Saturday, January 05, 2008

I have no interest in baseball but...

This article makes me want to read Moneyball: The Art of Winning an Unfair Game.

The article makes an interesting point about free market ideology. The baseball market is extremely competitive and accurate metrics are available and widely publicised yet it was operating so inefficiently that Billy Beane was able to rip it to pieces by being the only rational actor. Why did it take so long? What other "free markets" are in an inefficient equilibrium due to all actors operating irrationally?

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