There may be no better, more pivotal use of prediction markets than economic forecasts. After all, if we had a better idea of what was likely to happen tomorrow, we could make better decisions today.
Obviously prediction markets have been successful elsewhere—predicting elections and other political events, sporting events, and pop culture moments—but arguably the most beneficial use-cases is to test and improve the accuracy of existing economic models for major macro indicators such as unemployment, interest rates, and gas prices, just to name a few.
Economic and business prediction markets offer market-driven forecasts that can turn uncertainty into actionable insights for investors, economists, policymakers, and average Joes looking to hedge against economic or business volatility.
