Futarchy

Futarchy is a proposed government system in which decisions are made based on betting markets. It was originally proposed by Robin Hanson, who gave the motto "Vote Values, But Bet Beliefs".

A futarchic government holds an election to determine what metrics to optimize; for example, a ballot might allow citizens to vote on the following options:

  • Gross Domestic Product (GDP) over the next 4 years, as estimated by an impartial council of economists.
  • GDP over the next 8 years.
  • GDP over the next 30 years (etc).
  • Happiness, as measured by a large survey. (Over the next 4 years, 8 years, etc.)
  • Family values, as measured by (such-and-such procedure)

And so on....

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