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- noun a form of government proposed by economist Robin Hanson, in which elected officials define measures of national welfare and prediction markets are used to determine which policies will have the most positive effect
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Part three introduces futarchy - and defends it despite the massive disagreement it provokes.
My New Year's Resolution for Robin Hanson, Bryan Caplan | EconLog | Library of Economics and Liberty 2010
hober commented on the word futarchy
A system of government in which "elected representatives would formally define and manage an after-the-fact measurement of national welfare, while market speculators would say which policies they expect to raise national welfare."
See Robin Hanson's introductory article, Futarchy: Vote Values, But Bet Beliefs.
November 20, 2008