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It would be a boon for laissez-faire capitalism, as it would prove that markets are at least weak-form efficient. Reference: http://arxiv.org/abs/1002.2284 htt
by lyudmil 16y ago
It would be a boon for laissez-faire capitalism, as it would prove that markets are at least weak-form efficient.
Reference: http://arxiv.org/abs/1002.2284 http://arxiv.org/abs/1002.2284
- randallsquared 16y agoSupport for laissez-faire capitalism doesn't require that markets are efficient in any absolute sense, but only that using force will not produce a more efficient outcome in real-time. But I don't think people argue for markets to be supplanted by force for efficiency reasons, as its already clear that such a solution is intractable unless actor choices are restricted significantly.
- lyudmil 16y agoCorrect. I should have said "neo-liberal economics".
- Tycho 16y agoWhy did you add the phrase 'in real time' there? I don't follow (sincere question)
- randallsquared 16y agoBecause given enough information about preferences and enough time to think about it, coming up with a more efficient solution to a particular distribution problem than the market did seems possible in principle.
- Tycho 16y agoAh, I'm with you now, thanks.