> In real life markets are a lot more complicated Markets are more complicated and people are often irrational, but that doesn't mean the feedback loop isn't t

> In real life markets are a lot more complicated Markets are more complicated and people are often irrational, but that doesn't mean the feedback loop isn't there. It is fallacious to assume that substitutes will be found and that technology will continually advance directionally. Conceptually, prices could simply rise to the point where only the very rich get to use personal computers until, 200 years later, genetic engineering brings organic AI. In reality it's some mix of all the above and much more precisely because the world is irreducibly complex. But I think the point of creating and relying upon transparent markets is precisely so that pricing signals can reach people quickly; and if this induces the wrong behavior according to our normative objectives then it's easier to identify this and we can react accordingly without having to rely on conjecture and our imaginations.