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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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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. twitter.com/vgr/status/971
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