[majewsky]

Indeed. I can understand that a lot of economic policies can be viewed in the way the author describes (a relentless pursuit of efficiency), but Ivy League overlords are also doing a lot of stuff that's just plain greed and can't be explained away with efficiency.

For example high-frequency trading. Or (here in Germany) renting ruinous hotels to the government as refugee centers at bizarre rates because there was literally no other big-enough accommodation available.

[gpvos]

High-frequency trading is usually justified by pointing at increased market fluidity, which is a positive thing in principle. Whether that is enough justification for the problems it causes is clearly something that should be discussed more.

[majewsky]

Ah right, market fluidity was their cover-up story. I'm absolutely not convinced, seeing how billions of dollars and euros are pumped into the market to increase fluidity, with questionable success.

[patrickg_zill]

That's the justification. If you go to e.g. zerohedge.com and find an article showing the millisecond by millisecond bidding by hft, you might come to the conclusion that the justification is hollow.