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The market only finds local optima. One of many market failures, but the one relevant in this case.
by mustakissa on Wed Aug 21st, 2013 at 09:03:20 AM EST
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And beyond that "the market" as some force of nature is a fiction: the real world market is formed by laws and rules. The "solution that the market finds" depends in part on what solutions the market as constructed by those specific laws and rules is allowed to evaluate.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Aug 21st, 2013 at 04:24:00 PM EST
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