We are curious here at Galia Merchants. Recently, we read an interesting article in
New York magazine about Polymarket founder Shayne Coplin. In that article we came across the word: futarchy. The founder of the term is a George Mason University economist named Robin Hanson who published a paper in 2013 titled:
Shall We Vote on Values, but Bet on Beliefs? In futarchy, democracy would continue to say what we want, but betting markets would now say how to get it. That is, 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.
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hereAnyhoo, given the significance of prediction markets in the latest election, we thought it was worthy of a Shirt of the Day designation.