Court of no appeal

Posted by Lex, on May 13, 2008

The general power of an efficient market is that “all of us are smarter than any of us.” The more contributors to the market, the better it is able to price out the quality of goods on offer. The exception to that rule seems to be the court of public opinion – one of those few markets whose product quality actually improves even as the contribution pool grows smaller. In a small village, the general opinion of any man’s character tends to be more accurate than what the anonymity of a large city would permit. The same may be said to be true about warships, raised to an exponential factor. Sailors know sailors in ways that even their families do not.