Thirty-five years ago, in their classic paper, “On the Impossibility of Informationally Efficient Markets,” Sanford Grossman and Joseph Stiglitz presented this problem as a paradox: Perfectly efficient markets require the effort of smart money to make them so; but if markets were perfect, smart money would give up trying.
Trentacinque anni fa, nel loro saggio, “On the Impossibility of Informationally Efficient Markets,” Sanford Grossman e Joseph Stiglitz hanno presentato tale problema come un paradosso: i mercati perfettamente efficienti richiedono il denaro intelligente per essere tali; ma se i mercati fossero perfetti, il denaro intelligente smetterebbe di esistere.