Why The Rich Should Decide

Video Description

Prediction markets can predict better than polls. So why not use them to DECIDE policy? Go to http://www.groundnews.com/aotp for a better way to stay informed. Subscribe for 40% off unlimited access to world-wide coverage through my link. Everyone says democracy is a mess. What if that mess is the point? Markets are incredible at measuring what IS. But when you try to use them to decide what OUGHT to be, something breaks. This video explores why the chaos of democracy might be the immune system that keeps money from directly buying outcomes. From prediction markets and futarchy to Prussia's doomed forests and the GameStop rebellion, we trace the line between systems that observe reality and systems that create it. I hope it makes you think more about how Markets and Democracies are two different systems which "compute" differently. Some references: Robin Hanson - "Shall We Vote on Values, But Bet on Beliefs?" James C. Scott - "Seeing Like a State" (1998) George Soros - "The Alchemy of Finance" (reflexivity theory) Yarvin Hanson Debate -    • Curtis Yarvin vs Robin Hanson - Debate Mon...   The War Room (1993) ((amazing film!!) David Graeber Please join my email list to get updates about new stuff: https://forms.gle/TGgmnqXcP4KUFBRY6 Consider supporting via Patreon:   / artoftheproblem   0:00 - The Democratic Mess 1:15 - How Markets Discover Truth 2:50 - Prediction Markets & Google's Prophit 4:15 - The Tempting Question 5:14 - Robin Hanson's Clever Fix 7:30 - The Metrics Trap: Prussia's Forests 10:15 - Goodhart's Law 11:50 - Democracy's Immune System 15:34 - The Jury Existence Proof 17:30 - Two Different Systems