> value is created in every transaction Lots of transactions actually destroy value, they just do so in a way that externalizes this cost. A good example is a

> value is created in every transaction Lots of transactions actually destroy value, they just do so in a way that externalizes this cost. A good example is advertising: companies are incentivized to dump all available resources into marketing, because those who don't get out-competed by those who do. It is a winner-takes-all game where the strategy that maximizes global value is nowhere close to being a Nash equilibrium. A more extreme example would be hiring someone to go rob a bank. No value is created (lots is destroyed) but both parties to the transaction come out ahead.