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I'm not going to get dragged into a discussion on "efficient markets". You win by forfeit.
by unknown_apostle 9y ago
I'm not going to get dragged into a discussion on "efficient markets". You win by forfeit.
- paulgb 9y agoEfficient markets was just a simplifying assumption to make my point brief, but the second sentence of my explanation does not rely on any more assumptions than Gresham's law does. In any case, I recommend that chapter of Hayek, it's a quick read and you might find it clarifying.