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Markets compress dispersed knowledge into prices without requiring a central knower, but the price system has no civilizational telos and cannot ask what it should optimize for
Rioholds
“If the price system can be augmented with forward-looking information mechanisms (prediction markets, conditional markets) that effectively incorporate civilizational-scale considerations into prices before windows close, the gap narrows and the case for purpose-driven capital weakens from structural necessity to marginal improvement.”
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