> It implies simply that markets are not efficient.
No it implies that efficient market states are an NP complete problem. And that we are likely approximating the optimization of efficiency (of the allocation of resources) using markets. Different approximation algorithms have different properties. Might markets be the best in every possible way, sure, but it's very unlikely given what we know about approximation algorithms. It's like one of the best variants in one way, perhaps that's the best way, but we should figure that sort of thing out. And that's what this paper is laying the ground work for.
> What it definitely says however, is that a government committee could not, in any way, successfully determine the value of all goods and fix prices based on that determination.
In it's editorializing about markets. Which isn't incorrect. But the larger consequences of efficiency being an NP complete problem means that there are many possible algorithms we could use to solve them if they are given equivalent resources. If those equivalent resources are thousands (or millions) of government panels then we should be able to mathematically prove equivalency. That's my point.
There is a method of solving an NP complete problem with millions of companies participating in stock markets?
Your question is not related to my point. And you'd have to at least answer it for markets first before I would bother to try. My point is that it is an interesting area of research, we should answer both questions and their interrelationships.
No it implies that efficient market states are an NP complete problem. And that we are likely approximating the optimization of efficiency (of the allocation of resources) using markets. Different approximation algorithms have different properties. Might markets be the best in every possible way, sure, but it's very unlikely given what we know about approximation algorithms. It's like one of the best variants in one way, perhaps that's the best way, but we should figure that sort of thing out. And that's what this paper is laying the ground work for.
> What it definitely says however, is that a government committee could not, in any way, successfully determine the value of all goods and fix prices based on that determination.
In it's editorializing about markets. Which isn't incorrect. But the larger consequences of efficiency being an NP complete problem means that there are many possible algorithms we could use to solve them if they are given equivalent resources. If those equivalent resources are thousands (or millions) of government panels then we should be able to mathematically prove equivalency. That's my point.