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The student as labourer-consumer

One of the odder beliefs that our culture seems to have developed about markets is the idea of market efficiency. Specifically, the idea that – given the publicly available information presented at the time of action – the actions of any given player in a market are unable to offer greater efficiency than the average of the actions of all players within that market. Or, to stick this in non-economist language, if everyone has access to the same info then no-one has an advantage.