I want to know what’s wrong with LW ideology/ideas.
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I don't doubt that financiers are exquisite at predicting quantitative outcomes better than others. It's just a very ugly value system.
I took his point to be: EMH applies most strongly to pricing in securities markets. Every other “market” is inefficient.
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It was about where/when to apply “efficient market” arguments. Not about what’s good for the world, value of optimizing on GDP, etc.
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That was the point he was trying to make, yes. I think he picked the single worst example to make his point.
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