To say the purpose of a market is to reveal insider information is how you say insider trading is a good thing without saying insider trading is a good thing.
There's a ton of scholarly debate about it, and at least most of the early stuff was pretty earnest. But rather than the debate becoming more refined and nuanced over time it seems to have bifurcated along partisan (or partisan adjacent) lines like everything else, similar to the Keynesian/Misesian divide.
alt Hacker News
To say the purpose of a market is to reveal insider information is how you say insider trading is a good thing without saying insider trading is a good thing.
There's a ton of scholarly debate about it, and at least most of the early stuff was pretty earnest. But rather than the debate becoming more refined and nuanced over time it seems to have bifurcated along partisan (or partisan adjacent) lines like everything else, similar to the Keynesian/Misesian divide.