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mdp2021 • today at 11:17 AM • 1 reply • view on HN

Soon after John Stewart Mill we assessed that markets are not perfect.

Accelerations in the different directions of bounded incentives create as-if Brownian motions, - not the stability towards optimality of a perfect organic model.

Or: what you write is rational, but people are easily not... The supply side should disappear from the market when irrational, but changes are slow..


Replies

UpsideDownRide • today at 11:40 AM

Did we? Because while seemingly obvious nowadays it is not a settled matter in orthodox econ academia.

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