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by fallingfrog
1885 days ago
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The efficient market hypothesis is wrong. Here’s why: it assumes that the only form of power or leverage that exists is supply and demand. However there are all kinds of forms of leverage in the real world. There is legal power. Voting. Guns. Unions. Price fixing. Cultural norms. Marketing. Blackmail. All of these are forms of leverage and they are not special cases; rather, supply and demand is one special case which comprises a fraction of the total pressure on wages and prices and success or failure at any moment. |
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