[seizethecheese]

> markets can be informationally efficient or competitive, but not both

Really interesting conclusion, but I can't help but feel this is overly reductive, as stated. Surely market efficiency is a sliding scale and so is market competitiveness.

Okay, so a perfectly competitive market cannot also be a perfectly efficient market. Interesting! But I'm confused about how this may work when efficiency and competitiveness are a sliding scale. Should we think of this as one axis (with a spectrum from efficiency to competitiveness) or as two separate axes that just happen to have an exclusive relationship between their extremes?