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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.
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, 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.
Futarchy was named a 'buzzword of 2008' by The New York Times.
- ↑ Futarchy: Vote Values, But Bet Beliefs
- ↑ The Foresight Market and research funding
- ↑ More Market-Based Foresight
- ↑ Mark Leibovich, Grant Barrett "The Buzzwords of 2008". The New York Times Week in Review, 2008-12-21