Home Blockchain News This economist advocates for the elimination of private property through the use of blockchain technology

This economist advocates for the elimination of private property through the use of blockchain technology

by Michael Stark

**New Economic Ideas Catching the Attention of Politicians and Policy-Makers**

*Political Economists Propose Revolutionary Ideas*

In a world where the power of the majority often overshadows the views and concerns of minorities, two political economists, Glen Weyl and Eric Posner, have presented a bold new idea to address this issue. Their proposed concept involves giving each individual a certain number of votes which they can distribute across different issues. According to Weyl, this would prevent minority groups from being marginalized by a majority decision.

**Limiting the Power of Vote-Hoarders**

The innovative proposal also suggests that the cost of acquiring additional votes would increase exponentially, thereby limiting the power of those who hoard votes. The idea is that individuals who strongly feel about a specific issue won’t be overshadowed by others through sheer numerical superiority. Weyl argues that if racists were to throw all of their votes at a racist measure, their impact on other issues would be negligible.

**Public Interest in Revolutionary Book**

Weyl and Posner’s book, which outlines their groundbreaking ideas, has generated significant public interest. Besides their proposal for restructuring the voting system, the book also addresses various other key topics such as antitrust regulation, immigration, and data privacy. Their proposal for a marketplace for personal data has also caught the attention of many.

**Interest from Policymakers and Politicians**

Several politicians and policymakers have expressed interest in exploring the potential applications of Weyl and Posner’s ideas, particularly in areas such as antitrust regulation and data protection. Despite the seemingly radical nature of their proposals, it is unlikely that a complete implementation will occur in the near future. However, the potential for testing these ideas in certain contexts remains an intriguing possibility.

**Collaboration with Vitalik Buterin**

The impact of their ideas has not only been confined to the realm of theoretical discussions. Weyl also collaborated with Vitalik Buterin, the co-founder of Ethereum, in which they published a joint manifesto announcing their intentions to work together to decentralize power through the use of markets and technology. According to Weyl, their collaboration aims to harness the potential of these platforms to create a decentralized market-based community.

**Blockchain as an Ideal Testing Ground**

Buterin and Weyl are exploring the possibilities of using blockchain as an ideal testing ground for their revolutionary ideas. The blockchain community, which originated as a mechanism for exchanging virtual currency, now has aspirations to become a leaderless market-based community, enabling users to conduct transactions without intermediaries. This experimentation in economic design aligns with Weyl’s vision for a decentralized market.

**Future of Revolutionary Ideas**

Although the potential for complete implementation of Weyl and Posner’s ideas remains uncertain, their impact on economic and political discourse has been significant. Their ability to engage with both theoretical and practical applications has garnered attention from various stakeholders, demonstrating the potential influence of their ideas on future economic and political systems.

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