If you could invent something to fulfill an economist’s dream, it would look an awful lot like a prediction market. A world where every uncertain future can be priced, hedged and insured against? Kenneth Arrow and Gérard Debreu would approve. A market mechanism to co-ordinate the decentralised wisdom of crowds, ensuring the accuracy of such prices? Adam Smith and Friedrich Hayek sought just that.
Switzerland is now preparing to vote on a proposal to cap its population at 10 million by 2050, and the...
ASIA: The major Asian stock markets had a green day today: • NIKKEI 225 increased 577.35 points or 1.02% to...
White House economic advisor Kevin Hassett said Wednesday that the authors of a recent New York Federal Reserve paper that...
There’s no doubt that the Americas were irrevocably changed by European contact. The decimation and sociopolitical transformation of the Western...
Fotostorm | E+ | Getty ImagesWelcome to the "boomcession."The term is a portmanteau of the words "boom" and "recession." It...
There is a lazy argument, often repeated in India’s political and intellectual circles: “Capitalism is only for those who already...
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