Futarchy

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Futarchy is a form of government based on prediction markets, with elected officials determining metrics to determine the effectiveness of proposed policies.[1]

Development

The concept was proposed in 1990 by Robin Hanson, who has provided "foresight updates" to clarify and refine the proposed system.

In 1991, Alexander Chislenko offered criticism[2], which Hanson replied to in Foresight Update 11, affirming the need for some degree of mediation and additional governing structures to prevent abuse of the system.[3]

Futarchy was named a 'buzzword of 2008' by The New York Times.[4]

External Links

References

  1. Futarchy: Vote Values, But Bet Beliefs
  2. The Foresight Market and research funding
  3. More Market-Based Foresight
  4. Mark Leibovich, Grant Barrett "The Buzzwords of 2008". The New York Times Week in Review, 2008-12-21