2 ms·
> an efficient way. When the market ceases to be sufficiently free I want to highlight that the freedom of the efficient market is not the same as the freedom
by Terr_ 9mo ago
> an efficient way. When the market ceases to be sufficiently free
I want to highlight that the freedom of the efficient market is not the same as the freedom of participants, and that in certain specific ways they are inherently opposed.
Contrast these two kinds of promotion:
1. "Our X system is the most efficient and our best chance for abundance, we proved it with math! ... Because "correct" prices are discovered through public prices where all transactions are open market transactions with public prices. I
2. "Our X system is the free-est because nobody's telling you what to do with your stuff! Economic liberty! ... Because two consenting parties can make all sort of private deals with secret or preferential prices and and non-disclosure agreements.
I feel there are certain blocs--sometimes certain individuals--that act as if both are equally and simultaneously true, despite the inherent contradiction.