> one of the central conceits of capitalism is wrong (i.e. that the stock market isn't a good arbiter of the value of companies) The "central conceit" is not

> one of the central conceits of capitalism is wrong (i.e. that the stock market isn't a good arbiter of the value of companies) The "central conceit" is not that the market is a "good arbiter" of the value of a company. Just that it's the least bad one. The central conceit of every alternative to capitalism is that there's such a thing as a singular, coherent definition of "the value of a company" and that it's consistently, accurately measurable by some central authority.