3 ms·
Actually, free markets are only efficient if p=np. (They are not strong form efficient, that was disproven long ago, and are only weak form efficient if p=np)
by DannyBee 5y ago
Actually, free markets are only efficient if p=np.
(They are not strong form efficient, that was disproven long ago, and are only weak form efficient if p=np)
Unfortunately, this hasn't stopped people from believing in them anyway, because they really really want them to work, and people "feel" like they should
- mlyle 5y agoThey still outperform other mechanisms we have of resource allocation. They're massively parallel systems with ample signaling of different agents' state. And the worst corner cases of externalities can be mostly offset with proper regulation, even if we struggle to do it.