One of the reasons that basic research is advanced most by not resorting to intellectual property is that while doing so would have questionable bene… - Joseph E. Stiglitz

My teachers helped guide and motivate me; but the responsibility of learning was left with me.

The fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism.

It should be clear of course that for traders to have incentives to gather information required that information not be perfectly disseminated in the market. If, simply by looking at market prices, those who do not spend money to acquire information can glean all the information that the informed traders who have spent money to acquire information have, then the informed traders will not have any informational advantage; they will not be able to obtain any return to their expenditures on information acquisition. Accordingly, if there were a complete set of markets, information would be so well conveyed that investors would have no incentives to gather information. (Of course with all participants having the same [zero] information, incentives to trade would be greatly reduced.) To put the matter differently, the assumptions of "informed" markets and "a complete set of markets" may be mutually exclusive.