Comment by pembrook
1 year ago
No, we do not agree.
In the short term irrationality can and does prevail in both markets and democracy. In the long term, the best product and ideas always win. This is why both democracy and markets are durable.
Paraphrased differently, this is the weak-form of the efficient market hypothesis. All decentralized processes have some level of gravitational pull toward efficiency. They're not perfectly efficient, obviously. But they trend in that direction on long time scales, unlike the alternative which is being anchored only to the whims of the fickle elite.
> In the short term irrationality can and does prevail in both markets and democracy. In the long term, the best product and ideas always win. This is why both democracy and markets are durable.
If there’s anything to learn from recent developments it is that democracy is fickle and definitely not the default state. But to me you’re still conflating commercial product success with the product being good or bad. If it was about the product, fundraising or marketing shouldn’t be among the biggest obstacles, since they have nothing to do with product quality or consumer benefits.