Big idea I got from Hirschman: market is not Darwinian. It has slack in proportion to median foresight of firms. A million eyes; not blind.
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Replying to @vgr
why median? more natural that it be proportional to the marginal (in terms of the investment under consideration) firm
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I think it's median... firm threat perception, not actual threats to marginal ones, determines 'equilibrium' intelligence in play
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