Y'sul had had sufficient kudos of his own to be able to engage the services of this alpha-outfitter too. People further down the pecking order would have employed less well-connected tailors, or just got their clothes from Common, which was Dweller for, in this particular case, off-the-peg, and in general just meant mass-produced, kudos-free, available-as-a-matter-of-right-just-because you're-a-Dweller . . . well, pretty much anything, up to and including spaceships.

Kudos makes for some interesting comparisons with Cory Doctorow's Whuffie, Karen Lord's social credit, and the trust "currency" of Michael Swanwick's millies.

Also see Abigail Nussbaum's review.

(JLW)

Chambers, Becky. A Prayer for the Crown-Shy

Becky Chambers, A Prayer for the Crown-Shy (2022).

Here's an extract:

They ran a hand through their hair. They’d never had to explain pebs before. 

“Okay. Anytime you receive anything that involves some sort of craft or work or labor or whatever from someone else, you give them pebs in exchange. So, let’s say you start out with zero pebs.” 

“Which is true, for me.”

“Yes. Let’s also say you go to a farmer and get an apple, and let’s say that’s worth one peb to you.”

“What would I do with an apple?” 

“Just pretend you can eat apples.” 

“All right.” 

“Okay. You take the apple, and you give the farmer one peb.” 

“How?” Mosscap asked. 

“I’ll explain later,” Dex said. “Stick with the farmer for now.” 

“If you say so.” Mosscap’s eyes shifted in thought. “I currently have one hypothetical apple and negative-one hypothetical pebs.” 

“Right. The farmer’s work has benefited you, so now you need to provide something to benefit someone else.” 

“To the farmer, you mean.” 

“No.” Dex tried to explain. “It can be to the farmer, if you provide something the farmer wants. But exchanging pebs isn’t about bartering. It’s about benefit. You are a part of the community, and the farmer doing something for you means that they are, effectively, doing something for the group. So, you’ve got your negative-one-peb balance now. You’ve got to fill that up. Let’s say you’re … I don’t know. A musician. You go play some music in a town square, and five people come to listen. They now give you some pebs. If they each give you two pebs, now you’ve got nine pebs, which you can exchange for other things. Make sense?” 

“I believe so,” Mosscap said. “You’re saying that instead of a system of currency that tracks individual trade, you have one that facilitates exchange through the community. Because … all exchange benefits the community as a whole?” 

“Exactly.” 

“Do people give you pebs for tea?” 

“Yes.” 

“And then you give them pebs for…” 

“Food, or supplies, or whatever.” Mosscap’s head whirred softly. “The farmer feeds the musician, who brings music to the village.” It paused, the whirring growing louder. “The technician who took a break to enjoy the music now has the energy to go fix the communications tower. The communications tower enables the meteorologist to deliver the weather report, which helps the farmer grow more apples. I see.” The robot nodded. “And I’m not penalized for the debt I incurred at the start?” 

“Absolutely not,” Dex said firmly. “We don’t … we don’t do that. Or we don’t do that anymore, I guess.” Gods around, history class was a long time ago. “Nobody should be barred from necessities or comforts just because they don’t have the right number next to their name.” As they said this, they thought of their unease back at the hot spring—the feeling that had arisen at the thought they hadn’t earned this. The mismatch between these sentiments itched at them. They nudged it aside to deal with later. 

Mosscap nodded again at their explanation. “But if there’s no penalty for debt, what’s to stop you from taking without giving back?”

“It’s a bad feeling,” Dex said. “Everybody has a negative balance from time to time, for lots of reasons. That’s fine. That’s part of the ebb and flow. But if someone had a huge negative … well, that says they need help. Maybe they’re sick. Or stuck. Maybe they’ve got something going on at home. Or maybe it’s just one of those times when they need other people to carry them for a while. That’s okay. Everybody ends up there sometimes. If I saw a friend’s balance and it was way in the red, I’d make a point of checking in.” 

