Nathan Griffith ponders about “markets” at our LockeSmith blog:
We’ve all heard about “the market” doing this to people, doing that to people…But I labor under the impression that most folk don’t have a good conception of the fact that “the market” is shorthand for a much more complicated idea. For example, most people think the market rewards those with money. In fact, the market defines what a good decision is, and then rewards those who make good decisions.
Good recommendation. Building upon what was discussed in the LockeSmithblog, one of the core “market” dynamics that always seems to impress and even at times surprise me, is speed of market shifts. I used to work in equities trading where the market would reward good decisions in a matter of seconds. (As we used to say, if information was on CNBC is was already priced into the stock). At the other end, insurance moves incredibly slowly. Despite the advent of the internet 10 years ago, accelerating direct sales and increasing overall consumer comfort with non face-to-face sales, many of the highly intermediated players continue to grow. It seems frequency of consumer pruchase unveils some of the inherent dynamics of a market.
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