Eric Posner Listed as One of "The Bloomberg 50" for "Radical Markets"

The Bloomberg 50

At least 16 startups or blockchain projects began this year based in part on ideas in their book.

Weyl, an economist who’s a principal researcher at Microsoft Research New York City, and Posner, a professor at the University of Chicago Law School, argue in Radical Markets that we need to harness market forces to achieve social good. They want to fundamentally alter people’s relationship with private property by having them put a price tag on everything they own and list it online. If you want to keep your home, for instance, you’d have to make it expensive, which means you’d be willing to pay more property taxes on it. The government could use this revenue to cut other taxes, which would incentivize commercial property owners not to sit on vacant lots. Another idea, quadratic voting, lets people express the intensity of their preferences. Each voter gets the same allotment of credits to buy votes. One vote costs one token, but two votes cost four, five votes cost 25, etc. People who feel strongly about an issue would have to concentrate their tokens. Blockchain startup Eximchain Inc. plans to use a version of quadratic voting to govern its platform. —Peter Coy

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