Comment by jquery
5 years ago
> So that leaves Elections as the better balance mechanism by default.
This is a non-sequitor. The efficient market theorem can be untrue without elections necessarily being better at determining efficiency. I personally don’t believe in the efficient market (it’s why I’m an active trader). But elections, where ill-informed people vote on topics they barely have any knowledge about, risking nothing in the process, seem significantly worse at guaranteeing acceptable outcomes.
> The efficient market theorem can be untrue without elections necessarily being better at determining efficiency.
Can you go into more detail on how that could be for me? If the EMH is untrue, then there must be some other mechanism besides competition that checks the private sector, no? What would that be?
I'm implicitly lumping "regulation" as part of the Elections mechanism, btw, so I'm assuming you didn't mean regulation as the mechanism.