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Two economists – one young and one old – are walking down the street together: The young economist looks down and sees a $20 bill on the street and says, “Hey,
by 6gvONxR4sf7o 7y ago
Two economists – one young and one old – are walking down the street together:
The young economist looks down and sees a $20 bill on the street and says, “Hey, look a twenty-dollar bill!”
Without even looking, his older and wiser colleague replies, “Nonsense. If there had been a twenty-dollar lying on the street, someone would have already picked it up by now.”
(99% joke and snark. Of course this isn't going to work on the stock market, but that kind of efficiency argument isn't perfect.)
- jerf 7y agoI was not making the efficiency argument in the abstract. I'm making it in the concrete of a neural network that can be trained in real time in a browser window. There's a great deal of people who seem to mistake "the market isn't actually 100% efficient" for "oh, I guess we can just ignore the question of 'efficiency because if it's not 100% it must be 0%". Not that they say the last part out loud, of course.