ELI5: Explain Like I'm 5

Futarchy

Futarchy is a special way of making important decisions. In regular decision-making, people come up with different ideas and try to convince others that their idea is the best. But in futarchy, they use a different approach.

First, they agree on what they want to achieve. For example, they might want to increase the quality of education in schools. Next, they come up with a few different ideas on how to achieve this goal.

Then the fun part comes in - they run all of these ideas as bets. People can invest their money (like Monopoly money) in the ideas they think will work best. The idea that gets the most money wins the bet. And the group then implements that idea to improve the quality of education.

So in a nutshell, futarchy makes decisions by choosing the best idea based on people's bets. It's like a big game where the winning idea gets to be put in action.