This sumarises my issue with efficient markets, even tho I like basic capital model principles. “Markets allocate goods to those with the greatest willingness to pay. This blends two things: how much you want something, and how much money you have.”
newsletter.platypuseconomics.com/p/the-kim-ka...
newsletter.platypuseconomics.com
The Kim Kardashian Problem in Economics
Markets would give Kim K the last slice of pie, and calling that “efficient” is an ethical judgement.