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Didn’t phrase this quite right. Don’t mean to pose a tautology as a failure. More like a ‘tragedy of liquidity’ or something. Demand emerging too late or too rarely for example but being acute and impossible to meet when it does.
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We rarely seem to discuss the most basic kind of market failure: insufficient liquidity. Just not enough buyers and/or sellers to make a market. Any good writings exploring this, preferably essays over books?
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Angus Deaton's work in consumption behavior under liquidity constraints kinda sorta gets there .... Michael Burry thesis of buying water rights (effectively shorting on literal liquidity of water) is also relevant.. Organ transplant market too
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