points by howunfortunate 14 hours ago | 0 comments
To be more precise, the reason I trust the market is the "skin in the game" and the decentralization / localization of decision making. People with something to lose tend to actively "vote" only on what they know something about.
Not that it's somehow "not people" (of course it is).
"Prediction" markets have rendered this clearly false of late.
> the reason I trust the market is the "skin in the game"
The market expects economic bailouts and other assistance during downturns, because individual investors with 401(k)s demand it, despite the perversions of market incentives that result.