3 ms·
> Markets are "efficient" at transferring money from "stupid" to "smart" people. Here "stupid" or "smart" is directly related to lower or higher in that informa
by thomasahle 4y ago
> Markets are "efficient" at transferring money from "stupid" to "smart" people. Here "stupid" or "smart" is directly related to lower or higher in that information/power hierarchy.
Why not just say "Markets are efficient at transferring money from less powerful to more powerful people." then?
- robertlagrant 4y agoBecause not everything is about power. Redefining things as such is a net negative to communication.
- hikingsimulator 4y agoinformation asymmetry is a kind of power, though. Your rebuke hinges on narrowing definition or common sense understanding of the term.
- robertlagrant 4y agoNo, it's not reducing. In theory you can define anything as "power". If I know any fact you don't then, by your definition, I have power. But describing that as a power imbalance is a 100% hindrance to communication.