Are Floating Cities the Wave of the Future?

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June 10 (Bloomberg) -- Patri Friedman, chairman of the Seasteading Institute, and Randy Hencken, executive director, discuss the feasibility of floating cities with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Tell people what you're purposing to do.

The idea is that we need better government that serves people better and the best way to improve any complex system is to do lots of experiments, lots of new ways of doing it.

Here in silicon valley that is the way we get progress.

People do startups.

The stuff that does work is what advances our knowledge and all i am saying is let's do the same thing for government.

Let's let lots of people with ideas go out and try them.

I do not know if it will work better.

No one knows.

The only way to learn is by trying new things.

Randy, come in on this.

This is the stuff of philosophers for eons.

What makes it different now, is there technology and is this convergence that would permit this to be built?

We are at a perfect time.

We have a lot of ideas where people have come up with grandiose schemes of how we could move out to the ocean.

It is still a hard problem.

The bigger issues are how much it is going to cost.

We were trying to break this down into incremental steps to see how small we could start and then grow.

The past year or two we have been working on our loading city project and we're looking at trying to launch the first module of the floating city before this decade is out.

Is there a specific year graphical location that you are interested in pursuing for this first project?

We're are looking at a few different places around the world like the caribbean and the mediterranean.

It depends on the business climate, the waves, and for this first project we are looking to get involved with the host country that offers us the chance to be in their waters.

Randy, what about potential backers, where's the money coming from in order to sustain the seasteading institute?

Thousands people like what we are doing.

We have people with deeper pockets who are interested in helping us move this project forward as well as thousands who have responded and letting us know that they want to be part of the first floating city.

We have had more than 60 people from 60 different countries saying i want to be part of this project.

45% are from you -- outside the u.s. x what about the resources that would be necessary to make it happen, you have to supply this floating city on a regular basis.

It is almost like a space mission.

Crexendo is why we are to start small and be in the territorial waters of the host nation.

Where it is easier and easier for people to be there for a short.

Of time -- short period of time.

We hav to start -- we have to start small and grow.

What would your grandfather think about this?

He is the eminent economist milton friedman.

X there is a lot of insight in economics that people are starting to apply to government.

That monopolies are bad, everyone knows this and we think the way to get progress in telephones is to break up the at&t monopoly and people forget to think of government as a monopoly.

There is a small number of countries in the world, the u.s. is one company in a sense running government services to 300 million plus people.

Everything we know about economics in the business world tells us that is not going to work too well.

It will not change or row or progress the way that industries do that have a vibrant startup sector.

All i am doing is taking the same insights and saying i think government is a startup sector, too.

We can represent the ideologies of 7 billion people on the planet.

The idea that the government could be freestanding physically is one thing but most governments, most countries around the world, they have relationships with each other and they abide a certain common laws and rules.

What does that say about the possibility of this really being a freestanding society?

I would expect that any seastead will follow international law just like any other country.

I am not saying that we should make countries that are independent of the world that we can make new places where the local rules they have a govern how their citizens live and work are different.

The cap the united states.

It was a start up country in 1776 created became a country and tried out a system and was considered incredibly radical.

It worked so well that many countries are copying it.

All we are saying is let's not doubt there.

Let's keep doing that, making new countries and try out different ways of governing their citizens so we can see what works better.

Any estimates for the initial cost of starting this new country?

We have some estimates.

We are looking at we could build 50 by 50 meter platforms that could host dirty people of the -- 30 people a piece.

We stick 11 of those, we could host 300 people.

It is not a lot compared to where you are sitting.

We think that we have looked at the people who want to come and this is a wide ready of economic status that want to be part of it.

We're making it in a way so that people with modest means can participate in the development of the floating cities.

Would you move there if this is built by the year 2020? i would love to.

I am looking forward to it.

You could be neighbors.

You can visit our site --

This text has been automatically generated. It may not be 100% accurate.

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