ABSTRACT
Votes are one way to achieve epistemic success in the aggregate. Markets are another. This chapter begins by outlining Friedrich Hayek’s knowledge argument and the basics of the epistemology of markets. It then moves on to considering the notion of a marketplace of ideas, and especially John Stuart Mill’s arguments in favor of free speech. The idea that ideas form a market, and that that market should be free, has faced many challenges, and we consider some. Then we go on to considering the potential promise of political prediction markets and Robin Hanson’s proposals for “futarchy,” in which citizens “vote on values” but “bet on beliefs.”
