Saturday, January 12, 2008

Markets are a discovery process

[Markets are a discovery process, with firms and investors learning as they try new ideas and react to changed conditions. What markets need is a stable regulatory environment, in which every dip in the market does not produce a new set of rules. -- Andrew P. Morriss, Professor, Institute for Government and Public Affairs, University of Illinois Market Correction Competition is a Discovery Procedure from Cafe Hayek]
[So why is the umpire being left behind? There are instances where technology could have changed cricket record books — Derek Pringle’s appeal of LBW against... Should technology replace umpires? Economic Times, India - 10 Jan 2008]
Even the best of regulators and umpires are vulnerable in the absence of an Archimedean Point. [TNM]

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