One of the top 5% economists? LOL Market efficiency is not about prices reflecting "intrinsic value". First lesson of economy is that there's no such a thing. A

One of the top 5% economists? LOL Market efficiency is not about prices reflecting "intrinsic value". First lesson of economy is that there's no such a thing. An efficient market allocates resources according to people's preferences. What's the "intrinsic value" of collectible baseball cards? Yet they have a non-zero price in a mostly unregulated market. No economist before has ever bothered to write an article about why ridiculous collectibles disprove market efficiency... maybe because this doesn't make sense? Also, pretty much nobody believes in markets that are maximally efficient in every case. People just understand that markets not being perfect doesn't mean those trying to regulate it are automatically perfectly enlightened. The article conjures a bunch of fallacies in order to attack a straw man.