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Forgive my bluntness, but I thought we had buried the 'efficient market' fallacy over a decade ago. Besides, the only thing your market would optimize for is ho
by PeterStuer 7y ago
Forgive my bluntness, but I thought we had buried the 'efficient market' fallacy over a decade ago. Besides, the only thing your market would optimize for is how to maximize rentseeker profits, the 'climate' situation be damned.
- Isinlor 7y agoHow was the efficient market hypothesis buried? Believing that markets are optimal in a very strong sense is wrong, indeed. We know that people are not perfect rational actors, but we are quite rational anyway. Markets work damn well if what we care about is priced in. Not to mention that market economies of many different kinds have been proven over and over to be more efficient than centrally planned economies. For example, China authoritarian and socialist market economy miracle of rising almost a billion people out of extreme poverty in strong contrast to the centrally planned disaster with the Great Chinese Famine where at least 15 million people died of starvation. Or Holodomor in Ukraine with 4 million people starved to death. Centrally planned economies are responsible for more deaths and misery than the whole Holocaust.