Markets work because of dumb luck and inefficiency

“But this efficiency obsession [among economists] also leads conservatives to defend free market capitalism on fallacious grounds. In truth free markets are not really efficient at all. Admiring capitalism for its efficiency is like admiring Bob Dylan for his mellifluous singing voice: it is to hold a healthy opinion for an entirely ridiculous reason.” A short article by Rory Sutherland, who is a current favorite of mine. learn more

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