“You can see other people’s balances?” 

“Yeah, of course. It’s all public.” 

“Does that not get competitive?” 

Dex squinted. “Why would it?” 

Mosscap stared at Dex in silence for a moment, seemingly surprised at this but not elaborating as to why. It shrugged, then pointed at the paper in Dex’s hands. “So, these…” 

“Are the pebs people gave you for helping them out.” Dex handed the paper back. “You got twelve pebs for the door, eight pebs for the bike, and so on. Normally, we do this on a pocket computer—”

Doctorow, Cory. Down and Out in the Magic Kingdom

Cory Doctorow, Down and Out in the Magic Kingdom (2003).

If you're doing an economics and science fiction reading list, this should be pretty near the top.

I talked a bit about this book and its quasi-magical reputation currency, Whuffie, in my review of Doctorow's Pirate Cinema.

The TL;DR version is: maybe it's interesting to compare Whuffie and DRM (or at least, the things DRM would imagine itself doing in the best of all possible worlds). Why quasi-magical? Nowadays it's difficult not to see Whuffie through the lens of algorithmic governmentality, Uber, platform capitalism, Peeple, etc. But it may also be worth drilling down to the conceit that underlies Whuffie: a  system that can evaluate feelings and work out exactly what they're about and the ways in which they're good or bad (hence 'reality'-based currency).

Also see this interview at the Adjacent Possible, toward the end. Also see under Paul Graham Raven below. For other exotic currencies that are perhaps made out of trust or reputation, see entries for Iain M. Banks, Karen Lord, and Michael Swanwick.

(JLW)

Doctorow, Cory. Walkaway.

Cory Doctorow, Walkaway (2017).

Doctorow's Walkaway is a book centrally concerned with political economy. It deserves places on pretty much any reading list of economic SF, and many a list of utopian/dystopian SF, alongside classics such as Le Guin's The Dispossessed. Juliet E. McKenna offers an excellent summary in Interzone #270:

In this near-future, the rich have got much, much richer while those further down the social order desperately cling to exploitative jobs, fearful of becoming a surplus labour unit. Elites ensure this default state of affairs for the blinkered majority by controlling the only meaningful careers left: financial engineering, and politics.  

[...] 

When computer access is ubiquitous, survival knowledge is free for the taking. Ultimately, people can simply walk away from a society they’re no longer invested in. So Hubert, Seth and Natalie head north into the Canadian wilderness where Limpopo and like-minded folk have set up a community where everyone can have what they want or need without even having to contribute from their own means. Limpopo isn’t the leader because there’s no such role. There is no obligation to even work for the common good unless one chooses to. 

[...] 

Some are always determined to keep score. Some demand a pecking order. What happens when they turn up and try to remake this community to suit themselves? Walking away from conventional society means walking away from its protections, in a world where anyone can arm themselves with an AK-3DP gun. Conflict is the essence of drama, right? Not so much, as it turns out, when Limpopo and the others simply walk away again. 

[...] 

Walkaway philosophy says the only way to win is not to play. But what if the other side insists? Well, then it’s time to change the rules of the game, more than once if you need to, and always trying to stay one move ahead.

Lord, Karen. Galaxy Game

Karen Lord, Galaxy Game (2015). A sequel to The Best of All Possible Worlds. Features a world, Punartam, where resources are allocated by the interplay of two formal media, called "social credit" and "financial credit." There is a kind of mapping between divisions such as market and gift economy, or between money and social capital, onto the division between basic needs and wants/luxuries -- all suitably science fictionally estranged and disheveled, of course. Here are the relevant snippets:

