American politics is broken. By just about any measure, we are collectively disenchanted with both the system as it exists, and the people we elect through that system to carry on its business. Particularly disheartening, money has become the defining force in shaping our political character. In Illinois, we’ll be holding a primary on Tuesday, March 18, wherein the highest-profile election will be the race for the Republican nomination for governor. The putative front-runner in that campaign is billionaire Bruce Rauner who, not coincidentally, is one of the richest men in America.
A few weeks ago, I met E. Glen Weyl at a cocktail party and heard about his quadratic voting idea for the first time. A simple idea on the surface—allow the buying of votes, but with the provision that the cost of each vote is squared as you increase in number, with all the proceeds redistributed equally to all voters—it also seems simply absurd at first. After all, money in politics is the problem, not the solution, right? But as he explained its implications—the reductive influence of wealth given the power of exponential pricing, the positive implications for the “tyranny of the majority” and so forth—I became intrigued. Why are we so blindly attached to a way of conducting democracy that was conjured up hundreds of years ago, in a time far removed from most of today’s concerns and technological capabilities? If the system is broke, why aren’t we trying to fix it? That’s what our Founding Fathers would have done.
Weyl is a rising young star in the University of Chicago economics department. Just twenty-eight years old, he achieved his first notoriety for finishing Princeton as the valedictorian of his undergraduate class while simultaneously finishing all the coursework for his PhD, which was awarded a year later. His partner in this idea is Eric Posner, a professor in the University of Chicago Law School who, among other things, is a regular contributor to Slate magazine. And yes, Posner’s father is Judge Richard Posner, the celebrated jurist and scholar. Read the rest of this entry »