Robin Hanson, is what I would term a market fundamentalist – somebody who believes that markets are the primary mechanism for achieving the public good. Recent events have demonstrated that this creed is morally bankrupt. We are, in the words of Michael Sandel, “at the end of an era of market triumphalism”.

Robin Hanson:

I deny the accusation, though I’m not sure why I should have to. Having a high opinion of the eventual info power of decision markets [*] is very different from saying “markets are the primary mechanism for achieving the public good.” Shouldn’t you have to first provide support for your accusation, rather than me somehow having to first prove bald accusations wrong?

[*] That’s at the core of the issue. Somebody who has a “high opinion” of something that has not given stellar results since 1988 is obviously exaggerating. I personally have a somewhat good opinion of prediction markets and conditional prediction markets, but not a “high opinion” —sense my nuance. Niall O’Connor has been too strong in his “accusation” ( ), but he is a bit in the right. [UPDATE: Niall O'Connor has an honest reply to Robin Hanson.]