Futarchy
Encyclopedia
Futarchy is a form of government
proposed by economist Robin Hanson
, in which elected officials define measures of national welfare and prediction market
s are used to determine which policies will have the most positive effect.
It was named by the New York Times as a buzzword of 2008.
said
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
proposed by economist Robin Hanson
Robin Hanson
Robin D. Hanson is an associate professor of economics at George Mason University and a research associate at the Future of Humanity Institute of Oxford University. He is known as an expert on idea futures, markets and was involved in the creation of the Foresight Exchange and DARPA's FutureMAP...
, in which elected officials define measures of national welfare and prediction market
Prediction market
Prediction markets are speculative markets created for the purpose of making predictions...
s are used to determine which policies will have the most positive effect.
It was named by the New York Times as a buzzword of 2008.
Criticisms
Economist Tyler CowenTyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution...
said
"I would bet against the future of futarchy, or its likelihood of succeeding were it in place. Robin says 'vote on values, bet on beliefs', but I don't think values and beliefs can be so easily separated."
External links
- Futarchy: Vote values, but bet beliefs (Robin Hanson)
- Questions about Futarchy (Samantha Cook, November 21, 2005)
- Futarchy: buzzword or viable option? World Bank PSD Blog