There is a common tendency for traditional marginalist economics to assume the existence of whatever information is required to close the model for analysis, and if you carry those assumptions over as silent baggage along with the EM hypothesis, then there is going to be all sorts of information assumed to be present that simply has not yet been created.

And of course, no matter how efficient a market is, there is some information that a market cannot convey, and that will be stripped out of the efficient market outcome just as much as it will be stripped out of an inefficient market outcome. Markets, for example, are incapable of designing complex systems, and so systems organization information gets stripped out when elements of complex systems are traded in markets.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.