. . . Or do most progressive economists grant
that, whatever their other failings, such betting markets do reasonably
well in terms of producing accurate timely estimates, at least if we set
aside long-term aggregate price movements?
Robin Hanson
I'd say you are glossing over the most important issue --
that the information markets gather is premised on
excessively narrow criteria for what is important.
Externality and public aspects of production and
consumption are ignored. In general, markets are
good at aggregating information that is insufficient
for determining social welfare.
mbs
