A Quote by Charles Handy

The market is a mechanism for sorting the efficient from the inefficient, it is not a substitute for responsibility. — © Charles Handy
The market is a mechanism for sorting the efficient from the inefficient, it is not a substitute for responsibility.
Market fundamentalists recognize that the role of the state in the economy is always disruptive, inefficient, and generally has negative connotations. This leads them to believe that the market mechanism can take care of all the problems.
The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
The Internet will continue to be valuable so long as it is the most efficient mechanism for transferring data. Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.
The market is incredibly inefficient and capable on rare occasions of being utterly dysfunctional. And people have a really hard time getting their brain around that fact. They want to believe that it's approximately efficient almost all the time, and it simply isn't true.
One of the most basic and pervasive social processes is the sorting and labeling of things, activities, and people... Sorting and labeling processes involve a trade-off of costs and benefits. In general, the more finely the sorting is done, the greater the benefits - and the costs... Sorting and labeling, whether of people or of things, is a sorting and labeling of probabilities rather than of certainties.
Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.
The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.
The executive side of you always wants to find the best, most efficient way to do things. Of course, art is extraordinarily inefficient.
In man's life, the absence of an essential component usually leads to the adoption of a substitute. The substitute is usually embraced with vehemence and extremism, for we have to convince ourselves that what we took as second choice is the best there ever was. Thus blind faith is to a considerable extent a substitute for the lost faith in ourselves; insatiable desire a substitute for hope; accumulation a substitute for growth; fervent hustling a substitute for purposeful action; and pride a substitute for an unattainable self-respect.
Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.
You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient.
Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.
We assume that everything's becoming more efficient, and in an immediate sense that's true; our lives are better in many ways. But that improvement has been gained through a massively inefficient use of natural resources.
An efficient and valuable man does what he can, whether the community pay him for it or not. The inefficient offer their inefficiency to the highest bidder, and are forever expecting to be put into office. One would suppose that they were rarely disappointed.
I don't believe that intelligence can be reduced to a number, frankly. But I can see how doing exactly that produces a useful sorting mechanism in our society in order to separate children into categories of promising and doomed. The tests seem arbitrary and without real scientific value and yet have lasting consequences.
I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.
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