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Politics : American Presidential Politics and foreign affairs

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To: TimF who wrote (38572)	11/13/2009 5:36:33 PM
From: DuckTapeSunroof	Read Replies (1) of 71588

Re: [Because Adam Smith's "Invisible Hand" CANNOT FUNCTION as the highest/best allocator of resources WITHOUT market participants having as close to "perfect knowledge" as is possible.] "False." You are a bit out of date, Tim. The Nobel Prize in Economics was given just a few years ago for the mathematical proof of that. Markets are "inefficient" in the absence of all market participants having equal levels of knowledge ('perfect') about the market. Which, of course, can never happen in actual reality. Hence, (to greater or lesser degree), markets are always 'inefficient'.

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