‘Futarchy’ is NYT Buzzword of ’08
From the 38 New York Times "Buzzwords of 2008":
Pronounced FEW-tark-ee. A theoretical government controlled in part by speculative markets. Coined by Robin D. Hanson of George Mason University.
Now if only I could just get some group somewhere to actually try it.
Johnicholas, SimCity policy could be a great place to run a trial.
Mike, having a small number of traders is not a problem if those traders know as much as anyone about the topic, so a small company could be a fine place to run a trial.
Maybe futarchy's rising prominence as an idea will get it noticed by more companies who will try it for making decision privately, deciding what their next move should be. I guess there would be problems of a business maybe not having a big enough number of employees betting. I suppose the bigger companies are possibly more conservative than the smaller ones, and less likely to implement, whereas smaller companies might be more daring but not have enough employees to make an internal betting market. Is that a problem or am I way off?