| > The underlying rules are not simple either. They are. By the principle of equivalence, it is just mapping the Lorentz frame onto curved spacetime. pg. 386, "Gravitation", Misner > actors in the market simply do not act as one can accept in any way If other actors are acting irrationally, others can make money off of them. There are always smart people looking to make money off of irrational people, to the latters' detriment. Hence it is self-correcting. > knowledge from every actor is imperfect Imperfect knowledge is a common reason given for free markets not working. This is not true at all - another word for "imperfect knowledge" is "risk", and risk is certainly priced in everywhere. > not perfectly fungible Another word for this is "friction" and it is priced in to supply & demand, it is not separate from it. > no matter which definition of supply and demand I prefer not to make up my own definitions of terms in order to win an argument. I'll stick with the standard one. > the laws of supply and demand aren't being followed Your preconditions are incorrect, and hence your conclusion isn't, either. |