Are you sure the difference you’ve noticed actually exists? The financial system crashed and hurt a lot of people, but rewarded a few people greatly. The same thing can happen in companies or communities—they can fail overall, but reward a few people greatly.
My claim is definitely not about the global financial system. It’s about single financial markets becoming more accurate at tracking the metrics they’re measuring as more people join, by default.
If I became convinced that the proper analogy is that companies by default become better at optimising profit as more employees join, I’d change my mind about the importance of prediction/financial markets. But I’d bet strongly that that is not the case.
Are you sure the difference you’ve noticed actually exists? The financial system crashed and hurt a lot of people, but rewarded a few people greatly. The same thing can happen in companies or communities—they can fail overall, but reward a few people greatly.
My claim is definitely not about the global financial system. It’s about single financial markets becoming more accurate at tracking the metrics they’re measuring as more people join, by default.
If I became convinced that the proper analogy is that companies by default become better at optimising profit as more employees join, I’d change my mind about the importance of prediction/financial markets. But I’d bet strongly that that is not the case.