Haviranthiya told him very soberly that it appeared Academe Maenevastraya had registered a prior claim on his acquaintance and he could no longer provide Rafi with an Academe Surinastraya recommendation as a starting nexus for future Punartam interactions.
[...]
   "And your essentials," Ntenman continued.
   "There's nothing wrong with them. You should approve of that."
   Essentials were harder to understand, but after Lian dumped a message and a quantity of voice-access credit into his channel, things became clearer. The credit was "a loan, not a gift", and the fact that Lian had extended it made Lian one of his primary essentials. "Stay neutral," Lian's message warned. "Do not accept credit from non-Cygnians."
[...]
   "Your keys are your peers," Lian's message explained further. "I've introduced you to a couple of mine and I'll introduce you to more in time. I know your family and I shared food and drink with you in public, so I'm one of your first-tier keys. Keys you meet through me will be your second-tier keys. You will have to acquire more keys by your own efforts."
[...]
   He quickly discovered that for every variant of the credit system, there were several academic interpretations and models on how they should work. "Economic credit is mere financial engineering," sneered his Academe guide. "Social credit is art."
[...]
   "Yes, that's survival. But social credit determines what you will eat, and where, and with whom."
   "And I get my financial credit from my essentials but social credit from my keys."
   "More or less. That depends on where your nexus is located and the allegiance of your keys. Sometimes it's worthwhile to have a broad representation, but sometimes a nexus will refuse to acknowledge certain keys or networks, or will itself be shunned by other networks." Ntenman exhaled sharply, already frustrated. "It's a complex formula. The size, density and degree of overlap of your networks is measured, your net worth is calculated with reference to recommendations from your keys, and only a fully qualified Credit Assessor can work out the result."
   "But good social credit makes my financial credit more valuable, is that right?"
   "More or less. You're in a higher consumer bracket for some things."
   "So this is good! I have a nexus and I'm making a start on my social credit. I'll be able to pay you back."
   "Don't be rude," said Ntenman, only half-joking, and Rafi belatedly remembered that on Punartam, it was bad manners for anyone, be they creditor, debtor or completely uninvolved, to harp on an unpaid debt.    "So, financial credit is what gets me food and shelter?" Rafi asked. He had discovered that teaching him the basics appeared to put Ntenman in a better mood, as if doing so re-established the correct order of things.

For other exotic trust currencies, see entries for Cory Doctorow, Iain M. Banks, Michael Swanwick, and Jack Vance.

(JLW)

Russell, Eric Frank. And Then There Were None.

Erik Frank Russell, 'And Then There Were None' (1953). Some snippets:

“‘Obligation. Why use a long word when a short one is plenty good enough? An obligation is an ob. I shift it this way: Seth Warburton, next door but one, has got half a dozen of my obs saddled on him. So I get rid of mine to you and relieve him of one of his to me by sending you around for a meal.’ He scribbled briefly on a slip of paper. ‘Give him this.’”

 […]

 “‘No.’ Firmly she pushed the pineapple back at him. ‘If I ate my way through that I’d be saddled with an ob.’ ‘So what?’ ‘I don’t let strangers dump obs on me.’”

(JLW)

Swanwick, Michael. From Babel's Fall'n Glory We Fled...

Michael Swanwick, "From Babel's Fall'n Glory We Fled..." (2008). Features a civilization, the millies, who use trust as currency. It is a maddenly subtle choice of buck. On the one hand, this could be a cosmetic alteration to our own economic system. Money is, after all, typically without intrinsic use value, and only functions as money insofar as it is trusted as a medium of exchange, store of value and unit of account. So perhaps these "millie-on-airs" unmask and demystify what goes on around us every day. On the other hand, trust is so deeply and intricately implicated in what money is, that it's not clear it could fulfill the role of money (at least, not in the ways we're used to). You can put your trust in shells or brass rods, but can you put your trust in trust itself? Story online at Clarkesworld.

Vance, Jack. The Moon Moth

Jack Vance, "The Moon Moth" (1961). Online. I'm not as convinced that strakh is as currency-like as people sometimes say. That sentence about medium-of-exchange is taken a bit too literally, perhaps. (Strakh also appears, by the way, to be Niven's Kzin's word for an honor, which also ambiguously takes the place of currency).

(JLW)